| To: Tai Jin who wrote (372) | 4/22/2000 2:32:00 PM | | From: WalleyB | | | |
Tai Jin,
After posting my question a while back I looked into what happened with my account. I apparently did not read the commission policy very well as it explains away my confusion.
If your account is valued under $100K any trades that exceed 1000 shares are subject to a two cent a share charge plus the flat rate of $20. Thus my 4,400 share purchase cost me $20 for the flat fee plus $.02 for the 3,400 share balance.
I don't like it mind you, I think it cheap of them and am considering transferring my account to Datek. But there are economic realities (read, it cost you money to do that, they have more fees) that need to be assessed before that can be carried out.
E trade was really on my bad list a long while ago before they upgraded their system. For the longest time my account was in limbo and I couldn't access my cash to make trades, nor could I get anyone to return my Emails, and phone calls were out of the question. My ear doctor told me I could suffer damage if I allowed the receiver to be pressed against my head for extended periods of time <g>.
Wb |
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| To: WalleyB who wrote (374) | 4/22/2000 2:45:00 PM | | From: Tai Jin | | | |
I also think it cheap of DLJ to charge per share above 1000 or 2000 shares, but I rarely trade more than 1000 anyway. I also have a Datek account, and although they have their problems they are better than Etrade or DLJ for trade executions and commissions.
One thing I have noticed on several limit order trades with DLJ is that I don't get filled until the bid has moved to my limit for sells and the ask has moved to my limit for buys. That is, my orders don't appear to be represented in the market, so I'm always paying the spread. I know this because I'm watching a level II display of the market. In this respect, DLJ appears to be worse than Etrade.
...tai |
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| To: Tai Jin who wrote (375) | 4/22/2000 2:57:00 PM | | From: WalleyB | | | |
"...DLJ appears to be worse than Etrade",
Hmmm, DLJ's commission structure, then, is a high price to pay for rotten service.
Even more reason for me to move to Datek.
Now that you mention it, what are the problems you have found with Datek?
their commercials certainly paint a rosy picture, what with free commissions if they don't execute within 60 seconds? I can't help but wonder what sort of caveats are tied to that promise.
Is it tough getting on line with them?
WB |
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| To: WalleyB who wrote (376) | 4/22/2000 3:29:00 PM | | From: Tai Jin | | | |
Datek does not allow you to trade OTCBB stocks, nor do they have options trading (although they've talked about offering it for a long time now). Just like the other brokers, sometimes you can't get a response from Datek's servers. I rarely use phone support, so I can't tell you how quickly they respond. But their interface is easy to use and quick for order entry, and there are several third party interfaces that make order entry even faster.
Don't count on the free commissions if the trade doesn't execute after 60 seconds. You really end up losing money because your order is likely to have executed at a bad price relative to the market. The caveat is that the order must have been marketable for those 60 seconds. I've only gotten the free commission on several trades out of many hundreds of trades.
Overall, I like Datek because the order entry and executions are typically very fast, and the commissions are low.
...tai |
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| To: Tai Jin who wrote (377) | 4/22/2000 3:37:00 PM | | From: WalleyB | | | |
Thanks Tai jin, I will have to visit their web site and look into it further.
This is a good time to do that since the market has my cash tied up in bad times....sigh... and I am afraid of moving any more cash into it.
I gave up on BB stocks a while back. Got burned, mostly my own dumb fault for moving too fast with not enough facts, but then facts were in short supply....I guess that should have waived the red flag though, huh? |
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| To: WalleyB who wrote (378) | 4/22/2000 4:00:00 PM | | From: Tai Jin | | | |
I don't trade BB stocks either, but I do trade options which is why I need an account at another broker. I think now is the time to start getting back into the market a little at a time. We may be in for a bear market over the next few months, but there will be some great bargains out there for those who still have cash.
...tai |
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| To: E.J. Neitz Jr who wrote (373) | 4/22/2000 7:52:00 PM | | From: Larry Levine | | | |
I use their streaming quotes and like it a lot. They've had problems with the data feed and both times credited me the 25$ monthly fee, even though the problems only lasted a couple of days. As for executions between the spread, I've
had about 10-15% of my limit orders go off at a better price than I asked for, so it can happen. Since I never buy more than 1K shares, the extra cost doesn't matter, and you can actually get a helpful person on the phone if you call at a good time or are very patient. They've credited me a couple of times when I complained about something. But the best reason to use them is the Marketspeed software. |
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| To: Larry Levine who wrote (380) | 4/23/2000 1:55:00 PM | | From: E.J. Neitz Jr | | | | |
Larry- Thank you for your comments. I am a DLJ client and was considering their streaming quotes. For the past 10 years I used Signal cable box real time quote service. The cable delivery was no longer able to handle the trade volume, hence the data delivery was much less than real time. I am still considering DLJ streamer, but recently I have been using the free real time quote service (free) from A.B. Watley. It saves me the $25 (DLJ) and gives me level II, all free. So far it has been reliable, but suspect, I will need a back-up and DLJ makes sense, at their price. Ed |
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| To: E.J. Neitz Jr who wrote (373) | 4/23/2000 7:07:00 PM | | From: Techplayer | | | |
Edward, Aside from the glitches that DLJ was having back in March, I have been very happy with the streaming portfolios. DLJ did reimburse me for 2 months of faulty service as well. The free research, afterhours trading (a bit weak) and real time static and streaming portfolios makes it worth while for the most part.
tp |
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