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Pastimes : ETRADE Sucks!
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To: Rookie who wrote (2392)5/8/1999 1:56:00 PM
From: Diddlysquat  Read Replies (1) of 3262
 
I believe the money has to be in your account since they will not allow purchase on margin. What I do not know is the time of day they check your available funds. If your funds are invested during market and your position closed out before market close...what happens?

The problem is getting the allocation. If you are lucky enough to catch the sign up window (5 minutes or less) you still do not know if you will get shares since they take indications of interest for more shares then they have. Another thing is etrade opens these windows of opportunity after hours (30 to 90 min)when most of the active traders are gone. With a 5 min window the only way to get in is to sit at your computer and reload/update screens for hours after market close. Further, they refuse to inform you as to reasons for being denied after having previously been approved.

After months of missing IPO windows I managed to get 2 this past week and got bumped from both. The message stated "inadequate funds or shares not available. The day before I was invested but still had enough funds to cover one of the IPOs and closed out that day so I must assume that there were no shares. Are they telling me that the only way I can get an IPO is if no one else wants it.

I would recommend that you call E-trade or email them and ask some questions. If I learn more i'll post.

Good luck, bd





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