To: the Chief who wrote (1076 ) 3/17/1998 10:45:00 PM From: NightHawk Read Replies (7) | Respond to of 8117
I would appreciate some feed back from yourself or anyone on this thread regarding broker efficiency. I have been following Pyng for some time and yesterday decided to place some extra cash in my account in anticipation of purchasing some shares today. I called the broker "Investorline" early this morning to confirm the deposit (couple of hours prior to market open to ensure no online buying delays). Was told everything was OK. My opinion this morning was in line with others on this thread: Assumed there would be an initial buying pressure surge, followed by some selling off, and given the positiveness and potential here I figured the price would stabilize. My position this morning was to either buy in right at the open if price hadn't run up too high and if it had I was going to wait for a bit of a pull back to buy in. Anyways, to make a long story short, I obtained a real time quote at 9:31 of 6.05 and decided to place online buy order at market. I received (onLine) confirmation of order placement at 6.15. When I called the broker a few minutes later to confirm the buy (no Investorline does not have any online confirmation of filled orders) they told me they had to check my account balance on another computer by that time bid and ask was at 6.40/6.45. At that point they finally placed the order, and please no LOL's, they told me they bought at 6.70: I was probably the only person who bought at the day's high. I guess I can take pride in setting the day's high! The questions I pose to the more experienced traders out there are: 1) Should I be looking for a new broker that is a little more efficient at online order execution or am I just being bitter about getting caught placing an order at market. And most brokers would have acted similarly. 2) If my broker is inefficient I would appreciate any recommendations. I hear some US security traders ie. Daytek promises order execution in 15 sec. or free. Reminds me of a pizza pizza commercial. 3) If my broker is at fault is there any course of action I can take to recapture some of my assumed overpayment. I am not implying the stock is overvalued, what I mean is overpayed relative to market price at time of order placement. I have to admit after "speaking" to the trading supervisor they didn't charge me for the buy and offered not to charge me for the next transaction. Any feedback would be greatly appreciated. FYI, I am holding PYT for the longer haul, after doing extensive research I firmly believe this stock has explosive potential. My only regret is not buying in at around $2 when I first started following the stock. Thx in advance, Mark