Steve,
No, I do not have it backwards. Datek permits stop orders on NASDAQ stocks, in which they specialize, and not on NYSE stocks. As you suggest, it does seem strange, especially when I looked at some other firms that have been recommended for their speed of execution. For example, AB Wately (sp) does exactly what you were saying, i.e., they do not permit the implementation of NASDAQ stop orders but do permit stop orders on AMEX and NYSE stocks.
I moved a portion of my trading account to Datek from e-Schwab in part because of the speed of execution, portfolio updating, and the fact that they leave the connection "open" so that orders can be placed without having to login repeatedly. But an even more important reason is that they ALWAYS have stocks available for shorting. I don't know how they manage that, but I simply got tired of having Schwab reply that they were unable to borrow the stock. (Incidentally, could you explain what Datek must be doing in order to be able to provide borrowed stock--virtually without fail?)
I understand what you are saying in your comments about pros and cons of on-line brokers vs. full service brokers such as Yamner. In my case, given the size of the lots I trade, I don't think it would be worth the additional hassle. But you have raised a number of questions on the thread about internet brokers and, as a result, I will pay closer attention to my transactions than I have in the past.
Thanks for an excellent thread.
Regards, Carl |
