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

To: Dan Clark who wrote (11291)	3/19/1999 5:22:00 PM
From: Randy Majors	Read Replies (3) \| Respond to of 16892

Don't dump Datek, be thankful for Island... I was in EGGS to, but got out nearly immediately by using a LIMIT order. (I, too, have noted that Market order through Datek are much slower, so I always use Limit orders) Remember, Datek uses Island ECN for its limit orders, which is lightning fast. Market orders are typically quite a bit slower on Datek. (This, by the way, is why the Datek order entry screen default your order type to Limit, and not Market.) I use Quote.com QCharts with Level II screens, and I can tell you, when I hit the Enter Order button on the Datek Express Servers page, and immediately switch over to the Level II screen in QCharts, I see my ask (ask if I'm selling, bid if I'm buying) show up in the MM screen (as ISLD) even BEFORE the Datek web page comes back. Or often, if I'm selling right at bid, and after clicking the Enter Order button, I immediately switch over to the Open Orders or Daily Activity screen on Datek, the order already shows up by the time the web page appears (usually within 5 seconds). Only catch, of course, is that you need to set your sell limit order low enough to compensate for a stock that's moving down quickly. I've got pretty good price improvement by doing this -- i.e. set my sell limit at 10, but it sold for 10 1/16 because the order executed so quickly. (or, better, if you sell while its still moving up, you can usually sell at the ask if you use a Limit order) Most of the other major online brokerage houses simply do not come CLOSE to giving you the executions that Datek (read "Island ECN") gives you... Hope any of this helps...