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The fact is, if I had reached a broker at 6:25 AM they would have made every
effort to cancel the order, with the caviat that it may be subject to prior
execution. I expected the same treatment when entering orders over the
internet.
And you are incorrect - the fact is there is NO mention of this ANYWHERE in
their literature or on the web site. They weren't even aware of it
themselves until they analyzed their programming.
Consequently they DID break the trade for me after I pointed out these
facts. The VP of Freeman Welwood agreed that 5 minutes should have been
plenty of time to cancel the order and is taking steps to modify the web
site.
Obviously the stock was down. In fact I think it will probably go up, and
I'm already long, but the timing was wrong so that's why I wanted to cancel
the order. I didn't like the way it was opening up. You are extremely clever
to realize that I wouldn't have wanted to break the trade if it was making
me money. Good job, genius.
rgds phil
----- Original Message -----
From: <ChrisPR1@xxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, February 18, 2000 7:22 PM
Subject: [RT] Re: lame broker alert
> 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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