Datek Brokerage $9.95 a trade Message Board

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Non-Tech : Datek Brokerage $9.95 a trade

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To: Ray Jensen who wrote (2558)	5/10/1997 1:22:00 PM
From: Joe Lamantia	of 16892

Inexpensive order processing needs to be hands-off. Greetings, I have just executed my first trade through Datek and thought I'd add my comments to this thread; not so much to the company yet but in general terms. I have been trading in the markets since 1962 and in the main frame computer field as a programmer and systems progammer since 1966. In my opinion for $9.99 you should expect excellent high speed turn around on round lot market orders in todays world but on any other combination (such as limits or stops) you can not expect a computerized system to execute in a manner that will satisfy anyone. The variables in a dynamic arena like the markets of today simply make unattended (no humnan intervention) trading of other than straight forward activities very difficult. Every trade is a loser immediately except for the organizations that handel the trade for they make a profit every time or go out of business. The spread and liquidity are the keys. Too large a spread and too small a market; you are dead meat! My first trade on Datek of 400 shares at the market executed in one second and got the ask price shown on the quote. Two things are paramount from this point forward - an ability to get to the system to execute and a reasonable back office function so that I can take my funds out as easily as I put them in. If I want to trade stops, limits, odd lots, fill or kill, all or none, etc. I believe you need a human in the middle and that will increase an organizations expense quickly on a $19.98 round turn. I also trade using e.Schwab and although more expensive they have the economies of scale and the main frame processing power to allow humans to intervene and solve trading problems while still being profitable. Datek is charging bare bones prices and deserves a lot of slack on anything other than liquid round lots; if these become difficult to execute then it's off to another system I go! Happy investing.

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