Manti: Thank You Very Much for the considerate reply. I don't mind the live and learn routine, but methinks on occasion that some brokers have perhaps used my naivete to prosper at my ingorance. It's alway nice to know the tricks they use to perhaps shall we say, pirate a profit? Of course we know that none of these people in the brokerages would ever take unfair advantage, but those dastardly market makers must be the root cause of all our troubles. I guess you have to take off the rose colored glasses when you deal with any of these folk.
So if I learned a lesson here, it would be if I wanted to accumulate a large quantity of shares, I should arrange my orders in a stepped fashion, and keep the quantity to a reasonable number. If I go after a 100K all or none, (AON)they'll be reluctant because with a price fluctuation, I could pull the plug. I'm left on the side. I get no shares.
I place a few AON orders, for lets say 25K but at different prices and absorb the commissions for each separate order.
I place an order for the maximum number of shares I can get without picking up any penalty charges, I place the order for AON, and as a Day order. Additional orders are placed at the same time to fill my share quantity requirement.
Before I do all this, I tell myself that I am not going to chase the price beyond a certain point. (Could turn into a bidding auction against your own broker/MM!!!) Don't they love that!
So essentially, unless you offer the MM enough "easy money" to make it worth his while, your order will go unfilled. Or they might wait to the end of the day, to see if they can make you up the ante, before dropping a few of thier shares to make your order. Do I got it now?
Thanks Manti, it's just that I'm trying to learn to save myself some bucks.
PS: Friday when I told my online broker RJT that I wanted to wire funds and asked how long the process should take he advised me same day, and mailed the info to my message in box at RJT. I popped over to Fleet Bank here and gave them cash to transfer. Well first they had to deposit the cash to my bank account, then they transferred it from that account. The funds never showed up Friday at RJT. I called Fleet today (Saturday) and was informed that it takes up to two days. The fee was $25.00.
Stakddek
