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Non-Tech : Datek Brokerage $9.95 a trade
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To: Investor2 who wrote (2549)5/8/1997 10:28:00 PM
From: Fred Puppet   of 16892
 
Sorry Investor2, I got wound up in a web of sarcasm. I was complaining that people who have minimal understanding of how Datek works are posting misleading information. One repeated phenomenon is that people place an order, wait a short time, and then cancel it. There is some small probability that while the person is entering the cancel command, the order gets executed. If this happens twice to a paranoid person, they post on SI that Datek will execute an order immediately if you try to cancel it. That is not true, but has been claimed by several people.

Regarding online brokers: Datek is about as fast as it gets, because there is no human between your computer and Datek's. At most other "online" brokers, when you place an order it prints out on paper at the brokers office. Someone has to pick up the paper and enter your order just as if you had called on the phone. The priority of the order taker is phone calls first, online trades second. This is because callers on hold get angry fast. So, the online trade at other brokerages is often slower than calling.

I recommend that you always have more than one broker, so that you can compare the quality of service. With only one data point, you can't make any objective judgement. Don't place much weight on what you read on SI.
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