Stop orders at CyberCorp

[MikeSuesserott@xxxxxxxxxxx (Michael Suesserott)]

Phil:

I, too, recently changed brokers, and, to speed up things, transferred some
95% of my money by wire transfer. The money arrived at the new brokerage the
very same day. As you are alluding, brokers have a tendency to hold onto
one's dollars for dear life, and I do think this is the best way to get the
new account funded fast. You can close the old account later.

As regards Cybercorp, I, too, have an account there, and, basically, I love
this broker! Great software, especially in conjunction with Quote.com,
unbelievably fast response times, and friendly, helpful service.

One caveat, though: all stops are held on your own PC, and, if triggered
there, are sent from your PC as market orders. Although the software will do
that automatically, it is still the trader's responsibility to make sure
that the PC is up and running continuously (without crashes!), and that the
Internet connection is OK, for as many days and nights as the trade is on.

Cybercorp just doesn't offer market-held stops. They see themselves as a
leading-edge day-trading outfit.

So if you do any longer term stock trading, and that means longer than one
market day, IMO this broker is not feasible, because all the responsibility
to actually place those market orders (you cannot technically call them
stops) is on your own shoulders.

Hope this helps.

Michael


-----Original Message-----
From: Phil Lane [mailto:patterntrader@xxxxxxxxxx]
Sent: Friday, December 10, 1999 16:17
To: omega-list@xxxxxxxxxx
Subject: lame broker alert


recently set up a stock account at Freeman Welwood - just because they were
local and I could get the whole thing set up in one afternoon.

Too bad their web site is down ALMOST EVERY DAY! And then you have to wait
on the phone for 5-10 minutes.

Am setting up an account now at Cyberbroker (or is it called
ybertrader?)  - and was wondering if there's a good way to get things
transferred without being in limbo for a week or two. How about some way to
do it instantaniously - by wire transfer? Thoughts??

regards, Phil