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Non-Tech : Datek Brokerage $9.95 a trade
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To: Sir Francis Drake who wrote (11281)3/22/1999 3:33:00 AM
From: eims2000  Read Replies (2) of 16892
 
Though I was an firm beleiver in Datek and its speed, I think you are way overlooking this "short" problem at Datek. I have logged thousands of trades with Datek and have sent them numerous EMails (never complaints) asking them about their margin requirements. It is not about availability, it is about them not wanting to short volatile stocks. In my book, margining and shorting are VERY important for profitable trading. Datek has virtually done away with this when it concerns the internet stocks. I thought like you did that this was an industry thing, until I finally made the switch. Datek has taken a margin and short stance that is at least 10 times more restrictive than ETrade (which I thought was the most restrictive). If all you do is go long or you trade primarily in Blue Chips then Datek is fine (but then any broker would do regardless of the commissions since you usually don't trade as often). But if you are daytrading in fast moving stocks and need to short or use margin then you are at a major disadvantage with Datek compared to just about any other broker. If anyone has any information why this is or if they plan on correcting this in the near future then I would love to know because I would move back to Datek in a heart beat. I got used to their delays and worked my trading around them. But their slow and constant (3-4 months) move from allowing shorts on anything to allowing shorts on practically nothing has me baffled. And I would really like to know which broker has a worser policy to short stocks. I thought this too, until I started shopping around, I couldn't even find one that was close to Datek. As of late I will be only using the Yamner and Watley accounts because ETrade sucks at execution and speed (but they do allow shorting of far more stocks than Datek). Something really weird is going on here. I would appreciate any information concerning this topic. I currently have accounts a Datek, ETrade, Yamner and am opening one at Watley.

Thanks
Bob
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