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Technology Stocks : Track Data Corporation TRAC -- Ignore unavailable to you. Want to Upgrade?

To: 45bday who wrote (204)	6/5/1999 6:46:00 PM
From: OnLineTrader	Read Replies (3) \| Respond to of 2005

Behind the curve? Maybe, but I have accounts with AF Trader, SureTrade, and myTrack. By far the best trading system I've seen is myTrack. Most executions happen within 3 seconds. The same trade will take 3 to five minutes with the other brokers. In that time you can take a big loss. Some concerns have been voiced about using only one MM, which is Herzog, but here is an explanation of how the routing takes place in those 3 seconds. Taken from myTrack, subject: routing. All orders that are not routed to the Island ECN will be routed to Herzog for executions. ALL the following conditions must be met for an order to be routed to Island: 1. Must be for a Stock (not an option) 2. Stock trades on the Nasdaq market 3. Must be a "Day" order (not GTC etc) 4. Must be a "Limit" order (not market) 5. Condition must be "none" (not FOK or AON) 6. If a Buy - the Limit price has to be less than the current "ask" If a Sell- the limit price has to be more than the current "bid" 6a. If a Buy and the limit price is the same as the current "ask" it will be routed to Island for an immediate execution if: a. ISLD is on the offer (ask) and b. the # of shares opffered by ISLD is equal or greater than the # you want to buy. Same in reverse applies for a Sell. Commissions are advertised to be $12.95 but in reality they are $15.95 because they bill an extra $3 for postage for every trade. The big bonus is there is no extra fee for OTC stocks. But the catch is the $15.95 only covers trades up to 10,000 shares. Send in an order for 15 or 20 thousand shares and it is executed as two orders and the commision is 2 X $15.95. Not bad considering most other brokers charge an extra 1¢ per share extra for trades over 5,000 shares. AF Trader on the other hand only charges $14.95 for as many OTC shares as you want up to $10,000 worth before charging 1¢ per share. SureTrade only charges $7.95 per trade but charges the 1¢ per share for everything over 5,000 shares, so OTC trading is limited unless you are prepared for big commissions. myTrack fees are well worth it though, I sold some OTC shares with AF Trader recently and the 5 minute wait allowed the price to go down a little and I lost all advantage of the low commissions, not to mention the ulcers I got in anticipation of the trade executing.