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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: vic vreeland who wrote (677)	3/13/1998 8:22:00 AM
From: TraderRick	Read Replies (1) \| Respond to of 2120

I traded with Datek from Oct. till Jan. At first the executions were pretty good, one day I got the lowest price of the day for a stock, bought at the bid and everything. Towards the end of the year, I couldn't even get a fill at the ask unless the stock was going against me. In Jan I placed a market order to sell a stock and the fill I got was lower than the bid. If I hadn't had time and sales through a Level II quote system I wouldn't have known I was getting s*rewed. They did give me a couple of free trades because of that (whoopee) I usually couldn't get filled within 60 sec so I didn't pay for most of my trades anyway. Go to #daytraders chat, and see how many people cant get orders filled or can't even get logged on when it's hopping, and you will have some idea of the problems with this company. If you are going to try to daytrade, go with one of the companies that have LII and direct order entry, MB Trading, AB Watley, Castle, Cybertrader. The cheap commissions will cost you plenty in missed fills and not being able to get out of something when it tanks. If you are a position trader, a couple of fills a week, you can possibly live with the cheapies, an eighth or quarter won't kill you. But remember 1/8 on 1K shares is 125 dollars, if you get a better fill you could pay a higher commission. For that matter, Steve Goldman at Yamner & Co. should be able to give you excellent fills and provides a wealth of information to not only his clients but all of us here at SI. If you're new at this he could help you get started and probably make you some money. See his thread, "From the trading desk" Rick I use MB Trading FWIW.