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Strategies & Market Trends : Position Trading Forum -- Ignore unavailable to you. Want to Upgrade?

To: Junkyardawg who wrote (1967)	9/21/1998 12:27:00 AM
From: Forest Gump	Respond to of 7247

Wasn't Waterhouse down last weeks for two hours on a very bad day.. Also, I want my Level II and my trading in the same software...

To: Junkyardawg who wrote (1967)	9/21/1998 1:19:00 PM
From: ibrandybuck	Respond to of 7247

OT: Waterhouse - My experience with them has been mixed. FWIW, I've had TWO trades that've shown up as executed, only to be informed later that evening that the execution report was in error. It was, apparently, a MM mistake. The second situation involved a considerable sum of money, and several subsequent actions (or inactions) that had been made assuming the cancelled trade went off. Waterhouse made a reasonable attempt to set things right, but they really couldn't. (I lucked out the next day, anyway). Moral of the story - brokerage risk is something to consider. Quality and reliability of executions is important to me as well as price...I'm just not sure I'll be able to meet my requirements with a discount broker (I've had similar problems with Schwab, Fidelity, and Discover, albeit with fewer dollars at stake - and they were actually less accomodating than Waterhouse about trying to come up with a satisfactory solution - Fidelity was the only one that even made an attempt). I sensed that Waterhouse was making an accomodation to keep me as a customer, since they went to great lengths to make sure I understood that the fault was the MMs and that they had no responsibility. Sorry for the OT.