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

To: Mama Bear who wrote (8194)	4/26/1998 8:37:00 PM
From: gbh	Read Replies (1) \| Respond to of 16892

I never said it was easy (but you said "never/ever") My reference to "never/ever" is when someone lines up with all the MMs at the current bid. Its my experience that I will "never/ever" get filled unless the bid ticks down. I assume others are just not more "special" than me. I too have been filled at the new best bid if I bid between the current spread. But only if the MMs don't follow me. If they follow me up, forget it I don't get filled, nor would I expect to. Sorry if I have been confusing on this point. I did at Waterhouse. I got bored with scalping, and Waterhouse would constantly send me reg t calls (they only update once a day) and I'd have to call the account rep and get it straightened out. I really got tired of doing that every day. So its harder to scalp at Datek but more convenient. OK. The main thing that caused me to move to Datek was the availability of shorting garbage stocks like PNDA, and thin issues like KTEL and MARG. I made a lot of money on those 3 issues in the short time since I've moved to Datek. Yes, this is what I've heard, always stock to short. I typically only buy and short larger more liquid issues (ASND, INTC, etc.). This could explain our different experiences. PNDA is a company (if you can call it that) right around the corner from me. You could short this one to 0, IMHO. Funny you should mention KTEL because I made 9 points on that guy last week is less than 15 minutes :) but gave most back the next day on SEVL dropping almost 4 :( I'm sticking with my big guys now. BTW if you followed this discussion back, it started with people whining about Datek screwing them around on a consistent basis. Other than Wednesday, when Datek definitely had problems, what has your experience with them been? Gary

To: Mama Bear who wrote (8194)	4/26/1998 11:29:00 PM
From: Ed Forrest	Read Replies (1) \| Respond to of 16892

Barbara Please help me out and explain what "reg t"is? Thanks Ed Forrest

To: Mama Bear who wrote (8194)	4/26/1998 11:36:00 PM
From: Marc D.	Respond to of 16892

Barb, My impression has been just the opposite. I've found it easier to buy at the bid and sell at the ask with Datek than with Waterhouse. Sure I can't get SOESed, but those 100k+ (?) Datek accounts are providing a lot of ISLD liquidity, especially if you happen to be trading a hot tech stock of the day or some stock well followed by the online community since that comprises most of Datek's business. I do find it harder to get good ISLD fills with stocks that simply aren't followed on SI or other message boards, even if they have reasonable volume. A quick question to you or anyone regarding SEC rules. Suppose I place my limit order with Waterhouse to sell at the Ask and they represent it through, say, NITE. Then someone using Ameritrade places a market order to buy that stock, and Ameritrade (who also uses NITE) sends the order to NITE. Does NITE have to fill my order first, or can they fill that order out of their inventory? I realize that NITE has to honor my order on the open market (if I'm first in their book) - the question is whether they have to honor my offer when an order comes to them internally. Thanks in advance, Marc