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: Vestor who wrote (3253)	6/15/1997 8:31:00 PM
From: The Vet	of 16892

My experience with DATEK has been good. I had some early misgivings but they were due to my failure to understand how DATEK works in the overall scheme of things. Odd lots have never been a problem and while my orders do get broken up occasionally it is usually in round numbers and the rest of the order fills promptly. However I have learned to avoid market orders. You do far better with limit orders to buy at the ask or to sell at the bid and so avoid being screwed by SOES. As an example I placed an order to sell at market 4k stock in a strong stock (QNTM) with the bid at 19 1/4 and rising. My market order got split into 4 lots of 1 k and I assume it went through SOES and they dropped to 19 3/16 on the first 1k, 19 1/8 on the second, back to 19 3/16 on the third and 19 1/8 on the last. Each block was 1 minute apart . Over all of this time the bid stayed at 19 1/4. I realise that this is not DATEK's problem and had I put in a limit to sell at 19 1/4 all of my order would have been executed at the right price, but it certainly shows the true colours of the SOES market makers.

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