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Non-Tech : Online Broker Down - Sue 'em - EGRP, JBOH, AMTD, SCH, NDB -- Ignore unavailable to you. Want to Upgrade?

To: Shoot1st who wrote (86)	2/7/1999 6:15:00 PM
From: Clint E.	Respond to of 253

>>>Has anybody anywhere ever had a broker error result in a PROFIT? Yes, I have but the ratio has been very small. The way it has happened in the past was not being able to reach my broker or access an on-line account to enter a bad trade, a position that later on would go against me. As an active trader what I care most is a fair playing field with "constant" set of rules. The market is dynamic but any trading system shouldn't be. I take full responsibility for my own bad calls and I wouldn't blame anybody else for my own mistakes. However, as many have stated, I wouldn't want to see any profit converted into a loss or any small loss turned into a deeper loss due late order confirmation. Late order confirmation has been my number one complaint with EGRP in the last four weeks. My second problem has been down time in the last few days. I've got around that by using NDB. I have active accounts with Siebert and Waterhouse as well that I can use to remedy that problem so I am not too bothered by the down time issue as long as I am not trying to get out of an existing position that is going against me. Clint

To: Shoot1st who wrote (86)	2/7/1999 6:51:00 PM
From: Tom Allinder	Read Replies (1) \| Respond to of 253

<<Has anybody anywhere ever had a broker error result in a PROFIT? Yes, only once in about 2500 trades. Issued a stop order for XYZZ at 9 1/2 to buy. NDB made it a limit order and filled it right away at 8 3/4. The stock just happened to break out that day and before I discovered the error. In fact, the stock went to 12 that day. I was lucky. Tom

To: Shoot1st who wrote (86)	2/7/1999 9:41:00 PM
From: Mama Bear	Read Replies (1) \| Respond to of 253

"Has anybody anywhere ever had a broker error result in PROFIT? " Shoot1st, I once put in an order to buy 2000 GLIA at 9 for a daytrade. That was on the bid. A big seller shows up on the offer a second after I pressed submit, so I cancelled as quickly as I could. I got filled for 1000. I called and verified with my broker that I was out, and managed to sell the 1000 I got for 9 1/16. the next morning, my account rep was on the phone telling me I got filled for the entire 2k, and was the owner of 1k GLIA. GLIA was at 10 x 10 1/4 when I got the call. I complained loudly enough to get a free commission out of the deal. Barb

To: Shoot1st who wrote (86)	2/8/1999 12:19:00 PM
From: redbird	Read Replies (2) \| Respond to of 253

Today. I bought MTMC at 9 9/32. I tried to sell at 10 1/2, but the ETRADE powertrade system told me "The market is closed, your order will be completed on open tomorrow" or words to that effect. This is at almost 9:00 EST. I canceled and put in another sell. Finally, the system responded that the sale had gone through at 10 3/16. In the mean time, the stock went up to 11 1/8 and I got another sale. I called and tried to explain the mistake, but was informed that I could put in ANOTHER request for ETRADE to fix their mistake, but in the mean time the error was mine. While we were talking the stock went below 11 1/8 to 10 3/4 so I said sale. It paid for the commission and I made a few bucks. 4 other times Etrade has made mistakes with my account or given me a market order 4 minutes after request, so my experience is 1 out of 5 errors resulted in profit. 3/5 resulted in substantial losses. 1/5 is under review (doubled my money,but they lost the sale). Redbird.