Post of the Day
February 4, 1999
E*Trade Group Folder
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[The following is written as a response to the many complaints posted about E*Trade's system crash on February 3rd]
Subject: Re: ETrade system troubles
There is a maxim that every online trader should know and accept before using real money, "There
are inherent risks associated with online trading" including but not limited to:
- downtime from online brokerages caused by, among others
~heavy volume crashing the systems,
- internet associated problems that are beyond the control of said brokerages
~line breaks or assorted downtimes of backbone, ISP, phone lines, etc.
If you don't know this, or can't accept this, then get off the internet.
What do you people do when/if the power/phone goes out? Do you gripe at the utility for costing you money due to missed trading opportunities?
|"The point here is, educate and protect yourself, and you are partly to blame for any losses incurred. If you need to trade constantly, take obvious precautions like employing limits, secondary accounts, level II, etc."|
The point here is, educate and protect yourself, and you are partly to blame for any losses incurred. If you need to trade constantly, take obvious precautions like employing limits, secondary accounts, level II, etc. This company is growing very rapidly, and will encounter these types of issues. They know it's bad for business, and they are trying to mitigate future risks, I guarantee it.
Also, if your jumping ship for another account, be prepared to gripe some more. AMTD (good luck here) has constantly had problems, Datek as well, Schwab, Waterhouse, Suretrade, etc. It's a question of limited capacity, not poor business practice or customer service.
I would be amazed and humbled if everyone here who griped today came back and lauded the performance tomorrow, and I am confident tomorrow will be flawless, just like 99.5% of previous days have been.
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