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

To: pae who wrote (6287)	12/22/1997 3:28:00 PM
From: pat w.	Read Replies (1) \| Respond to of 16892

PAE, thanks for taking time to write me. i do thank you. regards.

To: pae who wrote (6287)	12/22/1997 6:00:00 PM
From: Fridrik Skulason	Read Replies (3) \| Respond to of 16892

Some questions about Datek.... I have been considering opening a Datek account, despinte the extremely unfriendly or even insulting attitude of the support people there. I don't know if I will be successful in opening the account, as my on-line applications seem to get lost, and my e-mail either generates no reply, or just "we are sorry, but we have no record of your application". Attempt to get them to accept an application through e-mail, have been unsuccessful as well...and this has been going on for nearly two months now. Anyhow, one of the main reasons I am persisting in trying to open a Datek account, is that from my part of the world, they have by far the fastest Internet coonection - Web pages from Datek load ad the speed of 3.5K per second on the average, while the second fastest (Ameritrade) just barely manages 1K/sec. My current broker (Discover, formerly Lombard) barely manages 100 bytes per second, and the connection to them is frequently extremely unreliable. Datek may have some problems with its support, but at least this is working. Now, I have been trying to get answers to a few questions from Datek support, but without success....I hope someone reading this can answer those questions. #1 How much does Datek charge for trades bigger than 5000 shares ? I do not make such trades often, but it has happened, and it annoys me that the web site does not mention anywhere how much they would charge for this. #2 "Purchasing power". Here is what my current broker says: "For example, if your daytrading buying power is $30,000, and you sell $50,000 worth of a stock in the morning, you can repurchase no more than $30,000 of the same security that same day." Am I reading it correctly that with its "instant update", Datek does not limit me this way ? If so, it sounds almost too good to be true...where's the catch ?

To: pae who wrote (6287)	12/22/1997 11:53:00 PM
From: Mike Harkness	Respond to of 16892

Pae, your message about e.Schwab could not have been said better. I used to work there and I would back them through thick or thin. However, since I started trading with Datek, Schwab is a thing of the past. I simply can't get over their arrogance for keeping commisions high. If you make any trade over 1000 shares they will sting you with commissions. I recently bought 6500 shares of a stock at 1 1/2 at e.Schwab. The commissions were $190!!! The same trade at Datek, if I'm not mistaken, is $19.98. Even Fidelity has cut their commissions. Schwab is for mutual fund investors. Mike

To: pae who wrote (6287)	12/23/1997 2:07:00 AM
From: Dan Duchardt	Read Replies (3) \| Respond to of 16892

I was playing the system today (actually yesterday now) trying to see how orders on NASDAQ stocks move through the system. I entered a buy order above the bid on OLOG. As fast as I could get a quote a few seconds later, the bid was at my price, so I'm pretty sure it was my order that moved it. It stayed there for a long time. After a while, trades started executing at my price, but I did not get a fill. I called Datek and was told that I will NEVER get a buy below the ask price, or a sell above the bid price. Limit orders just have to wait for the market to move to meet them or they will never get activated. I posted some questions about how all this works on the Island ECN thread. Message 3024234