SI
SI
discoversearch

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.
Strategies & Market Trends : The Final Frontier - Online Remote Trading
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: jlonj who wrote (4028)5/8/1998 11:34:00 PM
From: Sword  Read Replies (3) of 12617
 
jlonj:

I've used Dreyfus for about six years also. And my reason for selecting them was the low commissions on options as well.

I got burnt on buying calls some years ago and will never do that again. Unfortunately, they are not just bought by others to hedge short positions but are bought by people like me who (at one time) wanted to get rich very quick. But they are just like gambling with the time premium working against you. I was OK for awhile, but eventually the game caught up with me. Never again.

Writing covered calls is fine though. You are giving up the big gain that is a maybe for a small gain that is almost a sure thing.

Interesting story about what happened to me today...

I was trading my Dreyfus account and my MBT account by watching my MBT screens. I was short ENMD at 34 3/4. The stock dropped and I attempted to cover at a limit of 33 1/8. 500 shares of the 1000 went through, but because of the slow confirmation at Dreyfus, I didn't know it. I thought it had risen away from my bid. I was watching it on my MBT screen. So I clicked on my Dreyfus screen and changed the order to market on the Dreyfus web page (oh so slow when you are used to MBT) and submitted it. It went through. So what happened? I bought another full 1000 shares. 60 seconds later, the market was closed. Now I was long in my shorting hedge account! Not supposed to happen.

So I called Dreyfus and told them about it. As usual they went the extra mile. They could have told me, "I'm sorry, but the warning screen about possible duplicate orders was displayed and we must hold you to the trade." Instead, they said no problem, we'll fix it and take back the extra 500 shares. They even refunded my account with the highest block price.

Their personel and service are wonderful. But they are not a daytrading outfit. The software just doesn't support it. The Dreyfus long limit orders I submit usually show up in about 5 seconds on the MBT screen. This is very fast. The short limit orders take about twice as long (probably because a clerk has to check on availability.) The real downfall for daytrading is lack of speedy confirmation, something that is nearly instantaneous at MBT. If the stock moves against me, I've got to know if I'm in or out so that I can protect my capital.

-Sword
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News