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

To: Jumper who wrote (7245)	3/6/1998 12:38:00 PM
From: The Vet	Read Replies (1) \| Respond to of 16892

Jumper, It seems that Datek's new support staff don't tell the same story as the ones they had a few months ago. I was always strongly advised NOT to use market orders, and on the few occasions that I did use market orders I was burned! My experience is that market orders especially on Nasdaq stocks allow the MM's a free lunch (and a good one) at your expense. MM's on Nasdaq will trade around Datek customers and Island whenever they think they can get away with it. That is not Datek's fault but certainly somebody is breaking the rules. I can document several cases where trades were made by an MM at a price higher than my limit sell on Island that has been active all day. That should be impossible but it does happen. I agree on your comment about buying power. It is certainly reduced by the new system, but strangely enough it is different on different servers. Compare the express server portfolio to the others???

To: Jumper who wrote (7245)	3/6/1998 12:51:00 PM
From: SJ - Stephen	Respond to of 16892

Jumper, <<When I asked over the phone I was told that most new traders buy or sell everything at market so this change would be accurate for them. Hard to believe, I have only entered a market order if the spread is 1/16.>> That fact about new traders is interesting. Plus the order screen defaults to Limit, thus they have to change to market, unlike Etrade which defaults to Market. Too many people get burned with market orders. I too use Limit Orders. Though I have used Market orders to catch a run. SJ