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Strategies & Market Trends : Trading For A Living
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To: jawd who wrote (492)6/24/1998 5:04:00 PM
From: R Stevens  Read Replies (2) of 1729
 
I find ISLD to be unworkable at times. It is particularly frustrating to see my order on ISLD say 2000 (20 on L2) then I get a fill say 600; the screen shows ISLD 14 (20-6) then it goes to say 10 - but heck... no fills! So, ISLD is selling for themselves or Datek's
account. In the meantime, all the best fills are gone and the price has moved up, I'm left with only 600 - I have to cancel the
remaining 1400 order. Datek gets MY other 1400 for themselves!

This activity is called "front loading" - it is illegal and I believe
that is exactly what happens. So, if Datek is working a stock for
themselves, I dont use ISLD - I'll use ARCA or Selectnet instead.
But when ISLD is not working against me, I'll use them because it gives faster results.

jawd, I trade with Datek so I was concerned about your comments. I copied part of your comments to them, without identifying the post, and asked them for their response. Here is the email I got from them. What do you think?

Dear Online Trader:

Datek Online does not make a market in any stock and does not trade for its own account. All orders executed through Datek Online is done so in an agency capacity.

If you have any further questions, please feel free to contact Customer Support at 1-888 GO DATEK.

Thank you,
Datek Online
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