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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Rick Faurot who wrote (1025)6/19/1999 8:11:00 AM
From: Eric P  Read Replies (1) of 18137
 
Just be advised that the majority of successful traders rely on either telephone brokers (Yamner, Brown) or legitimate fast execution brokers (MBT, Watley, Cyber etc). Datek is neither.

Datek performed poorly in the thread's broker satisfaction survey, albeit with only two responses (not statistically significant). However, I would not go so far as to 'write-off' traditional internet discount brokers.

I know that Gary Korn has been successful scalping using Fidelity, and was unable to find equivalent success with a 'legitimate fast execution broker'. The difference was that with Fidelity, he was able to get his orders filled quickly (2-5 seconds), whereas he was unable to get orders consistently filled dealing directly with the ECN's and market makers. I think this is a very legitimate complaint when dealing directly with the market. I am in the process of opening a small Fidelity account myself, to see how well they perform.

-Eric
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