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--- Begin Message ---
To: fletchmo <fletchmo@xxxxxxx>
Subject: Re: GEN: brokers - stocks and options
From: 5150@xxxxxxxxxxxxxxx
Date: Wed, 09 Jul 1997 15:45:09 +0100
References: <19970709174908.AAA15692@xxxxx> <33C3FFED.5C30@xxxxxxxxx><33C36E7C.61C3@xxxxxxxxxxxxxxx> <33C3F3EE.19402A30@xxxxxxx>
Wow, what a difference a day makes. I haven't had any experience like
this at all, although I know a lot of the discounters route orders for
compensation. My uncle had a lousy experience with them too, although
he never told me what it was.
Sounds like you were using JB online, which I wouldn't use. Like I
said, I only go through the phone brokers for them.
To all, I think no matter who you go with, you have to be careful.
FYI BMI should be putting out the quotes from all exchanges. I've regularly
seen others than NY including the PSE and Chicago show up on the quotes.
Thanks for the info, fletchmo. As traders we need to constantly be on watch
for changes in our services used. Just like the markets change, so can
the brokers....Phil
fletchmo wrote:
>
> PHIL
>
> I would take exception to any recommendation on JB Oxford - had eight
> months of hell - when the acct was switched to Wall St Access - took
> another THREE + weeks to accomplish -
> Tooooo many problems with order execution, orders confirmed
> electronically, not confirmed in acct, etc etc etc etc, You name it - it
> happened. Then there is the little problem of the price divergence
> where they execute (thru clearing house vs exchange flr) usually Pacific
> exchange and the BMI quotes are from the NYSE etc.. Heard too much
> about the lack of concern for 1/8's etc. My money does not grow on the
> trees in the back yard - their slack attitude concerning money is crap
> and a waste of time and effort. Trade with them at your own risk You
> have been warned.
>
> bill g.
>
> James Charles wrote:
>
> > >
> > > Zeus wrote:
> > > >
> > > > I know we have talked about this before but I need some more
> > info....
> >
> > > Shay and everyone,
> > >
> > > I use Waterhouse. I AM VERY UNHAPPY WITH THEM. I have not
> > changed...
> > > 1. Charles Schwab...
> > > Good luck,
> > > We need it
> > >
> > > JAMES
> >
> > Avoid. I've used them and they're back office is AFU. And their
> > statments
> > are gibberish. Plus they make too many mistakes. They did give good
> > fills
> > however, but you can and should get that at other places. Their Street
> >
> > Smart program was fast but harder to use than Foxplus by Fidelity.
> >
> > Wasn't sure about how much interest broker questions would raise
> > but I have to guess it's an ongoing subject of interest. Why not,
> > we're traders! So I probably should have posted this generally
> > so here it is now...
> >
> > In response to a prior question...
> >
> > Fidelity makes sense if you can get into their Spartan program
> > and use Foxplus. I am getting $25 a trade up to 1000 shares and
> > discounted rates on options trades when I use Foxplus.
> >
> > Foxplus is lightening fast. Market orders on liquid equities are
> > confirmed filled in 10 seconds typical. Order handling is likewise
> > much
> > faster than you can get on the phone because the dialup, hold,
> > and talk times are eliminated. You just hang around online and
> > press the button when you want to place an order.
> >
> > Do not use Webexpress also by Fidelity. It is OK if you're only
> > trading daily or larger timeframes, but then you could use the
> > phone.
> >
> > Fill quality in equities, equity options, and index options (OEX)
> > has been among the best. They rival some of the good futures
> > brokers.
> >
> > Drawbacks to using Fidelity include:
> >
> > Sell to open options is not allowed on Foxplus and hence you
> > get stuck with slower order processing and higher (broker vs
> > online) rates.
> >
> > Sometimes when it's busy your calls get rerouted to non-Spartan
> > brokers who may not be as experienced. You have to really be sure
> > the order person gets it right. Make them check the order.
> >
> > I've once had the back office call me and say I didn't have
> > enough margin to make a trade that had already been filled
> > when I had plenty and the clerk read some internal number
> > of theirs wrong. Before I knew I was filled, I told them to
> > cancel the order, but it was too late. I found I was filled
> > online, and later they busted (zeroed) out the trade as if
> > it didn't happen. We're talking seconds between phone call
> > cancel and online fill. I had no problem with this even though
> > the trade was (is) now a winner. I told them to can it to
> > avoid any possible order entry mistake (such as the clerk
> > having entered 50 instead of 5 or something like that) and
> > the net effect of their back office was to do that regardless.
> > It took me a day to straighten it out. They later said that
> > the clerk made an error.
> >
> > In my experience both equity and futures brokers have been
> > reputable and pretty straight about fixing or handling mistakes.
> >
> > If you're just looking for good rates ($20 up to 5k shares) and
> > don't need to do index options (equity options ok) you can use
> > JB Oxford. I've found them to be reliable and quick. Decent
> > statements too. Use the phone. Avoid the online as it's web
> > based and too slow. For that matter, only the direct links
> > like Foxplus are fast enough. All the web stuff seems way
> > too slow. (Haven't tried them all though.)
> >
> > Avoid Etrade. Their service and attitude are basically F..K YOU.
> > And their ostensibly online trading is really just a front end
> > for brokers. Fidelity routes directly to the market. In fact, with
> > options, you can watch your order go into the market by watching
> > the B/A change when you place an order between them. Generally,
> > exercise caution in using the online stuff. It's not all it's
> > cracked up to be in general.
> >
> > If you would, I'd appreciate knowing what you find out and who
> > you go with. This business seems to be changing so fast it helps
> > to share info.
> >
> > Phil
> >
> > PS: I am not an employee nor do I stand to benefit from any
> > such recommendations. I'm just a trader.
--- End Message ---
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