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At 09:35 PM 04/09/2000 -0700, you wrote:
>>>>
I'm currently trading CDNX and TSE stocks through accounts at Bank of
Montreal Investorline, which does not offer stop orders online - an
impossible situation for this technical trader.
<<<<
TD waterhouse offers Stop and Stop Limit orders. Visit:
http://www.tdaccess.com/
>>>>
I'm hearing that Schwab may be a good alternative, but haven't investigated
any others yet.
I'm also wondering if there's a Canadian online broker that stands out in
their catering to day traders, ie one-click ordering, dynamically-updating
position sheet, direct market access. Is there such a thing in Canada?
<<<<
No. Some copied TDW info:
======
After TD Waterhouse receives your order
successfully through our electronic trading services, the order
is immediately reviewed by an Investment Representative to ensure
that your request is consistent with the investment objectives / ratios
as defined in your client profile. This is a regulatory requirement.
Your order is then routed instantaneously to the relevant exchange for
execution.
It is impossible to advise precisely how long it will take for your order
to be filled, as there are a number of variables that can impact the
completion of any given order. In general, all orders for a given equity
are placed into an electronic queue or "book" along with the other
incoming market orders. Each equity has its own book, which is
found at the "post" designated by the exchange for the security on
its trading floor.
Most orders are filled on the basis of this electronic book. Keep in
mind, however, that orders placed with special instructions - for
example: stop-loss orders, all-or-none orders - fall in line behind
regular market orders. Moreover, you will not see your bid reflected
if you have attached a special instruction such as "all-or none".
As soon as the exchange sends a fill report to TD Waterhouse, we will
update the status of your order in the "List Orders" feature offered through
WebBroker. Please remember, however, that fill reports can sometimes be
delayed from the exchanges. This is particularly important if you wish to
change or cancel an existing order. While WebBroker will accept your
change or cancellation, remember that all changes or cancellations are
subject to prior fills.
========
My experience:
TD Web broker reliability is poor, often the website is down and of course
the phones are busy. It take an average of 10 minutes to get your order
ackowledged and see it filled on the real time screen. Quite frustrating to
see your stock dive and you can't do anything - I am about to cancel my
real time feed and settle with EOD. IMHO, day trading in the true meaning
of the word is not possible in Canada.
I have tried to get US accounts but US discount brokers are not permitted
to have Canadian customers, they refused to take me in. If anybody knows a
way please send me a private email :-)
Hope this helps,
Herman (Ottawa, Canada).
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