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

To: Fridrik Skulason who wrote (6290)	12/22/1997 7:13:00 PM
From: Gorak Shep	Read Replies (1) \| Respond to of 16892

Fridrik, #1 How much does Datek charge for trades bigger than 5000 shares ? $9.99 for the first 5,000, $9.99 for the next 5,000, etc. So 5,001 to 10,000 cost $19.98. #2 "Purchasing power". This is one of the places where Datek shines. Your account is updated immediately as each transaction is completed. And your purchasing power is a function of your current cash and marginable stock position. There are no constraints regarding what you did earlier in the day other than what balance it has left you.

To: Fridrik Skulason who wrote (6290)	12/22/1997 10:16:00 PM
From: Jon Tara	Respond to of 16892

Fridrik, to answer a couple of your questions: 1. You pay an additional flat commission for each additional 5000 shares, and you must place additional trades. That is, to buy 9000 shares, you place two orders - one for 5000, and one for 4000 (or 3500 each, or however you want) and you pay 9.99 x 2 = 19.98. 2.Your buying power is updated instantaneously when you sell stock. There is no catch. However, your current broker MAY be giving you additional margin. I noticed the odd wording "your daytrading buying power". Some brokers used to allow 25% margin on daytrades, but I thought that had been completely elimiated. Datek's initial margin requirement is always 50%. They do not have a special more-liberal "daytrading" margin requirement, nor do they allow you to use maintainence margin to purchase new securities, as some brokers do. To buy new securities, your account ratio MUST be > 50%. Anyway, if you deposit $50,000 cash in your account, you can buy and sell $100,000 worth of stock - the same or different - a dozen times in the same day if you so choose. (That's assuming no profit or loss, except for a $20 or so profit on each trade to cover the commissions!)