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Non-Tech : Web Street Securities (WEBS) -- Ignore unavailable to you. Want to Upgrade?

To: Esteban who wrote (207)	2/1/1998 5:28:00 PM
From: TraderRick	Respond to of 1339

Esteban AT financal has two levels of capabilities, both of which have the ability to have Level II information. The full package which has the custom quote interface and the expanded charting capabilities is about the same as PC quote, but they provide a less extensive service which has the capability of listing hundreds of securites for real time quotes and a "basic" charting package which from what I can tell is just a historic graph of the daily high, low, open and close. They don't provide Intra-day graphs or some of the other "bells and whistles" of their full package but it runs $75 per month with a $35 dollar charge for the Level II + the $50 NASDAQ fee so it's about 160 per month. (according to EliteTrader AT's level II fee is $20 so it may be only $145) That's about double Web street's price but I lost so much because of Web street's quotes that there would be no comparason if it works properly. See Elite Traders "data vendors" for discount info. elitetrader.com Or AT Financial atfi.com TraderRick

To: Esteban who wrote (207)	2/1/1998 8:47:00 PM
From: Mama Bear	Read Replies (1) \| Respond to of 1339

Well folks, my experience with Web Street has drawn to a close, as I am not impressed with their execution speed or the prices I've gotten. My husband entered a trade to short EGGS with a limit of 6 9/16 the day that EGGS announced it's store closing. the bid when he entered the trade was 6 11/16. The bid moved straight up from there, getting as high as 7 1/16. The trade was filled at 6 9/16. This time there was no question as to what had happened. We had suspected that this had happened on other trades, but this time we had the proof. To their credit, Web Street did adjust the execution price, but with the print out of the level II time and sales tables (with no prints of 9/16 after the order was placed and before the complaint was made), I don't see how they had much choice. Some may say, what's the big deal over 0.125 cents? Well, in this case it was actually $250. That's a far cry from the $12 Waterhouse would have charged, and executed the trade instantly at the bid price. I happened to place a couple of trades in my Waterhouse IRA Friday. Just for kicks I placed the orders 1/16 below the bid, and watched on time and sales. I was in awe of how quickly the trades printed (<3 seconds) after I hit the "submit" button. The trades also printed at the bid, as they should have. Putting in a limit under the bid is not a license to have the trades executed there, but insurance in case the bid ticks down. Web Street chose to take advantage, and as a result, has lost our account. There are no free trades, IMO. Good luck to any who stick with Web Street. Barb