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: Rene Madsen who wrote (7357)	3/13/1998 10:22:00 AM
From: Robert T. Tasedan	Read Replies (1) \| Respond to of 16892

An outside opinion on this thread: << To: vic vreeland (677 ) From: TraderRick Friday, Mar 13 1998 8:21AM EST Reply # of 678 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. >>

To: Rene Madsen who wrote (7357)	3/13/1998 12:59:00 PM
From: Peter Stern	Read Replies (9) \| Respond to of 16892

Rene, Thanks for your comments. I agree that WebStreetSecurities has a very clean and interesting web interface. I am sorry that you are disatisfied with our websites. Maybe if you could be more specific about what you dont like, or offer alternatives, we could make it better. That is, after all, why I read this thread. Also, while Datek Online has grown a lot over the last 18 months, the technical staff that brings you these services and products is still quite small, and working really hard! We are growing as fast as we can, though! And its easy to overlook the unique service that we provide: we are still the only online brokerage firm that provides free unlimited real-time quotes, and, more importantly, places your orders directly on the exchanges. When you place an order with us, it can be reflected in the NASDAQ BBO within 2 seconds. Please ask your online broker what they do with your orders. Have them be specific. The more you know about the markets, about how orders are handled, the more you will appreciate Datek Online. And while i understand some complaints about Datek Online's performance on the open last week, our software and networking improvements on Sunday have quadrupled our speed. There have been no delays at the open or at any other time all week. This week I took the time to place trades on some competitor's sites, and while I agree Datek Online can always be improved, I have to admit I found the lack feedback when orders are entered or cancelled or rejected, or even executed for that matter, to be REALLY annoying. They might have been prettier, but they didn't DO what I wanted to DO, and they didn't tell me what was happening, and they were slow. And, of course, what they did with my order, well, thats ANOTHER story. -Peter Stern Chief Technology Officer Datek Online

To: Rene Madsen who wrote (7357)	3/15/1998 8:22:00 PM
From: Mike	Read Replies (1) \| Respond to of 16892

Rene, I trade with WebStreet and I also have an account with Datek. While the WebStreetSecurities site may look nice, it doesn't hold a candle to Datek performance. There are even times when I can't see my orders status or even obtain an account balance. Believe me when I say that the WebStreet site is riddled with errors. However, even with all the problems, I still trade with WebStreet for one reason - CUSTOMER SERVICE! I've tried several online brokers and I can honestly say that WebStreet's is the best. They have immediately corrected any errors or problems I've had. I have NEVER been placed on hold and a real human being answers the phone every time. They also make good on any trading errors without question. On the other side of the spectrum, there's Datek. They are the absolute worst at customer service. They rarely answer the phone and if you are fortunate enough to actually speak to someone, you get the run around. Datek has never made good on orders they admit were not handled properly. Regardless of Jon Normile's (or any other Datek rep) promises, they refuse to make good on their screw ups. Mike