Grinders and Gripers Coffee Shop Message Board

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Pastimes : Grinders and Gripers Coffee Shop

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To: Intrepid1 who wrote (3775)	4/13/1999 8:26:00 AM
From: The Osprey	Read Replies (1) of 4201

Hey etc. The business sure has gone to pot at this joint.Guess either we have to spice this place up a bit or close and I don't like the close option. Here is a good little story about slow motion execution.Amarket order was placed yesterday with a brokerage on GLE.T at market open to buy 600 shares.The market order was accepted and shown as pending by the Net Action brokerage.20 minutes later it was still shown as pending and then low and behold it was filled at market at 5.50/share. Some would say if your price was at 4.00 why didn't you cancel.The answer is because it is not uncommon for this discount brokerage to be one half hour delayed in reporting or more.Upon calling said brokerage they informed me that they are delayed about 20-30 minutes on net action. Extremely frustrated I called the brokerage and after being on hold for about 35 minutes and listening to that idiotic tape that says"due to extremely high call volumes we are experiencing delays"I get someone who says no everything is OK with Net Action.As I am speaking with him the order I am trying to get through is just being finally accepted after a log in and navigation to the order screen and logging in and sending.It now shows as pending.Enough is enough I say"sell the damn thing at 5.40." This has happened to me not just there.I then place an order to buy MCF.T for 1500 at 2.05.It is trading at this point at 1.96.By the time it gets shown as open the stock is trading at 2.05 and moves right on by.Getting better.Only took them 14 minutes this time to show it as open. Terribly frustrated I call and speak to someone in the technical Dept and he says best to go upstairs for a quick fill if I have a trade to do so he transfers me and a young fellow answers and I give instructions and he asks where I live."I am not licensed for that area,hold please while I get someone who can take your order" 14 minutes later I get someone but because they are a trader they cannot give the discount I was told by tech dept they would give me.We argue some more and I get put on hold again and then someone by the name of rick comes on line and cuts me off.I call back again and am even more frustrated.On hold again for 27 minutes......(both guys must be busy).In the meantime MCF is moving along with nice activity.Enough is enough......I hang up.No need to put up with this. Around 4:00 I get a call from someone who says I had a check returned from the bank(HUH????) I have not made a trade with bank to settle to in over a week???????? Never mind the fact I could hardly understand him and it took me 4 minutes to understand what he was saying.I ask him to send me a fax of the order.He puts me on hold and at 4:47 I hang the phone up.I think he has gone to the bank or he is hand delivering the order.Something is wrong.Has he gone to English Immersion classes and forgot about me.I am now fuming. 5:00 I call and locate (we'll call him Hang So Yek) to no avail.7:01 someone calls to discuss the NSF check and this person is understandable......Cannot understand what has happened here but will get back to you.By the way sir that settlement was put through twice for the same amount.WHAT????????? Show me the order......Put on hold again for 7 minutes.Can't find it.I need a supervisor.......Enough is enough.Time to get out of here. What I am saying is this people.When I spend money for real time and MD on four markets with two computers set up and connected to ADSL I am doing it for speed and trading.Net Action is not the place for me.Too many bad experiences and lost money due to poor or inadequate systems and people.Execution is paramount.Too mickey mouse but in all fairness to the people who work at Net Action with the Royal bank it is the usual.Banks have always underpaid and overworked with only adequate systems to handle normal business.Anything above that and the system and people crash.Here are my suggestions if they intend to continue doing business in Discount Trading On-Line. 1)Hire and staff the centers and pay the money or add incentives to attract good people. 2)Get rid of the computer system they have and buy state of the art systems that can handle peak activity. 3)Offer real time quotes. 4)Open a 1-888 number for daytraders with activity.If someone does over 20 trades in a month call them up and offer the number and damn it hook up more than one phone line and give the service.(Somebody has to remeind them that the customer is KING.They can spend all they want on the advertisements but if good business is going out the back door due to poor service and typing articles like this they are defeating their own purpose.IMHO.. THE OSPREY

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