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Non-Tech : A.B. WATLEY - THE ULTIMATE TRADER!
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To: JDTrader who wrote (781)3/6/1999 10:46:00 PM
From: AlienTech  Read Replies (1) of 2045
 
Happy is a relative term but they are better than the others. And yes you can do screening and studies but need to do the setups yourself.

They been having problems lately it seems, If the quotes get screwd up you are out of the water pretty much since you can not place trades. Like on friday I was sitting on some ONSL I wanted to sell but coudnt since the bid said 33 3/8 but the ask was 33. In the end I gave up and put in an order for 31 3/4 and routed it to watley itself even though the time/sales said 32. They might also be having problems expanding the staff since some dont seem to know what is going on. A few weeks ago I was holding LCOS the day after their announcement and the stock dropped 30 points, coudnt place the order since their computer was down, gave a margin error, calling them routed me to the margin department who was out to lunch at 6am. Now being down 50K aint fun. I sold part of my position at the low of the year by mistake. Ofcourse by the afternoon I got someone who said their computer was down was the reason for the error. But the price was up 15 points already. Errors like this can cost a lot of money.

And then they changed margin requirement for the DOT index components blatently! Anything in the index went to 50% margin requirement. Including CHKP and NETA even though those are trading at a P/E of 20 while AMZN and YHOO have P/E's of over 200. Makes me think someone dont know what they are doing.

In essence I would not recommend ABWatley for day trading. Try MBTrading instead, They have problems but seem better equiped to handle it.

Ofcourse Datek used to be pretty good in the beginnign till they got overloaded too. I hear Scheab is getting better and better now.
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