"Some individuals will experience data transport problems" No kidding. But it is at least limited to only those people who use Mytrade. Your problems are overwhelming you. The entire staff seems to be in a reactive, fire control mode. As far as the OTC, NITE started it with his lockout rule, which unfortunately applies to ALL users on the same stock. The Herzog pulled his lockout, which only applies to the same user, but effectively renders the system useless. Why will no one address this issue directly? Do you people not realize that by limiting our ability to buy more than 500 shares of an issue that is going up, you totally strip us of our capability to profit from a trade?
For those who do not use Mytack/Mytrade and do not understand what we are referring to, let me make it as clear as I can. Suppose WXYZ company has news that they have found the cure for cancer. The stock is at .30 on the ask, with 5 market makers sitting there. I place an order for say 25,000 shares at a limit of say .32, the next market maker up. Usually what will happen is the order will go to Herzog (even though NITE is selected), and he will fill 500 shares, 24,500 remaining. If the stock continues to see heavy buying and the price is going to go up, then Herzog will not fill further shares on that order. You cannot place another order for 90 seconds due to the sophomoric lockout rule. If however, it appears that the price is going to go down, you certainly will get the remainder of your fill, almost always at the higher price.
What this means is that as a Mytrade customer, you can buy all the stock you want of an issue that is showing weakness, but only a very small quantity of one that shows strength. The same rules apply to sell orders, so you can see that is is IMPOSSIBLE to get out of a large position that has turned down, until the price reaches a level that Herzog is comfortable buying.
Now sir, I have never been your biggest customer. You can check your records and see that in January and February of this year I was in the top 20 both months. In March that is not the case. I am number 50. The only reason that I did that many trades is because it takes so many fills to get in and out of a position, NOT because I no longer enjoy making money.
Perhaps Mytrack does not care if they lose a top 20 customer. It certainly would seem that way, as my last 1/2 dozen or so emails to Barry have gone unanswered. I have pulled a considerable amount of money out of this account lately (again check the records, Barry knows who I am). There is no reason to leave these useless funds there when I can put them to work with Webstreet and Ameritrade. I was planning to use Mytrack for my IRA's, but just completed the paperwork to do this with E-Trade. At least I can get an IPO from time to time.
Another matter is multiple accounts. I have trading accounts for myself, my wife, daughter, mother and sister. All but one just sit there. Why even attempt to use them when they are all subject to the same lockout rule. In other words, if I enter an order in one account, I cannot enter an order in a different account for the same stock because of, you guessed it, the lockout rule.
This brokerage/trading platform is dead. It is useless. It is a shame.
PS: What Mytrade did to Wayne is reprehensible, and I hope you are punished severely. |
