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

To: LEVEL7 who wrote (9685)	9/16/1998 12:59:00 AM
From: Esteban	Read Replies (2) \| Respond to of 16892

Level, don't get me wrong. I think the systems you describe are excellent. But give Datek and many of the sophisticated traders/investors who use it a break. Limiting its usefulness only to "the occasional long term investor" greatly overstates the limitations of the Datek trading system. I'll admit that the trade station systems like you use are well suited to the day trader who relies heavily on level II and trades the day's high volume stocks, especially those that are way out of their normal volume range. However for those of us who trade frequently but for whom the success of the trade is not hinging on a second or two, Datek is a very fast, viable alternative. Maybe a better one in these cases, maybe not. Hey, that experience you related regarding the accounting error they made is truly commendable. And extending the 19.95 to 2000 shares is also better than I thought. Because it is rare for me to have problems at Datek, I've wondered if some of the problems aired here over and over are a result of bad internet connections or misleading quotes that have fallen behind (Datek's or other vendor), or Nasdaq problems that are beyond Datek's control. If you've had experiences with both, and report absolutely no problems ever with your system, I'm as happy for you as you are for me. (:-) I have had problems with Datek representation or execution a few times, but overall not nearly enough to begin to offset the higher cost of a more robust trading system. Another reason I would like to see Datek continue to grow and thrive is that the growth of Island will greatly benefit most traders and investors, at the expense of the market makers. Eventually we'll be able to trade directly with other traders at a fair price, leaving the the MMs out of the equation. Island is a nice alternative now and it is the driving force behind the decreasing spread size and the increasing frequency of price improvement on the Nasdaq. With continued growth the liquidity will be there to keep trading costs at a minimum for most of our trades. Happy Trading, Esteban