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Hi Scott,
I used JPR for a little while, there good. The problem is with the clearing
firm SouthWest Securities.
There are so many complaints from traders on other sites about Southwest its
unreal.
I closed out my account with JPR because my other business was growing and I
needed more time with that. I switched to AB Watley (Watley trader, for
investors) since I went back to short term trading. Anyway.. I traded this
penny stock a lot SBAS. Componding 8-10% per trade. There are 3 different
types of accounts one can have:
Type 1= cash account
Type 2= margin
Type 3= short
Now you can't be short and long on the same stock with JPR. The stock is
under $5 and not on the Short Sellers list. I would buy and sell many
times, someone at Southwest made a mistake with the type of accounts. When
I said sell they typed in a type 3 account (Short) instead of sell in the
type 1 account. Causeing the account to be a major nightmare. When you
trade 6-10 round trip trades a day bookkeeping can be a problem. I closed
out the account and transfered the full account to AB watley. Thinking that
I cleared up everything. 2 1/2 months go by and I get a phone call from the
broker at JPR telling me that I'm short SBAS and I need to close out the
account. I tell him thats impossible I close out the account about 2 1/2
months ago and I wouldn't have any reason to short this stock. We agreed
that someone at Southwest is trying to cover tracks. With this mysterist
trade I was short SBAS at 2 3/8 the stock was trading at 2 1/8. And they
were forcing me to cover. As far as I know the is closed forever, I might
get another phone call. If so, I'll file a complaint to the NASD and SEC,
maybe something will happen.
This is only one of the many complaints about SouthWest Sec. JPR is good,
just watch out with the clearing firm.
TradeWell,
Joe Frabosilio
SCOTT COOPER wrote:
> I am looking to change brokers (from Schwab ) to go with a brokerage
> firm that has low
> commission and real tick 111 data. I am looking at JPR Capital. I would
> like feed back both good and bad from traders that use level 11 or JPR
> Capital. Thank you Scott
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