Trade Execution for Mutual Funds

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CryingHawaiian
Posts: 52
Joined: Thu Nov 09, 2017 3:14 pm
Location: Honolulu, HI

Trade Execution for Mutual Funds

Post by CryingHawaiian » Thu Mar 26, 2020 11:16 am

On 3/24 after market close I decided to re-shift some things around with some mutual funds I had at Schwab. I submitted a series of sell and buy orders where I sold off 5 mutual funds while repurchasing two generic total market US equity and international equity funds.

After market close yesterday, 3/25 Schwab showed that the first half of my trade orders went through (the sell orders) but the buy orders are still listed as open.

Did I just learn a hard lesson in market timing or could it be a delay in Schwab's interface updating? I thought the benefit of trading mutual funds was that your trades execute all at once so you're not left out of the market.

:confused
You get what you get and you don’t get upset

livesoft
Posts: 70276
Joined: Thu Mar 01, 2007 8:00 pm

Re: Trade Execution for Mutual Funds

Post by livesoft » Thu Mar 26, 2020 11:21 am

You may have learned the difference between "sell, then buy" and "exchange." In general, "exchange" can only be done with mutual funds within the same fund family as in "Vanguard -> Vanguard", "Fidelity -> Fidelity", "Schwab -> Schwab."

I read here that Schwab has fantastic customer service, so what not check with them?
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Silk McCue
Posts: 4159
Joined: Thu Feb 25, 2016 7:11 pm

Re: Trade Execution for Mutual Funds

Post by Silk McCue » Thu Mar 26, 2020 11:23 am

You need to have already called Schwab to discuss why the buy order did not go through. They are the only ones that can help you.

Cheers

jpmorganfunds
Posts: 141
Joined: Thu Jun 07, 2007 12:56 am

Re: Trade Execution for Mutual Funds

Post by jpmorganfunds » Thu Mar 26, 2020 11:40 am

Sell then buy takes 2 full days. If you want same day exchange go with ETFs.

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