SELL market order and took 9 minutes to get filled
To: funk (1206 )
From: bobsrb
Thursday, Sep 10 1998 10:32PM ET
Reply # of 1218
Hello Funk,would you please give me your opinion about this
case. Yesterday,I placed BUY market order for AFCI (average
volume over 1 mil. shares)and it took 5 minutes to get filled.Today
i placed SELL market order and took 9 minutes to get filled .I trade
with DATEK.Datek guy told me that on a day like today i wouldn't
get faster execution even if i was using MB. Has anything similar
ever happened to you when trading with MB? Thank you ,Bob.
Subject: MB TRADING
To: bobsrb
From: Bill Green
Sep 11 1998 5:36AM EST
Reply #1211 of 1218
Bob
My LAST experience with DATEK was with KTEL, Swinging
like a man with the chair just kicked out beneath him.
Caught the bottom with a limit order, went up 2 bucks, missed the
top, started selling entered MKT order got out + 1/16. Went down
another buck, caught the bottom again (ish) went up 2 bucks,
entered MKT order, got out flat. hmmmphhh.
This was before the SOES rule changes, I think that DATEK used
to try and match an ISLD order on the book and then would SOES
MKT if no ISLD available. If that is the case, that could be the
problem with DATEK's MKT orders today.
On another note, the infamous XXXX the day after the 500% gain
from 1 and a change to over 10, DATEK's servers where down
till 10.15. Nobody with DATEK could sell the gap, By the time
the servers where up the price was down 4 bucks approx from the
high. Now if possibly, maybe I had a considerable position at the
time. For one I would be a little annoyed. For two I would be
wondering what possibly could be happening to MY shares in a
short sellers paradise for 45 minutes.
If you want to daytrade and do good you can't use DATEK
(they're fine for longer term trading IMO) What the guy said to
you was complete hogwash.
Looks like you found a good firm here by coming on this thread
also theres another good one, that seems to get hyped a lot on this
thread for some reason, forget their name, something like Cyborg
Training
VBG
Bill
Subject: MB TRADING
To: bobsrb
From: gaj
Sep 11 1998 8:06AM EST
Reply #1212 of 1218
stay far far away from datek.
i strongly doubt what they said is true...their machines are totally
unreliable, their execution is poor, and the people you talk to on
the phone will tell you one thing, different people will tell you
another, and nothing will get done.
that's why i'm a *former* datek user. e-trade gets slammed, but at
least with e-trade, you know their limitations (RE: daytrading)
rather quickly. {i'm moving to mbtrading, but with e-trade before
and after datek)
- bob
Subject: MB TRADING
To: bobsrb
From: funk
Sep 11 1998 2:54PM EST
Reply #1215 of 1218
The short answer is... that guy is full of hot air.
But I also will tell you, that I have never used a market order with
MB Trading. Not even once.
I will concede that there has been a few times I probably would
have been better off to use a market order.
A limit order can take time to fill if it is away from the inside
market, but a market order should be lightening fast.
Unfortunately, market orders can be taken advantage of as yours
clearly was. Especially if you place a market order before the
bell.
Gawd I did that ONCE a year ago when I was using scottsdale. I
learned my lesson!
ouch even.
What is very good about this trading system is the amount of
transparency and access you get to the market. Especially with the
NASDAQ stocks, you can see exactly where your order sits in
relation to the inside market.
Yes you can still get squeezed and it takes some learning, but if
you put the time into it you end up getting the best executions one
could ever hope for.
While it is true there are a few times that a market order may be
proper... I intend to live out the rest of my life with out using one.
Everyone has their own style, but that's mine.
Hope that helps.
I am starting the weekend early. The market is tough to trade
today.
funk
good luck have a good weekend
Ref:
Message 5719651
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