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Non-Tech : Datek Brokerage $9.95 a trade
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To: Stanley L Brown who wrote (7229)3/7/1998 12:17:00 AM
From: GR  Read Replies (4) of 16892
 
What I stated did in fact happen.I was unable to sell 6 minutes before the close,a market order.I have settled with datek for full value of my loss in cash and free trades.I feel that they still are the fastest executors around.I keep hearing cybertrader is really the fastest but at ?72.00 round trip i will have to do due dilegence.I trade a lot,probably around 1000-2000 trades/year.
Where datek sometimes jams is at the open and at the close.For ex i couldn't get my trade in at the open on the fastest(non confirmation) server this a.m.
If you think these are horror stories,try some of the other on line brokers.In sum 1)Datek is the fastest executing on line broker without doubt.2)97-99% of transactions will go smoothly.3)It is that small number of screww ups that can age you.4) Datek needs to come up with a hot line(no phone recording-just a direct link for that rare occasion where you have a position and can't get out-or something)5)As the technology improves Datek will probably keep there #1 ranking.

I always thought that datek did(or read somewhere)that the did ?10% of nasdaq volume on some days etc,or 100,000 trades/day.I was told that they do about 12,000 trades/dayx$9.99=$120,000.00/day.i would have likes to get all my $1700.00 in cash but i am happy with the compromise.

In any case i have used full service brokers,and i feel strongly that they screw up big time too!
The future of stock trading is via the internet.Brokers will slowly dissapear imho.
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