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

To: RickZ who wrote (10701)	1/2/1999 6:07:00 AM
From: Woz	Read Replies (1) \| Respond to of 16892

RickZ, Understand that when Datek is working, they are about the fastest of any internet broker. The problem is when they are not working. As a swing trader or position trader, you may be concerned with Datek's inability to execute trades at market open. Usually their computers are not responsive between 9:30 to 10:00am. There is also a problem with accountability. Datek seems to never take responsibility for anything. It is always someone else's fault. A third problem is there lack of professionalism. They seem to think this is a $1 store type of business. Statements are always late. Interest payments late. Missing confirmations. And rude to downright stupid staff members. I have personally given up fighting with them. *My complaints seem to fall on deaf ears, get tossed into a black hole or is pushed around (you have to go to this* department, sir) until I 'forget' about it.** I have lost ten's of thousands with them and is currently using two other brokers. I have not transferred my money out yet in hopes that they may improve. I will give them a trade periodically and if they do not improve by end of February, I am totally out.

To: RickZ who wrote (10701)	1/3/1999 1:21:00 PM
From: doniam	Read Replies (1) \| Respond to of 16892

I feel that you will be happy with DATEK for swing or position trades, UNLESS you want to use GTC stops with listed stocks, as they will not accept these at this time. Because of this fact I use DATEK mostly for NASD issues. -Don

To: RickZ who wrote (10701)	1/5/1999 8:58:00 PM
From: Esteban	Read Replies (2) \| Respond to of 16892

Here's my question: Have the majority of the problems been with execution speed and mainly in regard to daytrading? Depends on when and what you trade. The first 30 minutes of the day have been a crap shoot at Datek for a long time, with no discrimination for the type of trader you are. I've read few complaints lately, but most traders have a wait and see attitude about whether Datek has actually done anything, or whether the server load is just less due to holidays and daytraders leaving out of frustration. If the servers aren't completely down, which is rare, you can trade listed stocks without a problem during this early crunch time. Many of the problems are on Nasdaq stocks making dramatic moves that day, with volume far exceeding their normal range. Others are with market orders on Nasdaq. The order goes into limbo and can't be cancelled and isn't executed until you wish you had never placed it. So if you don't use a market order and don't need to trade high flying Nasdaq stocks during the first 30 minutes, Datek may work out just fine for you. BTW, Datek does work for you on listed orders that should have filled, but didn't. Since NYSE honors time priority, Datek can get an execution on your order after the fact if you were clearly due one. With Nasdaq Datek bites the bullet, and they pass that bullet on to you, as do many brokers. Esteban