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Non-Tech : E*Trade (NYSE:ET) -- Ignore unavailable to you. Want to Upgrade?

To: Uri Miller who wrote (5024)	2/8/1999 8:22:00 AM
From: Yilin Liu	Respond to of 13953

If you placed a market order, then the order is in when you click the mouse. it won't help even if you canceled it. If you placed a limit order, you still face a chance that during the one minute of cancelation, it reached the limit, and executed your order, even though the screen still show that you canceled the order. I learnt my lesson from this too. But luckily Waterhouse representative explained to me clearly. So now, I am very careful with change order or cancel order. Hope this help a bit.

To: Uri Miller who wrote (5024)	2/8/1999 10:12:00 AM
From: amic	Read Replies (1) \| Respond to of 13953

OT Hi Uri. If this sounds patronizing, just ignore the message. You should really never use market orders, especially on highly volatile stocks. As someone told you in the EGRP thread, the moment you click on "execute", the order is gone in the pipe and there's nothing you can do. Actually ETrade does not accept market order cancellations any longer. ETrade is sometimes slow on reporting trades, but not that bad at execution (in MY experience). So my advice: always, always use limit orders; if you want to be "sure" to get a stock which price is increasing quickly, without ending up paying more than you can afford, put a limit buy ABOVE the current price; that means it will be treated as a market order (since you put the limit price above the current price), but in case there is an issue you are sure it will not be executed at a very high price you cannot afford. With all this said, indeed crazy that E*Trade executed a trade that you could not fund, especially if you do not have a margin account. All IMHO, just trying to be helpful.

To: Uri Miller who wrote (5024)	2/8/1999 11:12:00 AM
From: Iceberg	Respond to of 13953

>yet, I am allowed to trade with money that doesn't exist? Uri, I'm in no position to give you advice, and the details of exactly what happened to you are a bit sketchy to me, but let me say this... E*Trade, in the 5 years I've been a customer, has never allowed me to trade with money that doesn't exist in my account. I get error messages to the effect that I have "insufficient funds" in my account to complete the transaction. So maybe you have more influence than me if you can enter a position with "money that doesn't exist"? How do you do it? <gg> Ice