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Pastimes : ETRADE Sucks! -- Ignore unavailable to you. Want to Upgrade?

To: Steven T. Schlink who wrote (1624)	2/13/1999 4:31:00 AM
From: wlcnyc	Read Replies (2) \| Respond to of 3262

Did you all see the PR from CyberCorp? Some nerve they have! (I added the "bolding") IMO, what they are saying is shame on you for using E-Trade, but we don't want you! LOL biz.yahoo.com ---------------------------------------------------------------------- Friday February 12, 10:21 am Eastern Time Company Press Release SOURCE: CyBerCorp *CyBerCorp: Day Traders Suing ETRADE Should Not Have Been With a Traditional Internet Brokerage to Begin With** AUSTIN, Texas, Feb. 12 /PRNewswire/ -- Some of the plaintiffs suing ETRADE over that company's technological difficulties have no one to blame but themselves, according to Philip R. Berber, the CEO and founder of CyBerCorp, an electronic trading technology group. ''Many of the plaintiffs, as well as many other online day traders should not have been trading with ETRADE or any other traditional Internet brokerages*,'' said Berber in response to lawsuits recently filed against ETRADE concerning that company's technology problems and the delays they caused. ''The current, first-generation Internet trading companies were designed for occasional investors, not high-activity day traders who enter and exit positions repeatedly during the day.'' Day traders demand sophisticated, high- speed, direct access technology in order to get the fastest executions and best prices, which will lower their transaction costs. ''Online traders and investors need to understand the game played by the Market Makers and the influence they can have on particular stocks. They also need to understand the mechanics of the ECNs. Without the required experience and technology, the risk/reward of day trading using these first-generation Internet brokers simply does not stack up -- they are onto a hiding to nothing. It was inevitable that they were going to get hurt. The market and the system they were using were simply not up to the task.'' Berber and his company are familiar with the technological needs of day traders, having spent the past three years and more than $6 million developing CyBerTrader, a real-time, Level II -- based, electronic trading and execution system, which is used in around half of the major day trading rooms in the U.S. and accounts for more than 12 million shares executed each day. CyBerTrader became available online via the Internet a year ago through CyBerBroker, CyBerCorp's brokerage subsidiary. In order to open an account at CyBerBroker and receive the CyBerTrader software, investors must meet a strict set of qualifications. CyBerBroker interviews each applicant to determine if they have the knowledge and experience that it requires to use a high-end, real-time, direct-access day trading platform. CyBerBroker accepted only one out of four traders who applied to open an account last year. ''It's a question of suitability and safety,'' said Berber. Direct access technology, such as CyBerTrader, allows the trader to download the software on their PC, and then connect directly, via the Internet and the electronic brokerage, to the exchanges and ECNs. Berber claims that the benefit to the trader is ''faster, smarter and better executions resulting in lower transaction costs.'' CyBerCorp's web site is at cybercorp.com. CyBerBroker's web site is at cyber-brokerage.com. For more information from CyBerCorp, please contact Communications Manager Holt Hackney at 512-320-5444 or hhackney@cybercorp.com. SOURCE: CyBerCorp -------------------------------------------------------------------------------- Related News Categories: computers, internet --------------------------------------------------------------------------------