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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Suresh who wrote (28433)3/19/1999 7:39:00 AM
From: Rose K  Read Replies (1) of 120523
 
Suresh:

I have a little bit of experience with options. I use Dreyfus Brokerage. I must say that I am very pleased with them. They execute trades extremely fast, and what I find just as important, they confirm the trade within a few minutes, often within a few seconds.

I have also used Fidelity, Suretrade and E*Trade and was more than disappointed with all of them, especially how slow there are to execute and how cumbersome some of their order entry programs are. Suretrade sold a position that I had in AMAT some months ago under a stop loss on a Thursday. They did not confirm the sale until the following Monday. I was furious when the stock gapped on Monday. I tried to raise the stop loss and was told that the stock was sold. Monday's summary of positions showed that AMAT was still in my portfolio. I immediately looked for another broker.

I find Dreyfus to be great for regular stock trades, also. I love the lightning fast executions and the immediate confirmations. Their order entry screen is logical and easy-to-use also. They're inexpensive, too. $15.00 per trade for stocks and $1.75 per contract for options with a $15 minimum. I understand that their margin rates are a little bit higher than other brokers. I use mostly the cash account so that is not such an important consideration for me.

Dreyfus does allow you to put stops on your options. However, they must be called in. They cannot be entered online. You can usually reach them within minutes, not hours like E*Trade. (Once I was on hold for 1 1/2 hours waiting for an E*Trade broker.)

Most people on this thread probably do not sell (write) options, but that is another area that cannot be done online. You have to call each order in because writing options is much riskier and I guess that they want a broker to put each order through to be sure you have enough to cover. Other than that, I cannot say that I have had any negative experiences with Dreyfus in the past 9 months that I have been their customer.

Hope this helps. BEST OF LUCK TO YOU.
Rose
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