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Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: Dr. Harvey who wrote (911)	8/23/1998 7:01:00 PM
From: mr.mark	Read Replies (3) \| Respond to of 7382

"Waterhouse appears to be the best at $12.00 per trade up to 5,000 shares and the ability to trade bulletin board stocks." let me provide you with a valuable insight into waterhouse. i've used their webBroker online trading system for over a year. finally i got it through my thick skull that they are not a proper daytrading vehicle. duh. but here's a frightening fact... their order status page may show that you have successfully cancelled an order, but it may not be so!! please read that again slowly so that you will grasp the enormity of what i have just told you. and by all means, ask them yourself if what i say is correct... if the person you are speaking with is knowledgeable, they'll concur. several weeks back i placed a buy limit order for 1000 shares of COMS at 30 1/16. it sat there unfilled as the stock upticked, and i eventually cancelled the buy order. to be sure, i went to the order status page and saw the order clearly said cancelled. maybe an hour later, after having shorted 1000 shares of COMS at like 30 3/4, i see i was the proud owner of 1000 shares at 30 1/16!! a fast phone call to their trading desk confirmed my shock. i ask the account exec what the current bid is, he says 9/16, i say sell those babies NOW! he places a market sell order for me (no charge of course cause he's feeling like they screwed up) and i end up selling 'em for 30 5/8. jeez! yes i made a fast 9/16, but what if the stock had gone the other way on me? i ask the account exec that very question... "what if COMS was at, say, 29 1/2 and i find out my 30 1/16 buy order was filled, AFTER webBroker said it was cancelled?"... "what do you tell me in that case, mr. account executive?". his answer? "sir, did you confirm the cancellation with a back up phone call?" plain and simple, waterhouse needs an "interim" order status, something along the lines of cancel pending. the guy i spoke to agreed. but until that happens, man, your butt is hanging way, way out where it doesn't belong! imhfo, bad as this sounds, it is not waterhouse's "fault". it's my fault if i continue trying to daytrade with them, knowing what i now know. mbtrading, here i come! :) regards, mr.mark