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Non-Tech : Datek Brokerage $9.95 a trade
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To: Quaddad who wrote (2440)4/29/1997 4:57:00 PM
From: Morpher   of 16892
 
You said:
> I had the exact same orders fill with my other brokerage accounts
> within 2 hours of the order.

Wow! 2 hours!
That's not the strategy you want to use with Datek.
First check Island quote (http://www.isld.com/iquote.htm).
There's a chance (pretty low) that you'll find a price you like.

For NASDAQ stocks not affected by the new SEC rules:
If you want to buy a very slow-moving stock, start with an order
at the bid. If it's not executed in 1-5 minutes (lower volume -
wait longer), cancel and enter an order 1/32 higher. Repeat until
you get to ask.
For a faster moving stock, start in the middle, step by 1/16,
till you're at (ask-1/16). Then enter order at (ask-1/32).
If you don't want to have a nervous breakdown, forget trying to
execute an order within spread up to 20 minutes after opening.
Datek sucks at opening.

For NASDAQ stocks affected by the new rules
(http://www.nasdaq.com/sec/sec05a.stm and following pages):
Spread will usually be narrower. Use similar strategy.
Note that you're moving the bid or ask prices. I haven't done
a lot of trading in those stocks yet, so maybe somebody else
will contribute.

For NYSE stocks: start at the bid and move in 1/8th's.

I have executed hundreds of orders with Datek, and I seem to get
within spread executions 80% of time. That's mostly on stocks
trading 100K-2M shares a day.
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