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Non-Tech : Web Street Securities (WEBS)
WEBS 19.37-1.0%Dec 9 4:00 PM EST
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To: Fred Puppet who wrote (124)12/2/1997 6:18:00 PM
From: Esteban  Read Replies (2) of 1339
 
JEEZ, Fred

So you don't like Web Street's shorting policy. Why don't you just state that and leave the "liars and cheats" out of the equation.

I have already stated that Web Street is not the best vehicle for shorting, and it appears that is even more true than I had realized. I don't think however that by covering themselves for an extra $5 a share is THAT big a deal (assuming it's a percentage we're talking about and not an arbitrary $5). Just takes a little more money management on our part. I'm glad you pointed this fact out so I can avoid paying any interest as a result of this policy.

I've asked you before why you don't try BUYING a stock for a change with Web Street. Every problem you've reported so far has had to do with shorting. If you like trading for free, short sell with Datek or NBD and buy with Web Street. Let's see, one trade a day times 22 average days per month * 10 at Datek = $220. At NBD @ 28.50 = $627. At NBD thats $7524 per year. No small change.

Here's my tally for the last two days: three trades. One buy between the spread, fast representation. One sell at the bid: almost instant execution. Sold a very low volume Nasdaq stock 1/32 under the ask, I did not receive representation immediately. I called Web Street, two minutes later I had a fill. I can't even reach Datek in 20 minutes most of the times I've tried.

My problems were with Datek today. But that's another story.

Esteban
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