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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: peter michaelson who wrote (2445)	1/26/1998 6:13:00 AM
From: Stacy Holmes	Read Replies (1) \| Respond to of 4969

All Dosent Datek own island? I suspect that gives them a lot of flexibility with stop and limit orders. Stacy

To: peter michaelson who wrote (2445)	1/26/1998 7:37:00 AM
From: steve goldman	Read Replies (1) \| Respond to of 4969

Peter, The phrase, different folks, different strokes, applies to investors and their brokerage firms as well. Like I said, I know of datek. I have seen them grow from a very small SOES-oriented shop into the more substantial business they now have good reason to be proud of. I give them a lot of respect for having done so in the face of a very competitive marketplace with firms like GSCO, MLCO, Schwab, breathingdown their necks. I see you stated that they claim they don't make markets, sell order flow, or route orders etc., but I do see that many claim that they disclose a principal's status on confirmations. Someone stated that this might be because of ISLD. Who knows? Please remember, where I come from, 90% of my clients are swing/position traders, long term investors, who absolutely have to have strong support from the firm traders, backoffice, transfer department, retirement, margin, and other departments. Only abut 10% of my clients could "get away" without strong supportin these areas, but most become accustomed to it and are willing to pay a few extra bucks forit. For the super-active day trader, sure our extra $20ish per ticket time 20 tickets is a lot per day. (I would also counter that with the fact that if an 1/8 or 1/4 could be saved every few trades, it would pay for itself). Nonetheless, for most, its is well worth it to be intouch with a trader who can give you a report, or an out/cancellation report in seconds, who can protect your order on soes while working it on selectnet, or can pull your order in a split second if the market runs in your favor, etc. I always recommend investors do their research on firms before engaging their services. I suggest you look at www.nasdr.com and do a query on Datek. I believe they have had their share of problems as well. Also, you noted yourself, the extensive complaining on the datek thread. It might be a great service for the very active day trader doing lots of round trips each day, but for the less active trader and longer term investor looking outbeyond the next 6months, there mightbe better alternatives. Heck, I'd love to be running their business....talk about growth! Regards, Steve@yamner.com