Using Datek

Discussion in 'Retail Brokers' started by blb078, Aug 21, 2003.

  1. blb078


    I noticed on the home page were you can rate brokers that Datek/Ameritrade isn't there. I have a datek acct. and am curious if it is good for a newer trader, i will be using it w/quote tracker. i reviewed the message board for opinions on datek, and saw there were some post, but they were all from about a year ago. is datek a good firm to use, i know in a couple of months the datek/ameritrade sites will all be the same, right now they both look the same as if the two companies weren't one. how is their order routing, etc. thanks

  2. trajecto


    I was surprised myself not to see Datek listed. I've been using them for about 4 years now and really like them.

    Last time I checked (and please correct me on this if I am mistaken) Datek owns the Island system.

    In fluid/quick situations I have always had fast fills placing strictly only limit orders in these two ways:
    1) buying on the ask
    2) selling on the bid

    When I first started I tried Etrade along with Datek at the same time. I cancelled Etrade after the first couple days of serious trading. I think they use the US postal system to place orders (or maybe Pony Express), Etrade is so slow and Datek so fast! (to me trading with Etrade is like using AOL to go online). Nothing will anger you more than trying to hit a fast moving target and having to wait until long after the move to find out you didn't get filled (Etrade). Datek is not like this at all, you'll know pretty quickly if yes or no and can respond accordingly quickly.

    Datek has tons of other great features as well, such as their fantastic Streamer features: Streamer, Portfolio, Last Sale, Index, Level II, Actives, News, Depth Chart, Chart.

    Their support people are also fantastic and very helpfull, always keep their number in your cellphone. They will help you in all manners, clear up issues, place trades for you if you are mobile, having system problems, etc.


    go Datek!

    Thumbs up to Datek
  3. LouieR


    Datek was purchased by Ameritrade a while back. There are probably faster and/or cheaper e-brokers available (I know a lot of Elitetrader regulars use IB to trade through) but I have been satisfied with the service I have received from Datek/Ameritrade so far. I have traded through them a little over a year.
  4. I used Datek for a few years and having switched to direct access I promise, I'll never switch back.

    I'm a swing trader so I could use Datek because I only place one or two trades a day. If you trade more actively than that, then DON'T use Datek!

    Datek is a web based platform. It takes forever for screens to load. In trading time 5 seconds can be forever. You'll spend more time clicking buttons than watching your positions.

    If you are an inactive trader who trades more than 1500 shares per round then Datek's ticket structure might be good for you if you don't mind the fact that they royally FU%K you by selling your order flow to other firms.

    Hope this helps
  5. richk



    I use Datek now as my backup account for trading. I have started with Datek when I started trade, and I like it till today . It is simple , web based platform.

    But : if you want to daytrade (quickly in/out) or trade lower size (lower then 500 - 1000 pcs) , it is more expensive and slow, then e.g. IB (interactive brokers).
  6. zxcv1fu


    Datek/Ameritrade used with QuoteTracker is wonderful. Since I have Apex status, I have NJ news for free. The news can be read thru QT. I am happy with it.
  7. Ditto! And if you are incorporated you will be considered a professional which changes some of the benefits. None of them in your favor. Get the Apex account.
  8. zxcv1fu


    It does not take many trades per quarter to earn the Apex status. Datek is good for penny stocks.

    Now I am also looking for a direct access broker in addtion to Datek for day trade. it will be nice to be able to trade futures and currencies also.
  9. Even though I use IB, I doubt I will ever get rid of Datek for IRAs and pennies from time to time. Also, I am totally hooked on having one screen with Streamer's trade trend charts (extended)going for 6 Dow and 3 Naz stocks I have followed for years. They are 10 minute charts and cannot be changed unfortunately. What they do is give me what has happened for the whole day as it unfolds. I also like the Index feature in Streamer which has a healthy bunch of pre loaded choices as well as 10 minute (I think) trade trend charts which, again, cannot be changed. Their researching features that I've seen at friends' computers look real good too. Seems to me if you could change the frequency of those charts, they'd really be cooking and would be a feature I'd be willing to pay for.

    On the other hand, I can't tell what the heck the non-extended trade trend charts and most actives box is supposed to be showing me as well as some 3 dimensional thing I think they also have.

  10. zxcv1fu


    Where do you get the"one screen with Streamer's trade trend charts (extended)going for 6 Dow and 3 Naz stocks" in the Datek site? I can not find them? I do not know there is possibility to have multiple chart open in their site.
    #10     Sep 2, 2003