Francis - my experiences are somewhat different. I do 1 minute or even 5-second-or-less trades (no exaggeration) w/ Datek all the time. You have to equip yourself to do so, however. I use the daSlinger interface which hooks in directly to the express servers, and bypasses confirmation, password and other such Datek delays. It is a one-click operation (and you can change the price using a mouse or your keybord "on the run", as you are tracking the price changes, without taking your eyes away from the LII). The only pain is checking on your order status - but even here, I just keep two windows open, so that the second I click an order through, I can immediately click on the second window for a confirmation. Of course it is not *quite* as fast as a DOE platform in *this* respect, but I gotta tell you - it comes very close (when the damn servers are not busy!!!). Plus, you really have to consider the superior executions Datek gives you, especially on ISLD - and I believe here nobody matches Datek, no other broker DOE or otherwise (and I do the majority of my trades through ISLD). As to partial fill hell - it is present w/ all brokers, not just Datek (it's an ISLD problem) - if anything, I will hazard a claim that actually Datek has an edge there too: at least in my experience, I get fewer partials w/ Datek. Naturally, when I do trade w/ Datek I use an independent LII feed, and I have the ISLD book open (which helps in minimizing partials among other things). I also have a very good cable connection (no overloads), and I take care to optimize every step of the process of trading. Further, consider the margin policy at Datek compared to DOE outfits, and also, I think the accounting is better. Also things like software stability - at least compared to Cyber, and some RTIII shops - Datek is far better.
I am not saying Datek is *the* solution, or that it is *superior* to DOE brokers like MBT - it is indeed a different animal. What I am saying is that contrary to your experience, I have no trouble at all daytrading w/ Datek (when the servers are not busy!!!). However, I wouldn't *dream* of just relying on Datek for my trading. That is why I also use a DOE broker. Simply put, I think the best solution is a combo: DOE broker + Datek. There are advantages to both.
Morgan |
