Datek direct for serious nyse trading?

Discussion in 'Retail Brokers' started by praetorian2, Jun 17, 2001.

  1. Hi, this is directed mainly to datek direct traders. As many of you know, I trade almost only NYSE. I usually trade 2-5k shares at a time. Cyber is killing me with amro fees. I am looking at datek again. I have an account with 1500 in it that I still have just b/c I never closed it out. I am looking at their datek direct service. It is very interesting. I read everyone's comments on them in the broker section. It seems that their L2 quotes are a mess. If I were to use a quote provider for data, and use their datek direct to enter orders, do you think it is worth my trouble. Most NYSE stocks I trade are low liquidity. Therefore most of my executions take over a minute anyway, and any trades in the inside market would also be free if they take over a minute to execute. By my logic, most of my trades would be free with them.....? Do you think it is worth it to use an inferior trading service?
    I know that when I used to trade with them, they went down quite a bit, but that was 2 years ago. Does their site still have lags, and how quick are the trade reports returned. Thanx in advance.
  2. Just curious P2, why not IB? Have you considered them?
    Oh I see... insted of 3/4 cent per share you'll get your trades free. Ha! They've gotta have a way around that. roflmao... I hope it works!
  3. Ib's platform looks like ass. I would rather just use datek, it looks equally bad, and it's gonna be free.

  4. When you place an order, the entry time they give in their confirmation is sometimes up to one minute late. So in effect, the order took much more than one minute to be executed but make no mistake only the time they record is considered when/if you complain.

    They claim average execution takes about 7 seconds, really?
    I wonder how they came up with that number it's more like 40 seconds min. if there is no counterparty on ISLD when you send the order. I read an article (in BusinessWeek I think) with a ranking of all major online brokers, they all claim their average execution time is under 10 seconds !