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Phil,
I can understand the firm not allowing cxls or day-arounds after a certain
point. What should be more important at 5 minutes until the open...executing
orders and accept new orders or going through the fuss of changing orders?
What happend if an order were to be cancelled at 9:28am and it was only
pending cxl and you did not get an out on it yet...at the open, b/d's get
flooded with all sorts of piker online orders and the odds are that your
order would get filled as tltc. The fact that you were unable to get a live
broker on the telephone is a seperate issue. I'll bet you that the firm's
"arbitrary and capricious policy" was well documented in the literature you
signed when you opened the account; you probably did not read it or came to
the conclusion that it would not concern your trading. I think that the
firm's policy of not accepting day-arounds or cxls after 9:25 is a good
policy and allows more bandwidth for entering and executing of new and
existing orders. Want more bandwidth?...trade by phone and wait for the
internet to become a more stable trading platform...the telephones have
proven themselves for a much longer time than e-mail-based order
entry...Repair the web site?...is it really broken?...I don't think so...it's
a actually a pretty good idea and commend the firm for taking the initiative
on it. The firm's only fault I can find from your sob story was not getting
back to you promptly. They definitely dropped the ball in that regard.
Don't worry...there is definitely a procedure for breaking a trade, your
probably doesn't qualify. Is the stock down?...based on your whining letter,
I'll bet it is...if you were in the money, the trade would have been broken
or the quasi-complaint would have never surfaced.
Comments welcome,
Chris
p.s....don't waste your time with a complaint...you won't get anything except
a higher blood pressure...instead, go out and see the movie 'boiler room.'
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