Hi All, I started using Datek Direct this week. Yesterday I tried entering a SOES order which was immediately rejected, with a statement saying "account ineligible for SOES orders". After checking to make sure I'd done everthing correct at my end, I'll called Datek. There response was that, do to the 5 minute rule, all joint accounts and IRA accts. are ineligible for SOES orders. Can anyone tell me if this is a common rule among other direct access brokers?
Simply use the FREE quotetracker as a realtick type software to use on top of datek direct. Quotetracker (http://www.quotetracker.com) uses datek streaming quotes for realtime quotes, graphs, time and sales and level II. And quotetracker has a interface for datek trading (normal datek and datek direct) to trade with datek without using the datek web site. If you want to use Datek Direct you have to use Quotetracker. I love it.
Fleance I'm cybercorp too-hate the commissions-Are you saying you won't leave cyber because IB is too cumbersome-requires too much maneuvering and the commish difference is not worth these shortfalls?? thanks
I'll second Ltrade's comment re Datek Direct and Quotetracker - point and click ordering (only need to enter password once per session). Yes, Datek is web based, but they have consistently brought out great products like free streamer's and level 2. Use quotetracker and datek to keep your commisions low - good way to learn and maybe more... coops
Fleance, In IB you do not have to enter all the routes for each symbol anymore. This was a big issue on the forum and IB changed their interface. Now you can enter INTC, select anyroute for instance ISLAND. and then when you want to give your order you may specify any route available [although the line is mentioned as ISLAND you will see a drop down menu with the alternate routes]. This is very quick and a big improvement for everyone. Execution is superfast as well as long as you avoid Best Execution. I was a Cyber customer and left them in disgust. The service/hot line was great but the software is so unreliable. Crashes, time out, disconnect, all these things are in the past for me since I moved to IB. The standalone Java is very stable. It can break but it is rare and much less often than last year when I started with them. For scalping Naz there are better software than IB. But I don't do scalps. Many scalp Nyse with great fun on IB though. For futures and index trading I think IB is very very good. Use the broker/software which matches your trading and once you find it, never leave. [I changed 3 times before settling for IB]. vpineomatrix
About IB. I switched from Cyber to IB the better part of a year ago. (Was still using Cybertrader charts for a while, since IB doesn't have charts. I now use Raven.) IB takes some getting used to, and is not quite as powerful with executions. But once an execution method is setup it is faster than Cyber. I've successfully scalped with IB in ways that I never could with Cyber. And scalping with 100 to 300 shares can be very profitable with such low commissions. The key is to setup the IB hotkeys and learn them well. Shorting is also much better/easier with IB. Cyber is terrible for shorting. IB is also much more reliable than Cyber -- IB doesn't have charts and all those other features to get in the way. Brokers like IB and Tradescape are fueling the exodus away from gougers like Cyber. Richard richard@skydive1.com
Datek is great if you just want to dabble/play or self direct your investments. If you are serious about day trading, your kitty is $25K+, and you don't mind having to pass the series 7 exam, look no further than EchoTrade. If you are a serious trader but have a more limited kitty, IB (www.interactivebrokers.com) is where you should be. Though IB's Trader Workstation (TWS) is quite effective as I speak, it is being continually improved and/or upgraded with features which make trading easier and faster. When it comes to routing orders, IB is hard to beat by any measure. Learn how to use "hot keys", get up-to-speed on the rules of the ECNs, and your trades at IB will smoke! Believe me! Regardless of their advertisment, Datek does not provide "Real Time" anything. "Datek Direct" is not "direct" as defined by an experienced trader (they are not a Direct Access Broker). But, what the hey! Different strokes for different folks!
4jays, With Echotrade, I know you need minimum 25k on deposit to trade, but are you allowed to trade a higher amount with their money. ie. have say 75k in non margined trades? TIA
This is off topic for the thread but I'll reply as I trade w/Echo I'm not crystal on what you are asking but will try to respond to the two ways I can read your question. The deposit is $25,000 minimum but there is no maximum for a deposit. If you deposit $25,000 with Echo depending on your experience they will allow you to trade more than a retail broker. A retail brokerage account only allows margin of 2-1 or double your money. Echotrade allows margin greater than 2-1 usually 10-1 but it depends on your experience. So if you were to deposit $25,000 than they would allow you to buy $250,000 worth of stocks intraday compared to only $50,000 that a retail account would allow. Robert Tharp