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I was seriously considering switching to CyberCorp (to use CyberX) until I
learned that they do not offer market held stops or at least hold stops on
their computers. As you point out this decision prevents a swing trader
like me from using thier service since I exit all trades on stops. I dont
want to stare at the computer all day and want my stops filled if I am out
fishing. I would never depend on my own computer or ISP not to fail.
When I asked CyberCorp about this fatal gap in thier service they assured me
that they were working on a system to hold stops on their servers so traders
like me could be assured that stop orders would be filled. Have they
changed thier minds? If so they will never get me as a client. My online
broker, Waterhouse, has never missed a stop even ones that are weeks old and
they hit the price on the money virtually every time.
Bill Wood
> -----Original Message-----
> From: Michael Suesserott [mailto:MikeSuesserott@xxxxxxxxxxx]
> Sent: Friday, December 10, 1999 1:35 PM
> To: omega-list@xxxxxxxxxx
> Cc: mailto:patterntrader@xxxxxxxxxx
> Subject: Stop orders at CyberCorp
>
>
> Phil:
>
> I, too, recently changed brokers, and, to speed up things,
> transferred some
> 95% of my money by wire transfer. The money arrived at the new
> brokerage the
> very same day. As you are alluding, brokers have a tendency to hold onto
> one's dollars for dear life, and I do think this is the best way
> to get the
> new account funded fast. You can close the old account later.
>
> As regards Cybercorp, I, too, have an account there, and,
> basically, I love
> this broker! Great software, especially in conjunction with Quote.com,
> unbelievably fast response times, and friendly, helpful service.
>
> One caveat, though: all stops are held on your own PC, and, if triggered
> there, are sent from your PC as market orders. Although the
> software will do
> that automatically, it is still the trader's responsibility to make sure
> that the PC is up and running continuously (without crashes!),
> and that the
> Internet connection is OK, for as many days and nights as the trade is on.
>
> Cybercorp just doesn't offer market-held stops. They see themselves as a
> leading-edge day-trading outfit.
>
> So if you do any longer term stock trading, and that means longer than one
> market day, IMO this broker is not feasible, because all the
> responsibility
> to actually place those market orders (you cannot technically call them
> stops) is on your own shoulders.
>
> Hope this helps.
>
> Michael
>
>
> -----Original Message-----
> From: Phil Lane [mailto:patterntrader@xxxxxxxxxx]
> Sent: Friday, December 10, 1999 16:17
> To: omega-list@xxxxxxxxxx
> Subject: lame broker alert
>
>
> recently set up a stock account at Freeman Welwood - just because
> they were
> local and I could get the whole thing set up in one afternoon.
>
> Too bad their web site is down ALMOST EVERY DAY! And then you have to wait
> on the phone for 5-10 minutes.
>
> Am setting up an account now at Cyberbroker (or is it called
> ybertrader?) - and was wondering if there's a good way to get things
> transferred without being in limbo for a week or two. How about
> some way to
> do it instantaniously - by wire transfer? Thoughts??
>
> regards, Phil
>
>
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