DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: LPS5 who wrote (2470)	8/6/1999 12:25:00 PM
From: -	Read Replies (1) of 18137

I traded at Schwab for years. Generally Mayer Schweitzer gives the parent Company's customers great fills; you can even daytrade stocks via their net interface, if you're a bit patient. Although Schwab owns them it seems to be a normal MM-Brokerage relationship, with the same payment-for-flow related issues. However, their problems is on "fast market" and "market slam" days/conditions can be really acute, more than some other web brokers IMO. Mayer seems to switch into "come into our parlor, we have a special fill for you" mode. You can sometimes wait hours to get a fill back, which they always blame on "order flow congestion due to fast market conditions". e.g. I bought YHOO on a "slam down" day at the market and they tried to sell me 20 points of slippage after 3 hours to get a confirm, that was the day I closed all of my Schwab accounts except the IRAs. What they didn't know was I had bought the same stock at the same time on Discover brokerage, and received a virtually-instant fill. I was amazed. Anyway with direct access none of this is a problem. -Steve

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