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To: Mike S. who wrote (38616)5/6/1999 11:54:00 PM
From: Jenna  Respond to of 120523
 
Mike I hope someone will come onboard and answer because I never had more than 15% of my trading account in options. And I don't use margin.



To: Mike S. who wrote (38616)5/7/1999 12:54:00 AM
From: jim oakden  Respond to of 120523
 
EXECUTIONER
I use them, and have had mixed results. Their system almost never goes down, and they are quite concientious when it does, and their trading software is good, but they've had a couple people that have screwed up pretty badly with money transfers, etc, and tracking account balances and the various buying powers is a pain. I rarely trade options with them because you need a separate option account that you have to journal money in and out of, and option trades can only be made by phone.

I've gotten RegT calls with them for lack of overnight holding margin. In those cases, I've either put in additional money, or requested a loan from their "bank". They charge $100 for this, plus the margin interest, and will pull the money out after 5 days, but at least they don't freeze the account. I suspect you could do the same thing with your daytrade call, which I assume was gotten for selling then re-buying an overnight position. You might also try journaling money (if you have any) from your daytrade account into your margin account. I thought that when they froze an account it means you can't buy anything or transfer money out, but I think you'll at least be able to sell (small consolation). Talk to Betsy or George about potential solutions.

Good luck, and I hope something works out.



To: Mike S. who wrote (38616)5/7/1999 6:46:00 PM
From: Mike S.  Read Replies (1) | Respond to of 120523
 
Spent about 2 hours on the phone with A.B. Watley throughout the day. They finally discovered that my daytrading call was an error. Whew, that's a relief. They also said that it was an isolated incident but who knows. I'm only with the Watley trader right now but with my former run in with NITE, I can switch over to the Ultimate Trader. I just haven't figured out which level I should use. Anyone have any suggestions? Mike S