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Non-Tech : Waterhouse Securities
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To: John M. Hammer who wrote (213)11/13/1997 8:12:00 PM
From: Thean  Read Replies (5) of 2076
 
Tips for trading in IRA accounts:

1) If you want fast execution on BUY order (1 min or less), DON'T use a market order but a limit (set at a higher price than ask) to get fast execution. The stupid webbroker program is not able to handle market order without routing it to a human to research first if enough fund is available in the account. I got burned three times and missed golden opportunity. I entered a fast moving stock (MDCO today at when bid/ask was 23 1/2 - 3/4. It took almost 4 minutes to get execution at 24 3/8. All the while the it says "pending".

2) If you sold shares to raise cash and want to enter a buy order within the same day, don't bother to use webBroker or TradeDirect. The stupid machines will tell you you don't have sufficient fund. I spent 15 minutes with the local branch manager on this (third times it happens) and he pinned me down on my stupidity of trying to the things I know doesn't work the third time. I was not a happy camper and asked him to think from the customer's standpoint. He called back later saying the headquarter is working on an updated software and may introduce that in a month. They told me the same story SIX MONTHS AGO! His suggestion to me: call the branch direct and ask for the $12 fee.
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