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

To: Jon Tara who wrote (9447)	8/12/1998 10:36:00 AM
From: Luke_Skywalker	Read Replies (4) \| Respond to of 16892

ANYBODY, I NEED YOUR ADVICE I am a beginning daytrader - having paper traded for several months I am now confident that I can start doing some REAL trades. Can someone tell me if Datek is a good broker to start with? I understand they are very fast, cheap, and provide unlimited free quotes. Can anybody advise PLEASE? Thanks! Luke

To: Jon Tara who wrote (9447)	8/12/1998 11:47:00 AM
From: Jon Tara	Read Replies (1) \| Respond to of 16892

Kids, don't try this at home. (Margining IPOs, even if Datek shows them as marginable.) I got a private reply from one individual who said that his margined trades in COOL were broken. Don't yell at Datek about this, though, unless it's about the mistake of allowing inappropriate margin in the first place - they don't have any choice but to follow the rules. It is YOUR responsibility to understand statuatory margin requirements! In addition, brokers can impose their own, more restrictive margin requirements, which I have occasionally seen Datek do. I see a lot of screaming when they do this, but it is their perogative, and usually should be taken by the investor as a clue. For example, when YHOO was over 200, before the split, Datek briefly yanked it's margin status. My old broker (Jack White) yanked IOMG a couple years back, RIGHT at the top. Consider this free, and excellent, investment advice. :)