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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study! -- Ignore unavailable to you. Want to Upgrade?

To: Herm who wrote (11719)	10/22/1999 1:51:00 PM
From: OX	Read Replies (1) \| Respond to of 14162

Hi Herm, I use Preferred... there's a couple of threads here on SI that cover them but not very active. Options are roughly $2/contract, $20 min... for exact details... preferredtrade.com IMHO, their app is a great execution system (w/ its quirks just like everything else), but their service leaves a lot to be desired (even in this world of online disc. brokerages). I would personally NOT recommend them, 'cause I'd hate to see them get overloaded and not be able to handle my trades. ;-) Preferred is known under several diff names, including (off the top) DeltaTrader Pro, PCM, TradeOptions.

To: Herm who wrote (11719)	10/22/1999 10:43:00 PM
From: Jon Tara	Read Replies (1) \| Respond to of 14162

Another Preferred customer checking in! :) I have to say I am generally satisfied, even with phone support. Yes, sometimes it takes them a while to answer, but usually not so bad, and certainly nothing like the Datek nightmare... I've found that I actually get good executions on the $7.75 NASDAQ trades - sometimes they are actually better than the more-expensive (but still pretty cheap) "auto-trade", particularly on stocks that are in play. While the auto-trade is screwing around probing different MMs and ECNs for a fill, the $7.75 broker has stopped you at the offer and filled. In fact, I've found that they are sometimes a bit slow on the switch, and that can work out in your favor. Yesterday, I actually got a fill at the BID. That is, the bid and offer ticked-up just before I placed my limit order at the (old) offer. It was too late to stop my finger. :) I let the order stand, and it got filled in seconds. If a stock isn't moving, you MIGHT get a better fill with the "auto-trade", particularly if you are willing to place a limit order inside the spread and then sit and wait. I'm surprised to read that you can leg into a spread "simultaneously". My account isn't approved for naked writes, but it is for spreads, and a couple of times I've accidently selected "sell" instead of "buy" and their system caught the mistake and wouldn't let me do it. Perhaps, though, if you've already entered a market buy order, even if not yet filled, they will permit the sell to go through? The intra-day accounting sucks, the quotes sometimes suck Often either the bids or offers don't get updated. Options seem to always be priced in the portfolio at the OFFER (which is wrong) but then the profit/loss is often (wildly) wrong because an offer didn't get updated, and they show a crossed quote. But, dang, it's fast, gives plenty of feedback, and gives a great feeling of being in control, as opposed to the typical click the button on a web page and pray. (I'm referring, of course, to the Delta Trader Pro Windows application.)