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

To: Dave Hanson who wrote (713)	10/9/1998 10:52:00 AM
From: Mama Bear	Read Replies (1) \| Respond to of 2076

Dave, the order cancelled message in fact does not mean that the order is cancelled. The bottom line is that you have to call and get an account rep to verify the cancellation. I bought PSFT at 23 15/16 and decided it was better to get out at 24 shortly thereafter. I put in an order to sell at 24. I changed my mind again and attempted to cancel. However, I was pretty sure that it had executed because the bid hit 24 while I was trying to cancel, and Waterhouse is good at getting the executions off when the bid hits an open limit order's price. They are just terrible at reporting it. 20 minutes later, I still had no confirm that the trade had executed. I called the account rep on the phone. He put me on hold. PSFT fell to 23 3/4. I was getting antsy. 5 minutes later I'm still on hold. PSFT is bidding 23 1/2 and very weak. I put in another order to sell PSFT at 23 1/2. Account rep comes back on the phone and says, yes, you were filled at 24. 25 minutes after the order was placed I find I'm out. Now I need to know about the sell at 23 1/2. It takes another 5 minutes to find out that I'm short at 23 1/2. Which worked out because I ended up covering at 22 7/16. I recently ditched Datek. Waterhouse has reminded me clearly within the last 10 sessions why I quit trading with them earlier this year. I don't know why Waterhouse doesn't want the $1000+ per month I would spend with them. BTW, Waterhouse servers were down this morning. I will be glad when I get my new account with JPR Capital up and running. Barb

To: Dave Hanson who wrote (713)	10/27/1998 2:20:00 PM
From: Julian Chen	Read Replies (1) \| Respond to of 2076

Dave: Can't believe Waterhouse still has this bug today. A year ago the web broker would confirm the cancellation of my sell order of 300 shares of CSCO. And only after the market the account manager called and told me the shares were sold. I was so mad since that was the day of the big reversal that CSCO ended up 10 points. I was told they would fix this bug ASAP and that was exactly a year ago. If they didn't you should sue their pants off! They are liable if they displayed to you clearly your open order was cancelled without any warning message (such as pending verification). Julian