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Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: Sir Francis Drake who wrote (4930)	6/17/1999 10:11:00 PM
From: -	Respond to of 7382

Well, that doesn't surprise me too much. Sometimes, the web brokers can give you just incredible fills, better than direct access it seems. I daytraded on Schwab and Etrade for over 3 years. One of the problems is, when you're trading in fast markets, they really "stick it to you" and delay your (invariably bad) fills. I traded over on Cyber - didn't like it at all. You don't get true ARCA access. MBT blows them away on that (they're claiming ARCA access, but it's only the stale quote access, not full access to ARCA's capabilites). And, Cyber's backroom operation is really, really bad. They're not really a brokerage, they're a software developer. Enough said. (except, I have a NASD complaint pending against them, the first one i've had to file -- and, i've traded in some real bucket-shop operations;) One thing really struck me about your post - your attitude that at 2 years you're still starting to learn. Very wise attitude - the mark of a winner! I've found that the "survivors" all realize that learning trading is really a new career - a 5-10 year process typically (I'm six years into active trading and still learning quite a bit every day). But, you're right such philosophy belongs on other threads. Good trading, -Steve

To: Sir Francis Drake who wrote (4930)	6/23/1999 6:35:00 PM
From: DavidCG	Read Replies (2) \| Respond to of 7382

I appreciate your post comparing MB Trading to Datek. Because that's the exact junction I am at right now. Currently (don't laugh too hard) I'm using ameritrade. Despite them, I still even make money in this market. However the thousands I have lost because of their late fills and "fast market" excuses has finally taken its toll. Ameritrade said NITE couldn't confirm I had canceled an order I placed on the open for the entire day into the next day. Now that's just sad. So I'm going to be changing brokerages, again. Here's the scoop. I'm cheap, but I also want great executions. I place approximately 100 trades each month but I am not crazy about going from $8 a trade to MB's $18 - $20 per trade. Why? Sometimes I'll jump on what I think might be a good momentum trade based on news and it ends up just sitting there. After I get in it. So I either break even, or out a small 1/16. Well plop on a $40 round trip commission vs. a $16 one through ameritrade and it turns out to be quite a larger loss. I like Datek's $10 fee, but is their reliability getting any better at all? I heard its impossible to cancel limit orders, get hold of customer service and they are screwing around with personal brokerage account funds? Also, I heard their servers were molasses around market open/close. MB trading I have some questions too. Ok, I really don't know squat about ECN's but from what I read, their Archipelgo system handles 1/4 the volume that Island does? That doesn't seem highly liquid to me. Now I understand I could also go via Island as well with MB Trading. But could someone explain the advantages of trading TO the island and trading THROUGH the island? From what I gather one method allows you to advertise what you want to buy/sell at a given price. The other method lets you execute at the island prices? I usually momentum trade in large chunks of stock. If I want to buy 4000 shares of a lower float stock...like WITC and there is momo to the upside. I'm more concerned in getting a fill in the next 30 seconds than I am hagging over a price with anyone. In other words, my style of trading is FAST fills within seconds and confirmations just as fast with my larger block buys and sells, and I'm not so concerned if I give up 1/8 or 1/4 point to get it. But I don't want to wait 2-3 minutes Thanks -DavidCG