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Non-Tech : Datek Brokerage $9.95 a trade
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To: trion12 who wrote (12940)8/3/1999 7:41:00 AM
From: RockyBalboa  Read Replies (1) of 16892
 
I have also read former post and viewed the SUNW trading on Jul 20th. Looks like there was enourmous selling pressure after the open.

It happened to me more than often and is referred as "highway robbery" by some other posters. What happens:

It can be a problem of Datek, that the order must wait because of the heavy use of the system. The fact that it took almost 3 minutes until the order was filled (it was activated correctly and timely, per the T&S log) points to that delay in order processing.
*Usually* the fills are 1 minute or beyond.

If the order was routed, which is usual when ISLD is not on the best bid then a MM can be accountable. Because the MM can sit on it and either fill, when it goes up again or sell out & fill later at a lower price in the other case.

I also checked the ISLD best bid. Interesting is that ISLD was the best bid at 71 7/8 at 9:50:46 onwards. There also have been going off some trades at 71 7/8 in the next minute, at 71 3/4 and so on. Then ISLD had light volume for the next half point.

I disagree with you on the use of stop market orders. My big fear with a stop limit order is that in a big gap down, the trade may not get activated even if there is a bounce off the open.

Ok, if you use a stop market order it gets activated in a big gap down, but then you may get a very bad price. A stop limit order gets also activated (same as the stop market), but if the stocks trades beyond the limit price then it does not get executed.

(Sometimes I am the lucky buyer of stop driven drops. Yeaterday BOUT got slaughtered and when that blew through 28 and then 27, all bids vanished. I bought mine barely over $26, while the ask remained well over 27).

That said, you may be right and the problem is that the advantage of low commissions is eaten up many times by one single bad fill. Unfortunately there are little odd to get back something from Datek. Maybe you try to get several commission free trades.
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