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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: William W. Dwyer, Jr. who wrote (5302)9/22/1998 7:25:00 PM
From: peter michaelson  Read Replies (3) of 12617
 
I'll chime in here with a vote for Datek.

I'm using Datek and MB Trader simultaneously right now, but thinking of going back to Datek exclusively.

My style is short-term trading, but not scalping or daytrading.

Confirms are almost always within 15 seconds, I would say. Shorts are very available. The price is very reasonable, especially for low priced stock if you trade more than 2000 shares.

I have good success with beating my limit price, on NASDAQ and NYSE.

I never phone them, which helps one feel better about them since they're pretty poor on the personality/service end.

They don't sell order flow. It's very quick to enter an order.

Not as quick as MBTrader, but not much slower.

My problems with MB Trader are that somehow I feel that I'm supposed to trade more actively with them, so I get tempted to do trades I might not otherwise do. The commission price is high. The portfolio reporting is not too great. Maybe I'm just more familiar with Datek. Have done probably 500 trades with them.

I guess I really like $10 commissions because if I want to back out of a trade it's psychologically easier for me to have blown $20 than $45.

Not 100% sure why, but I do like Datek a bunch.

EOM

peter
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