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Non-Tech : Preferred Capital Markets - Attitude Online Trading
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To: jtsaratoga who wrote ()2/11/2000 11:12:00 AM
From: Jon Tara  Read Replies (1) of 49
 
Which online broker has the least execution risk?

While I have been relatively happy since switching from Datek (AWFUL!) to Preferred Capital Markets (DeltaTrader) I am been increasingly experiencing unacceptable execution risk: marketable orders that are ignored (particularly when using NITE "$7.7.5 trade") cancelled orders that won't cancel, etc.

The latter is the worst - talk about feeling helpless! It typically takes 10-15 minutes to get somebody on the phone, and they have gotten increasingly less helpful. Today I was told that "you just have to wait". I waited 20 minutes for my un-executed marketable order to be cancelled (after the stock moved so that it was no longer marketable), and then only after they intervened.

I cannot tolerate this kind of execution risk any more. Preftech has got to go. Next!

I suppose I am asking too much... but... is there a broker who:

1. Has a good record of executing marketable orders
2. Has a good record of honoring cancels (no instances of them getting 'stuck'
3. Is easy to reach by phone when needed (I understand that it may not be possible when they are experiencing system-wide problems, of course)
4. Has a history of making traders whole from losses that are clearly the fault of the broker.

The ability to direct orders to some degree would be a plus, but not absolutely essential. (With Preferred, I can "auto-trade", do a "$7.75 trade" (usually NITE, sometimes HRZG or INCA), or use SNET. That's enough for my purposes.
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