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Strategies & Market Trends : DAYTRADING Fundamentals
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To: RC Stein who wrote (7169)3/10/2000 9:15:00 AM
From: Hockeyfan  Read Replies (1) of 18137
 
Semi OT: I don't trade nearly the volume you guys do, but thought I would add my two cents.

I trade options and plain vanilla longs through Fidelity with decent excellent response and confirmation time. I get my quotes from Telerate(Bridge) at work and even it goes down once ot twice each week for short periods of time. Fidelity now has an active trader module with RT quotes, charts, order status monitor, etc., which I like, but I don't think it is as good yet as the services you pros are using. Site access has been excellent lately - very limited down time.

I trade shorts and short-term trades (the same day or week for me) with Morgan Stanley Dean Witter (formerly Lombard). MSDW was planning on raising their $14.95(market)/$19.95(limit) commission rates on 4/1/00. I imagine their repeated service outages, especially during the first 30 minutes of trading, and poor order execution has given them pause.

MSDW sends its order flow through NITE. I have often had to wait 10 minutes to 25 minutes for a small market order to go through and return confirmation. When I called to complain they blamed it on NITE and would not change the trade.

The only reason I am considering staying with MSDW is that they provide IPO participation when your account exceeds $100,000. Fidelity's cutoff is $500,000. MSDW participated in the Ariba & Palm IPOs among others.

MSDW is good to excellent for short share availability. Fidelity is very poor.
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