Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Gorak Shep who wrote (6499)	1/28/1998 12:07:00 PM
From: Scott Pedigo	Read Replies (1) \| Respond to of 16892

Scott Pedigo, before you go any further explaining the markets, you should know that you have NO idea what you are talking about. Thanks for putting me straight. I did indicate in my original message that I am new to on-line trading, so as to qualify my remarks, (something I didn't do on the follow-up, but I thought it redundant to repeat something in the immediately following post). Even though I am apparently flat wrong about being able to buy at Bid, or sell at Ask (you say it's possible) I presume I was still more or less correct in my observation that the person I responded to was chasing the market with his orders to sell at the Ask price as the prices were remaining flat or dropping. He could not figure out why his order did not get filled for over a day, and he ended up losing significantly more money than he would have, had he originally made a market order, or a limit order to sell at the then current Bid price. He was under the impression that a limit sell order at the current "Ask" price should be filled with no problem. It seems to me, due to the fact that it in reality the order wasn't ever filled after so long a period (even though you say it is possible under some circumstances), that for practical purposes, an inexperienced investor is better off thinking of things like I said. Or am I still wrong? I also noted that with the right setup (I was meaning what I think they call a level 2 quote system, which I've seen mentioned on a day-trading thread, costing about $300/mo.) one can get inbetween the Bid and Ask prices, or sell to or buy from other investors rather than the market makers. But as far as I know, we can't do that with Datek On-Line (yet). Is this what you are referring to when you say that it is possible, or are things more complicated than that? Perhaps you could direct us both to some help information that more clearly explains these things. Again, thanks for jumping in here.