Around 15:20 CET I entered a buy order though one of the banks (online webportal) I've got accounts with. So I'm watching the live quote of the warrant and see I've lifted the market maker. I see this on my other screen (not that banks online browser window I've sent trade though).
I click refresh in the banks online banking tool so see what I'm paying commission wise (haven't used them lately). Nothing happens - I see a warning that it can take 300seconds for the account view to refresh - ok I think, it's not going to move that fast, that I'd need to get out. But I'm already kind of telling myself: THAT SUCKS! What happened to 20-30 seconds?! Or 1 second like with my FX broker.
Anyway I keep watching the quote of my warrant and see it's a tick down. So no hurry with the execution. But 1h20min later the trade still hasn't been processed. WTF! This time I'm a bit jumpy cos the warrant has moved up from .48(.46/.48) where I lifted to .49/.51. I want to enter a SELL order at .5. Of course the bank won't let me enter a short sale so I'm fcked. I call and ask what's going on. First I get 1minute of questions verifying who I am. Then the girl says she has to call the trading dep and find out. Jesus. Quote: .50/.52. I WANT OUT! :D
Finally she tells me there's some problem and that they're resolving it. I tell her that's nice but I need to enter a sale now! please. After 5min on the phone finally my trade is entered. I ask her is it done? She says she can't see the execution yet. I glance over at my other screen see nothing.... 2 seconds later it crosses. Done. But the girl still couldn't see if it was done and was amused that I could see it faster than her. :)
Of course after I sold at .5 it went to .52 bid 20min later :S! Then I go and check the commission and see this banks ripping me off charging 1% for the transaction. I've sent an email saying I want .5% on this ballsup. Will keep ya posted bout what happens! Not paying 2% for lousy service on a 4% profit!!!!
Wow, that really sucks!!
ReplyDeleteHey Jules! Yes ! :) And I'm having to fight to get any improvement on commission. My account manager thinks it's normal to pay 1% on a 25k$ trade. And I strongly disagree. I told her I'd take it to next her superiors if she doesn't change her initial stance: "We've decided we don't want to offer that service at any price". I told her another big bank I trade with is asking for just 90$ vs their 250$ for exactely the same trade. Not surprised some big banks are losing all retail traders to brokers with easy to use fast cheap access. If my account manager doesn't come back this afternoon with a 50% discount I'm kissing that account goodbye.
ReplyDeleteThanks for dropping by. PS Tournament yes... with A - my typo.