How To Write Covered Calls - An Ongoing Real Case Study! Message Board

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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: Jon Tara who wrote (10938)	6/3/1999 3:41:00 PM
From: jebj	Read Replies (1) of 14162

>Preferred Capital Markets. preftech.com or deltatrader.com >Be sure to get the Delta Trader Pro application. It's MUCH better than using the web site. You get multiple levels of confirmation as your trade works it's way through the system. They do option trades as fast as Datek USED to do stock trades... The quotes are real-time on Pro, BTW, but are delayed on the web site. - JON A couple of comments you should be aware of Ref. PCM. I have been with them for several months now and in general things had gone reasonably well - until the last few days. First, they have two non-internet based software programs - their own and DeltaTarder. I talked with DeltaTrader and the two softwares are identical - both, however, are different from the website based trading program. Unlike some brokers, PCM does not give you realtime info on your account - everything is cleared at midnight each trading day. As like today, I sit here unable to trade because their computer has in error said I violated Reg T. After about an hour on the phone three times today they agree that it is their error, not mine BUT "THERE IS NOTHING THEY CAN DO ABOUT IT UNIL IT CLEARS THE COMPUTER AT MIDNIGHT TONIGHT." This is the second time this has happened and I am not a happy camper as it has cost me money on trades I tried to enter after twice being told everything was fixed and before they told me there was nothing they could do today. Welcome to the hightech world! I had had other problems in the past Ref my account not showing the proper numbers or not showing trades as closed when there were offsetting trades against the position - yesterday they showed both an open on an AMZN short and an open on the opposite long buy. When I asked why they didn't update their software one of their agents made the statement that, "Well, this is how it has worked for the last 5 years." Seems they never heard of "Keeping up with the competition." The reason I switched to start with was they allow you to choise which exchange you want an option to trade on but since the software always puts in the best bid/ask to start with this is not as important an asset as I first thought. Just keep in mind that they have some problems and do things in some strange ways sometimes and you will be alright - I am now looking for another broker, however. jb

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