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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?

To: belker who wrote (15077)	10/26/2000 7:48:23 PM
From: hypostomus	Respond to of 16892

Bob - I'm no expert, but based on my own experience, here's my opinion: - you are correct that you should place market stops, because otherwise a gap could blow past your stop - market orders are not representable on ISLD, where you could have gotten a good fast fill - therefore it had to go to a market maker - assuming there was sufficient liquidity at that time (probably so with JDSU), you were screwed - if you have access to time and sales, collect chapter and verse on price, size, and bid/ask for those four minutes - email DATEK with a detailed explanation clearly expressing that they did not responsibly represent your order, because they clearly sent it to an MM who wasn't really making a market. The next time you have a problem with DATEK and get the runaround, hang up and call back. You probably got one of the two or three reps I've talked to who consider problems like this to be a pain in the ass and blow you off, especially if they think you can't back it up with T&S data. There are enough good guys that on a callback I've never had to ask to speak to a supervisor. The most knowledgeable guy I've seen post on SI on issues like this is LPS5. If you PM him and ask real nice, I'll bet he'll give you a better answer, as he is a pro with tickets. He could tell you the right legalistic hot buttons to push. FWIW, my philosophy on stops is that they're only good for catastrophically wrong stock picks. You shouldn't count on them as your first line of defense for cutting losses, because if you place them close enough for a reasonable loss, they'll invariably get hit by fishing expeditions. Also, my opinion is that you shouldn't play NAZ stocks if you can't watch them like a hawk. That's why I only walk away from listed stocks - the price action seems to me to be a bit more predictable, and the executions are cleaner. Playing listed stocks is more ritualized, like a kabuki dance. You just have to follow the rules. Good luck. - Mike