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Non-Tech : Datek Brokerage $9.95 a trade
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To: Roger A. Babb who wrote (5022)10/1/1997 3:29:00 PM
From: Jack Zahran   of 16892
 
Roger,

Read the writing on the wall. If you are a serious DayTrader the savings is not worth the hassle you get from them. They simply do not care about their customers. They have chosen to take no fiduciary responsibilty towards their clients. No matter how attractive their rates seem to be, they are misleading and do not accurately reflect the true cost of doing business with Datek. I can only recommend them to the investor who trades infrequantly and with small sums. They represent the bleeding edge of the online trading community.

Take a look at abwatley.com for serious day trading. They give you transparant trading ability right on the level 2 screen. They are also limiting the number of users they add on to what they can handle. It also seems that NDB, Waterhouse and Discover are greatly improved since their foray into the online trading business and offer a complete set of services to the serious investor.

Obviously I am leaving Datek now that they forced me to take legal action. I cannot in good conscience even appear to give them my tacit approval. I have come to this conclusion only after giving it much deliberation and after a long period of hoping that Datek would do the right thing. I am greatly disappointed with them.

Please do not make your decisions based soley on my comments, but weigh them against what you have experienced.

Best Regards,
Jack Zahran

P.S. My reference to the writing on the wall is taken from the Hebrew scriptures from the faithful prophet Daniel who interpreted the writing on the wall to be that "you have been weighed in the balances and have been found deficient." (Dan. V,27) (Soncino Books of the Bible by A. Cohen, London, 1951)
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