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I just love it when you call your broker and read your order to him. Then he
says "What was that?".
Then you read him your order again.
Then you hear the clickety click of the keyboard.
Then he reads your order back to you. slowly.......
Then he asks if that order is correct?
Then you say, hell, I could have driven downtown and entered the order myself
on your keyboard.
Then he tells you that it will be a few minutes to get the order
confirmation????????
I guess the electrons are slow today? (translated: The market maker is
deciding whether to take your order or not even though you hit his asking
price)
Then your broker offers to call you back, with confirmation, assuming he
doesn't have a larger client to serve. He will probably call with your
confirm this afternoon when the markets are quiet, if he calls at all.
I actually had a broker take my options order, except the broker didn't know
what a strike price was!!!!! I hung up on the broker. (must have had a
designated hitter for the day of the Series 7 exam).
There are a few good brokers out there, and I have run into a few of them.
Of all the trading I have done, I can think of only one occasion where a
broker helped me get out of an illiquid options position. But I could have
done the same thing on line.
KC
In a message dated 4/30/00 7:07:39 PM Central Daylight Time,
Scaletrade@xxxxxxx writes:
> In a message dated 04/29/2000 11:28:19 PM Pacific Daylight Time,
> POMPATIS@xxxxxxx writes:
>
> > i would like to hear arguments for and against using an online order
> > placement system vs calling a live broker. this is in regard to day
> trading
> >
> > the snp mini contract.
>
> Online, what you see is what you get...at least if your data feed is up to
> snuff. When daytrading a stock index, do you want the current price, or
do
> you want whatever it might happen to be 30 or 60 seconds from now?
Granted,
>
> sometimes the price is better later, but I'd rather get what I see on my
> screen.
>
> Larry
>
>
>
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