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Technology Stocks : Track Data Corporation TRAC -- Ignore unavailable to you. Want to Upgrade?

To: SusieQ who wrote (1075)	4/3/2000 5:52:00 PM
From: 2MAR$	Read Replies (1) \| Respond to of 2005

Trading volumes falling off ....maybe that will keep things more stable from what they were before.... the system was too overtaxed, it seems. be nice to get a break from the constant annoyances that have been plaguing, mytrade..But should the volumes increase again so will the problems , IMO. mars

To: SusieQ who wrote (1075)	4/3/2000 10:42:00 PM
From: cirrus	Respond to of 2005

I think the basic concept of online trading needs to be rethought. Essentially, current online trading software is an extension of the stuff old-time brokers used. Turbocharged to be sure, but pretty much the same. It's fine when the automated systems function as intended. However, when they fail, as Track's did last week, we see the emperor naked. When the automated systems work, there is no need to call a broker. However, when systems fail, as they did last week, everyone calls in and many wind up talking to people who really shouldn't be answering the phone, people who know less about the process than the customers. The result, as I found out by virtue of one simple delayed trade, can be a mind bending rolling snowball type series of errors. On-line brokerages need to be proactive in managing the situation when things go to hell. Suggestions: 1. Explain the problem! If you think trade confirms may be delayed until tomorrow, say so. If it's other than a day trade, I'll accept that. If it's a day trade I'm considering, I'll do it elsewhere or perhaps go fishing. But don't say "delayed" when and give no further guidance. Same goes for other problems. Tell customers everything and we'll adjust and save the brokers big headaches. 2. Match brokers to trading types. I suspect some people think all electronic trading is the same. If a customer needs instant access to the markets, and is going to scream for every 1/16 of a point, MyTrade is not the place. Send them to one of the direct access houses like Attain or Watley. Be honest and educate the customer. 3. Guarantee the trade. If someone places an executable (market) order and it was sent to the broker - and we can see that - guarantee execution near the market price. Customers wouldn't be hounding the broker if they are confident that the trade will be there. 4. Don't do anything other than routine, safe software tasks during the week. Save the new server installation or upgraded database for the weekend - and test it. 5. Set up a hierarchy to ensure problems are addressed the first time. If rep A handles a problem, make sure any follow ups from the customer go to the supervisor who can evaluate and determine why customer needed to call or write again. Great training tool. 6. Ban certain phrases. "Your order is being worked." is a phrase I've seen on ch3 frequently. How does one "work" a market order? 7. Educate customers via e-mail. "Only part of my limit order was filled!" If a customer uses limit orders, send them an auto e-mail before a problem happens explaining how limit orders get filled. I suppose I could go on, but you get the idea. If on-line brokers become proactive with their customers problems should decrease. I live in the snowbelt. When the highway department says the roads are slick, people stay home. If Track or Schwab say, hey, were on thin ice today... I'd slow down. Good trading! I think the biggest problem right now is online trading is growing faster than what online brokerages can handle,,,which of course leads to many problems.