To All, I like Datek a lot!! I day trade about 10 trades per day, and am very satisfied with the overall speed and quality of my executions. There have been times when I did not get an execution in a fast market which I may have deserved, but there are also times when I have gotten a better execution than I deserved!!
For example, today, I placed an order to buy 1500 MYL at 22 5/8 and was filled within 8 seconds. This was just after news hit the tape that MYL got FDA approval for some drug. Because Datek's system immediately filled me and it was instantly reflected in my daily activity, I was able to turn around and sell the stock at 23 1/16 in less than 2 minutes after I bought it!!! I know from my experiences with other brokers such as Brown and Company and NDB, that I never would have been able to accomplish the same trade so quickly. Brown's system takes about 15 minutes before it realized that the stock is in your account, so it causes a delay if you try to immediately sell something that you just bought. In the above scenario, MYL was back down below 23 within 5 minutes after my sale at 23 1/16. This illustrates why Datek is superior!!
Surely, there have been some times when I have tried to buy a stock, and it has moved up before I have gotten filled. But those are the breaks in a fast market. I have also bought low ticks, and sold high ticks through DATEK.
Another nice point for day traders is that cancelled trades are usually confirmed on the daily activity page within a few seconds after initially placing the cancellation. This is very beneficial in fast markets since it is always imperative to know where you stand.
The express order entry page is another feature I enjoy because I don't like wasting any time confirming my orders after I have entered them. I like to get my order in as fast as possible!!!
I just opened my account last Monday with $50,000, and it is already up to $54,200 (7 days)!!! I only day trade, and almost never go home with a position. Most of my trades are between 1,000 and 2,000 shares a piece, and I normally hold on to a position for 2 to 30 minutes before dumping it. These results are a testimony to the efficiency of the DATEK trading platform.
To all of those who complain about checks and wire transfers, I say you should be spending your time mastering day trading techniques, and just leave your money in the account and let it grow!! Don't waste time complaining, just trade!!! |
