I don't use other brokers, I am not that big of an investor.
But you make a good point.
Most brokers give either free realtime quotes or tie a number of "free" quotes to a transaction. If datek ceased giving free real time quotes as I stated, Jon and company would be trading by themselves until Datek went out of business.
That might not be totally true as Datek has one of the better commission rates in the industry, combining unlimited free quotes with their rates makes Datek the best bargain in the industry, for traders. Datek's lack of aminities dictates that to attract customers they have to give lower prices and/or better service, and those lower prices are given both by free unlimited quotes, and by 9.99 trades, the better service is given in fast trades, fast confirmations, and instantanious turn around of your investing funds from a sale.
I Jon wants frustration switch to a broker that takes hours for a sale confirmation and release of his money for further investment, especially when he sold it to take advantage of a hot buy.
Jon is of course corrrect there are NO FREE LUNCHES. What Jon doesn't want to recogonize is there are charges for his use of Datek that he doesn't like (HE DOESN'T GET HIS FREE LUNCH EITHER), things like having me press the quote button when he wishes to place an order because, my dealing with Datek and paying my 40-100+ per week in commisions pays well for my free quotes, and helps maintain the revenue base that enables several servers and the best programing staff in the industry to provide the speed that he wishes to have. |
