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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Eric P who wrote (815)	6/16/1999 2:31:00 AM
From: tobin sears	Respond to of 18137

Eric, Thanks for organizing the survey effort. More and more "daytrading" brokers are popping up, and quite frankly, some of them are a bit scary. So far I am inspired to either go with one of the Polar services or MB Trading. Keep up the great input on this thread guys--much appreciated. I have been trading with level II and limited real-time TA capabilities but was entirely unaware that there are some very nice fully-integrated systems out there(DAET Systems). I feel like an idiot now. (: Good trading! Tobin

To: Eric P who wrote (815)	6/16/1999 9:33:00 AM
From: Craig	Respond to of 18137

re: broker survey: I would add one thing to help qualify some of the answers. - How do you daytrade? Scalping (ex. 1/16ths) or larger swings? This would give us an idea of the priority of execution speed versus the cost of trades. Cost/benefit analysis.

To: Eric P who wrote (815)	6/17/1999 5:40:00 PM
From: Eric P	Read Replies (1) \| Respond to of 18137

*RESULTS of THREAD SURVEY* Thanks to all that participated in the informal daytrading broker satisfaction survey. I received 35 replies regarding 18 firms. Unfortunately, many of the firms only had one reply, making it more difficult to have confidence in the results for these firms. For confidentiality, I am not posting the results for the firms with only one response. The results are posted below, listed in order of their respective 'market share': ____________% of responses________avg trades/mo__________satisfaction MB Trading__________7___________________82__________________7.2 E-Schwab____________4___________________39__________________7.3 E-Trade_____________3___________________73__________________4.7 Brown & Co__________2___________________31__________________8.5 CyberTrader_________2__________________100__________________7.5 AB Watley___________2___________________30__________________7.5 All-Tech____________2___________________80__________________6.5 Datek_______________2___________________70__________________5.5 DLJ Direct__________2___________________13__________________5.5 Castle Securities___1 Discover____________1 Fidelity____________1 I-Street (RT3)______1 Polar Trading_______1 Preferred Capital___1 Seattle Online______1 Waterhouse__________1 Yamner______________1 Note that the satisfaction scores were based on the following scale: 1 = BAD, 3 = Mediocre, 5 = Average, 7 = Very good 10 = Outstanding! The data seems to show several key results: 1) MB Trading clearly has the highest market share of the respondents, with 20% of all responses citing them as their broker. 2) Among direct entry firms, the satisfaction scores for MB Trading, CyberTrader and AB Watley were all comparable. AllTech was not rately as highly, and Datek was given the poorest of ratings. 3) Among the traditional discount brokers E-Schwab and particularly Brown & Company were rated very highly. DLJ Direct was rated poorly, and E-trade received the worst ratings of all (Confirming the need for the popular "E-Trade Sucks" thread. One final caution: Please realize that this survey is based on a limited amount of data and is not "statistically significant". Or, as the statisticians would say: "The margin of error for this survey is ... a bunch" Thanks for participating! If anyone wants to get a late survey back to me, please send me a PM. If I get enough additional data, I will update and post the results. -Eric