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Realtrader,
Just thought I would add something to Phil's post regarding Fidelity's
Brokerage services. Fidelity DOES NOT allow you to place STOP orders on
OTC stocks. Other than that, I too, like and constantly use Fidelity's
FoxPlus online service.
I have enclosed directly below a past post regarding FoxPlus.
Hope this helps,
John Boggio
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I would suggest using Fidelity's FoxPlus vs their website if you want to
avoid delays. Personally, I use Fox+ for multiply trades a day and have
very quick fills (seconds). Suggestion, in order to speed your
transaction, connect with your ISP or their server in advance of your
preparation for a trade. This way you are already connected and you simply
have to push a button and your trade is instantly sent.
My complaints are: 1. After you send your transaction to their server,
they respond with a confirmation and a current quote. If you agree, just
push one more button and you will fill in seconds. The complaint is that
if you decide to change your limit order so that you hit the bid or ask,
you HAVE TO go back to the transaction page and change your order, then
click 'ok' and then wait a few seconds for the confirmation again. This
whole process usually take me 30-60 seconds but in fast market conditions,
can mean hundreds of dollars.
2. The second complaint is that if you have multiple accounts at Fidelity
and you want to report the status of your order (are you filled or not),
their system does not prioritize the accounts so that the first account is
the one that you placed the order in. In other words, when you click on
the check status button, their system MAY begin updating your mutual fund
accounts first and then your brokerage accounts. I have 6 accounts so
sometimes I may have to wait up to 2-3 minutes to report a fill. I hate
that! I have informed them of this problem and they said they will
consider fixing it in future updates.
Other than those 2 problems, I am very satisfied with Fox+. Also, during
the day, I usually have my local ISP connected and usually do not have any
problems connecting to their server through my ISP.
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At 11:57 AM 7/9/97 +0100, 5150@xxxxxxxxxxxxxxx wrote:
>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.
>
>
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