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: Mike who wrote (8163)	4/26/1998 5:32:00 AM
From: Alexander Pavlov	Read Replies (1) of 16892

<< However, I do most of my trading with WebStreet ... Most recently I entered an order to sell my position in a stock and was surprised to find that the my order was filled a full $0.30 above the ask on a quick moving stock. ($0.30 X 2800 shares = $840 additional profit above my limit order) ... The reason you don't get these kinds fills at datek is because they would rather keep the additional money for themselves than have happy customers who continue to generate commissions. >> Mike, I used to get these kinds of fills at Datek. On April 16 I happened to short SEEK, but volume was so high that there were too much quotes updates to run through my Internet connection. As a result my PC Quote Level II was 3 min late and since I forgot to check time I managed to place a sell short order below current bid. Here go actual figures: Sell Short order @40 1/8 executed @40 9/16; Buy to cover order @38 1/2, executed @37 13/16. That was not a first time I got a price improvement on a fast moving stock, but a first time I managed to place a sell order below current bid and buy order well above current ask. And nobody got an advantage to make an 1-1/8 pts out of my mistake. I think the real problem with Datek is their attitude to customers. Very strange behavior for a company in highly competitive business, where any angry customer could simply vote with his/her money with just a couple of mouse clicks... Good luck to all, Alex

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