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Non-Tech : Waterhouse Securities -- Ignore unavailable to you. Want to Upgrade?

To: VincentTH who wrote (1404)	6/29/1999 6:55:00 PM
From: Cam	Read Replies (1) \| Respond to of 2076

Vincent, How do you think Waterhouse order execution speed compares to brokers like Datek or MBTrading ? Thanks Cam

To: VincentTH who wrote (1404)	7/13/1999 12:45:00 PM
From: VincentTH	Read Replies (1) \| Respond to of 2076

Limit order rejected at Waterhouse. Does anyone have this problem or just me? Say I have this stock XYZ that jumped from $20 to $30 overnight, and I am considering shorting it. So I place a limit order at $32. After seeing that the stock never gets there, I adjust the limit to the bid which is at $30. Waterhouse would sometimes reject the order saying that the limit is too far from the current price!@#$%^&? If I now cancel the order, and place a new limit order at $30, then WebBroken would take it. [Now we old timers know how dangerous it is at Waterhouse to cancel an order. I always change the order to a limit order far away from the current price, then cancel it, but that's besides the point. ] I contacted Waterhouse, and one customer rep answered that a limit order is always rejected when it is 40% from the previous closing price. This is total BS. I replied that I agree with the 40% limit, but I believe that that rule only applies to limit orders placed overnight, not during market hours. Besides that, I am placing a limit order AT THE BID during market hour* Another cust rep replied to my angry notes that they are forwarding my message to their programming staff, but 2 weeks have passed, and the bug remains. It happens to me again yesterday causing me to miss a running stock. (I am a programmer myself, and I would take a lot of heat if such a blattant bug slips out). Is it just me, or does everyone experience limit order rejections once in a while for no reason at all? //Vincent