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

To: Eric Yang who wrote (648)	8/5/1998 1:28:00 AM
From: DRL	Respond to of 2076

Yes, That cancelled thing is a pain in the but. Basicaly, you must call waterhouse and get a verbal verification of a cancelled order fromthem. This will be proof. Typically, it is NOW POSSIBLE to cancel market orders. Since, it is just that, an order at market. If there was a buyer or seller, the trade went through. As far as the wrong fill price. It is not "tough" You must fight and stand firm if your think you got a bad fill. Ask for the exact order placement and fill time and have them check the fill against the orders on both sides. I have gotten better fills from Waterhouse on a few occations where there fill stuck or was screwed up. Remember, you must sometimes go up the chain of command to get some answers. But remember, take names of everyone you talk to on the way up. -DRL -DL

To: Eric Yang who wrote (648)	8/5/1998 2:17:00 AM
From: cherrypitter	Respond to of 2076

Eric: I place a lot of market orders via Web Broker and typically the order is executed before I can bring it up on the "order" screen- a matter of seconds. It would seem that it is virtually impossible to cancel a market order. The exception to the above might be in the case of a short sale or as happened to me today in an account that was "overdrawn" so to speak. My market order was listed as "pending" and immediately I realized my error and canceled,albeit slightly red faced. Rich

To: Eric Yang who wrote (648)	8/5/1998 11:15:00 AM
From: Mama Bear	Read Replies (1) \| Respond to of 2076

""tough, MMs make mistakes and they reserve the right to make changes" I have an experience to relate. When I was using Waterhouse as a daytrader (not a good idea) I put in an order to buy 2000 GLIA @ 9, which was the bid. The order was represented on L2, and sat there. After a while, I decided that I had sat on the bid long enough, and entered a cancellation request. I went back to level 2 to see MASH (Waterhouse's mm) offer fall to 1000, then the 1000 disappear. I knew I had been plugged on 1000. Sure enough, I had been. I immediately offered it at 9 1/16, and was filled. The next morning I got a call, and was informed that the 2000 had actually been filled. It was an upsetting experience, although since I sold that 1000 at 9 3/4, not as bad as it could have been. It can happen. Barb

To: Eric Yang who wrote (648)	8/10/1998 7:28:00 PM
From: FlyersFan	Read Replies (1) \| Respond to of 2076

>>>>>>>>YOU WROTE:: At least one person I talked had experienced the same thing. I called Waterhouse up and basically all they will say is "tough". There are some serious bugs in Webbroker. To show a "pending" order change as "cancelled" is misleading at best. I guess the lesson in all of this is to call the broker up by phone and confirm all cacellations. By the way I've also had one incident where the executed sell price between the "order status" and "account history" were different. Again, all the live broker can said was "tough, MMs make mistakes and they reserve the right to make changes" Make it two people...THe same darn thing happens to me...I hate it. I am looking for a broker who has online bill paying other than schwab! Can you help??? Thanks