Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: cherrypitter who wrote (574)	6/29/1998 9:17:00 PM
From: W. Luther	Read Replies (1) \| Respond to of 2076

<<I would move everything to Discover Direct except the $19.95 commission for limit orders galls me >> I know what you mean -- I opened an account there last year after Waterhouse became so pathetic...but I feel like I'm getting ripped off for having to pay a higher commission for a limit order than a market order...Waterhouse was better for a while, but then it degraded to being as bad or worse than it ever was...it's been better for me the last of couple of days, although I've said that numerous times before only to see them tank out again Best of luck, Wade

To: cherrypitter who wrote (574)	7/5/1998 3:34:00 PM
From: Bobo Bear	Read Replies (1) \| Respond to of 2076

Found a WebBroker bug. Last week I placed a limit order to buy AMD at 17 9/32. WebBroker processed the order and 2 minutes later the order was filled at 17 1/4. I was surprised and happy to get some price improvement with my fill. At least that is what WebBroker displayed to me. About 15 minutes later I once again check the details of this order and noticed the "traded quantity" field was now reading 0.00 shares. The "status" field still shows the order as being "fully executed". So I called my local branch office to find out what's happening. AMD doesn't trade in 32nds so my order should have been rejected for not following proper exchange rules. When Waterhouse or the exchange noticed the illegal order my order was canceled. So I did not buy the stock. The assistant branch manager said, sorry but rules are the rules so the order was canceled. We agreed WebBroker should have rejected the order, and this subject will be discussed in their next staff meeting. I also learned Waterhouse will have to pay a fine for submitting an illegal order to the exchange. I was given 2 credit vouchers, each providing me a commission credit for one trade, up to $35. The next day I purchased AMD at a lower price, so this time the error actually worked to my advantage. Depending if AMD starts going back up. :-) This shows how Internet on-line trading is still in its development stages. WebBroker is software written my human beings, which make mistakes. But you would think that WebBroker would have some code to check if an order does not conform to the exchange rules and then reject it. I don't think its to much to ask for. Bobo