Web Street Securities (WEBS) Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : Web Street Securities (WEBS)

WEBS 19.48

-0.1%

4:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Tarzan who wrote (1030)	7/10/1999 11:35:00 PM
From: Doug Coughlan	Read Replies (2) of 1339

Last week I was watching an IPO on a level II screen that had started trading that day. It appeared to be making a bottom at 21 to 21 1/8. I had my market order for a thousand shares a mouse click away from going in and sent in the order. I received an acknowledgement of the buy order and began to click the order status button. After eight minutes the confirmation came back as being filled at 21 3/4. The bid was now at 21 7/8. I immediately placed a market sell order and was filled two minutes later at 21 11/16. I called Web Street to dispute the delay in filling the buy order. The got back to me and said that US Clearing had said it was a good fill. I asked to speak to Mike Graffe who seems to hold multiple titles, one of which is "trading manager." He agreed that the response time from the market maker on informing me of the price I was filled at seemed slow and said he would look into it. When he got back to me he and said that as a result of what he considered slow response time in reporting back the buy order they would improve the buy price by 1/4 point to 21 1/2. While I was watching level II I was also on an mIRC channel (activetraders)with other people who were watching for this stock to bottom. I don't know if they were using ecn's to execute their trades but we all seemed to go in at about the same time. The only difference is that they were getting filled at 21 1/8 and out at 21 3/4 and 7/8. I think I had been lulled into a false sense of how fast I could execute a trade a times with Web Street. In the past I have put in trades and as soon as I clicked on the order confirmation button I had a fill. I know that some traders will look at this trade and say I should have put in a limit order. I agree that it would have been the thing to do if I could have only been able to set up the limit order faster. By the time you get the limit order confirmed to where you are ready to put in your password a fast moving stock has blown past your limit price. This all comes down to knowing the limitations of Web Street and trading accordingly. Just for the record I use a DSL line (128 out, 384 in) so my speed on the internet is pretty good. When the market is open it still takes me any place from four seconds to over twenty to get to the screen of the trading password. The bottom line is Web Street may or may not be as fast as other online brokers. If you seriously want to day trade you will have to go with the firms where you use ecn's(MB Trading etc.) and save online brokers for appropriate trades where speed of execution is not a priority.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next