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: surfinSteve who wrote (9512)	8/17/1998 11:59:00 AM
From: peter michaelson	Respond to of 16892

surfinSteve: I've had accounts at both eSchwab and Datek for the last 18 months. For trading purposes Datek wins hands down...... Schwab is much, much slower. Schwab almost never gives a price improvement on a limit order - since they direct orders to their in-house market maker. Schwab is more expensive. Shares to short are much harder to come by at Schwab. OTOH, for customer service and confidence, Schwab wins hands down.

To: surfinSteve who wrote (9512)	8/17/1998 1:42:00 PM
From: doniam	Respond to of 16892

Suggest you read this thread. I've never had an account with eSchwab and am happy with DATEK. dwf

To: surfinSteve who wrote (9512)	8/18/1998 7:31:00 AM
From: LEVEL7	Read Replies (1) \| Respond to of 16892

surfin, If you're an "active daytrader", you need a professional trading system. MB Trading or Cybertrading are very good. Executions, cancellations and confirmations are almost always immediate. Also, you can access ARCA, ISLD, INCA, SOES, SNET, TNTO to execute your trades. Try to learn the advantages of each ECN etc to improve your trade routing. I have used Datek, they're terrible at certain hours of the day. Cancellations and executions can go "unconfirmed" for several minutes. As a daytrader, you cannot afford this!! Finally, I'm not impressed with Datek customer service. They generally give you their "canned" answer for everything. If they don't execute your "marketable order" within a minute, you don't have to pay the $9.99 commission, assuming you put up an argument first. Can you imagine placing an order @ 10 1/4 (10-10 1/4), quote remains the same for 3 minutes, you're not confirmed. Suddenly the shares run up to 11 3/8-11 5/8, you never got filled. You have no recourse. Worse yet, the shares start looking weak, you try to cancel the trade. Three minutes later, the stock drops to 9 1/2 and your buy is finally confirmed. If you complain, guess what prize you get? You don't have to pay the $9.99 commission. GIVE ME A BREAK!