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Non-Tech : MB TRADING
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To: SkyDart who wrote (2259)11/25/1998 8:38:00 PM
From: tom pope  Read Replies (1) of 7382
 
Jeffrey - I use Schwab to a certain extent, but they are useless for day trading. Like you I have lost money because of the lost time between seeing the opportunity getting Schwab to execute.

The problem is not with their execution - once your order gets thru their labyrinth, you will see your order represented on MASH and you will benefit from MASH's market presence. The problem is with the unacceptable snail's pace from the time you log in to the time your order finally makes to the point of execution.

Given the high ticket price, it's incredible that a firm with Schwab's resources can't make the necessary investment in servers to guarantee that an order make to the floor in a maximum of 30 seconds. As it is, it can takes a minute just to get to the order entry screen.

Schwab is representative of the type of broker who thinks they can compensate for slow execution by jazzing up their site with free research, first call estimates and promotions like TC2000 free for six months. That's a stupid business model. Information and research are so freely available on the WEB that they're essentially valueless. In the long run Schwab would do a lot better by concentrating on building an efficient execution machine.

But then Chuck Schwab is a lot richer than I, so what do I know?






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