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Non-Tech : Datek Brokerage $9.95 a trade
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To: Esteban who wrote (10519)12/4/1998 12:36:00 PM
From: Mike  Read Replies (1) of 16892
 
Esteban,

Most of the improvements are on NASDAQ stocks. Although I have traded NYSE and AMEX I primarily stick to NASDAQ. To answer your question, I have received price improvements on both marketable limit orders and limit orders between the spread. Most of my orders are between the spread and my order my sit there for 15-20 minutes before it is filled. These type of orders go unfilled about 50% of the time on low volume stocks. On a more heavily traded stock, I almost always get a fill between the spread.

On marketable limit orders, the price improvements occur less frequently, but when they do they are usually big price improvements. Case in point: I entered a limit order to buy at the closing bid after the market had closed for the day. The next morning the stock tanked by about 4 points due to unfavorable news and I was still filled between the spread of the opening bid/ask because there was a lot of volume on the stock. Datek would have filled this order at my limit order and kept the 4+ point difference for themselves. This price improvement turned a loosing trade into a winning one. I made about $1500.00 in just over 2 hours that morning after the stock rebounded.

I currently use WebStreet securities, but I don't believe they are the reason that I got these great fills. US Clearing handles all their trades - WebStreet is just a front end interface on the web. I used US Clearing when I traded with Lombard (now Discover Brokerage) and I got the same results.

Personally, I don't like web streets interface. It's slow and riddled with errors, but I consistently make money. So, I like it.

Mike
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