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Non-Tech : MB TRADING -- Ignore unavailable to you. Want to Upgrade?

To: bobsrb who wrote (1208)	9/11/1998 12:26:00 AM
From: Nazbuster	Read Replies (2) \| Respond to of 7382

Bob, I don't use MBT, DATEK or CyberBroker, but I had a similar experience a week ago with Dreyfus. I have concluded that during very fast moving markets, I am better off being nimble on the keyboard and placing a limit order well below what I see as the inside market than placing a market order. My market order on AMZN took 9 minutes and cost me 4 1/2 points! (Dreyfus credited me back 1 1/4 when I complained.) I suspect that market orders take discretion on the part of the MMs, whereas limit orders just sit in the queue and get plucked off as the price whizzes bye... I've tested this once more and found a market buy took much longer to execute than a limit order. Anyone else care to confirm?

To: bobsrb who wrote (1208)	9/11/1998 5:37:00 AM
From: Bill Green	Respond to of 7382

Bob My LAST experience with DATEK was with KTEL, Swinging like a man with the chair just kicked out beneath him. Caught the bottom with a limit order, went up 2 bucks, missed the top, started selling entered MKT order got out + 1/16. Went down another buck, caught the bottom again (ish) went up 2 bucks, entered MKT order, got out flat. hmmmphhh. This was before the SOES rule changes, I think that DATEK used to try and match an ISLD order on the book and then would SOES MKT if no ISLD available. If that is the case, that could be the problem with DATEK's MKT orders today. On another note, the infamous XXXX the day after the 500% gain from 1 and a change to over 10, DATEK's servers where down till 10.15. Nobody with DATEK could sell the gap, By the time the servers where up the price was down 4 bucks approx from the high. Now if possibly, maybe I had a considerable position at the time. For one I would be a little annoyed. For two I would be wondering what possibly could be happening to MY shares in a short sellers paradise for 45 minutes. If you want to daytrade and do good you can't use DATEK (they're fine for longer term trading IMO) What the guy said to you was complete hogwash. Looks like you found a good firm here by coming on this thread also theres another good one, that seems to get hyped a lot on this thread for some reason, forget their name, something like Cyborg Training VBG Bill

To: bobsrb who wrote (1208)	9/11/1998 8:06:00 AM
From: gaj	Respond to of 7382

stay far far away from datek. i strongly doubt what they said is true...their machines are totally unreliable, their execution is poor, and the people you talk to on the phone will tell you one thing, different people will tell you another, and nothing will get done. that's why i'm a former datek user. e-trade gets slammed, but at least with e-trade, you know their limitations (RE: daytrading) rather quickly. {i'm moving to mbtrading, but with e-trade before and after datek) - bob

To: bobsrb who wrote (1208)	9/11/1998 2:54:00 PM
From: funk	Respond to of 7382

The short answer is... that guy is full of hot air. But I also will tell you, that I have never used a market order with MB Trading. Not even once. I will concede that there has been a few times I probably would have been better off to use a market order. A limit order can take time to fill if it is away from the inside market, but a market order should be lightening fast. Unfortunately, market orders can be taken advantage of as yours clearly was. Especially if you place a market order before the bell. Gawd I did that ONCE a year ago when I was using scottsdale. I learned my lesson! ouch even. What is very good about this trading system is the amount of transparency and access you get to the market. Especially with the NASDAQ stocks, you can see exactly where your order sits in relation to the inside market. Yes you can still get squeezed and it takes some learning, but if you put the time into it you end up getting the best executions one could ever hope for. While it is true there are a few times that a market order may be proper... I intend to live out the rest of my life with out using one. Everyone has their own style, but that's mine. Hope that helps. I am starting the weekend early. The market is tough to trade today. funk good luck have a good weekend

To: bobsrb who wrote (1208)	9/11/1998 5:39:00 PM
From: INFO_DART	Respond to of 7382

Off Topic - SELL market order took 9 minutes to get filled on Datek bobsrb, the link below brings you to a thread attempting to discover the truth about this type of question. THE PURPOSE OF THIS THREAD is to understand the nature of the business relationship we're entering into with Datek & its affiliated companies so that we can better predict and control our trades. That is, how do they make money from our relationship? What are their financial incentives that might account for how they do business? And, how their systems operate? THE BENEFIT is that by understanding these things, we might be better able to predict which orders placed with Datek are more/less likely to get a good/bad execution! Subject 22532