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I have used Brown for the past five years. I have had no problem with
order executions. When I felt I should have been filled on limit orders
and was not filled, I was explained something I had forgotten: you are
guaranteed a fill only if prices trades THROUGH your limit/stop. The phone
system is such that if the number you call cannot answer, the call is
rotated to the first available office. Normally, as soon as I see price at
a level of a limit or stop order that I have resting, I can switch to the
Brown site>today's executions, and see my fill.
To Bill, if you do experience a greater service level from Datek, please
advise. I am always looking for what may be better. As an aside, does
Datek pay interest on resting funds on deposit? What rate?
Al Taglavore
----------
> From: Bill Coward <wrcoward@xxxxxxxxx>
> To: metastock@xxxxxxxxxxxxx
> Subject: Re: Daytrading from home setup
> Date: Sunday, February 07, 1999 4:24 PM
>
> Brooke,
>
> Most of my trades are initiated in the first 30 minutes of the day. This
> is apparently the heaviest time of the day for submitting orders.
Brown's
> web site has been slower during this period for quite some time, but I
was
> able to circumvent this by using a live broker for no additional charge
> ($5/trade for market orders and $10 for stop/limit orders). That
telephone
> support was also slow but tolerable. Others were apparently using this
> option as well when online support was poor, resulting in a heavier than
> normal load to the 800 number. I recall one especially bad day within
the
> past month when all trades had to be done by phone, and each one took an
> average of 10 minutes to get a broker!
>
> Lately, lack of timely online order execution (and all other online
> services) has started to extend to a longer period (up to 90 minutes).
(I
> have been out of the market for about three weeks working on my system,
and
> it may have improved during that period, but I doubt it.) Anyway, the
slow
> response, coupled with increasing live broker commission rates, effective
> February 1 (now $12 for market orders and $17 for stop/limit orders), has
> led me to switch over to Datek, again based on the recommendations on
this
> list and some other research. Their rates are very competitive
($10/trade
> for market/limit/stop orders, and they charge no commission if the order
> takes more than a minute to execute. My application is still being
> processed so I haven't started using them yet, but I expect better order
> turnaround from what I've heard.
>
> A note of clarification on the above. I've been generally very pleased
> with speed of order execution at Brown once the order was in the system.
I
> think their fundamental problem is lack of web site computing power, not
> speed of order execution, per se.
>
> Regards,
>
> Bill
>
> ----------
> > From: brookelise@xxxxxxxxxxxxxx
> > To: metastock@xxxxxxxxxxxxx
> > Subject: Re: Daytrading from home setup
> > Date: Sunday, February 07, 1999 9:04 AM
> >
> > Bill: I'd be interested to know more about Brown. Do you find the 800
> number
> > slow, as well as the Website? By slow, do you mean a slow Website, or
> slow
> > confirmations and executions?
> >
> > Thanks.
> >
> > Brooke
> > -----Original Message-----
> > From: Bill Coward <wrcoward@xxxxxxxxx>
> > To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
> > Date: Saturday, February 06, 1999 6:30 PM
> > Subject: Re: Daytrading from home setup
> >
> >
> > >Winthorpe,
> > >
> > >You might consider Q-Charts from Quote.com for charting and
monitoring.
> > >The latest version (still might be in beta) supports Level 2 as well
as
> the
> > >other items you mentioned. I've been impressed with the product.
I'ts
> > >about $90/month, including stock exchange fees. If you are planning a
> low
> > >volume of trading, a regular online broker may be sufficient. I'm a
> low
> > >volume day trader myself (< 10/day) and in the process of switching
from
> > >Brown to Datek. Datek has been highly recommended on this list and in
a
> > >daytrading book I recently bought, and Brown has gotten too slow.. If
> > >you're planning on a high volume of trades each day, then you'll
> probably
> > >need a dedicated trade station. I haven't researched this area but
have
> > >run across WATCHER at Broadway Trading LLC and ULTIMATE TRADER at A.
B.
> > >Watley. (WATCHER supports only NASDAQ.) You may also want to check
out
> > >the following two books on daytrading, both of which I found
> interesting:
> > >
> > > THE ELECTRONIC DAY TRADER, by Marc Friedfertig and George West
> > > STOCK PATTERNS FOR DAY TRADING, by Barry Rudd
> > >
> > >Regards,
> > >Bill
> > >
> > >
> > >
> > >----------
> > >> From: winthorp@xxxxxxxxxxxxx
> > >> To: metastock@xxxxxxxxxxxxx
> > >> Subject: Daytrading from home setup
> > >> Date: Saturday, February 06, 1999 12:39 PM
> > >>
> > >> A little help from you daytraders trading from your homes. Currently
I
> > >> am looking into different vendors and trade stations with the
> objective
> > >> of trading from my home and trying to level the field against the
NYSE
> > >> AMEX specialists and the OTC market-makers. I am very actively
> searching
> > >> for an efficent package which is fairly easy to use, fast
> instantaneous
> > >> trading capabilities and cost effective. Some of the things I would
> like
> > >> to monitor before pulling the trigger on the trade are:
> > >> (1) would like to see the Level 2 screen displaying the OTC market
> maker
> > >> bids and offers
> > >> with their sizes displayed
> > >> (2) would like to have a real time minute by minute chart that I can
> > >> monitor of XYZ stock
> > >> so that I can monitor momentum intra-day
> > >> (3) a ticker flying across the screen would be helpful for getting a
> > >> feel of the pulse of
> > >> the market
> > >> (4) the ability to monitor say 20 other stocks shoved up in the
corner
> > >> somewhere
> > >> *** (1) and (2) top prioity ***
> > >> These are the most basic bases I hope to cover and any input would
be
> > >> deeply appreciated.Would curious to know if this could be all be
done
> on
> > >> one computer alone or
> > >> whether two computers would probably be more practicable. Would two
> > >> internet connections lend itself to this setup or one can do it
alone
> > >> with one internet connection. It seems to me that one internet
> > >> connection would be needed to be always live and ready to make the
> trade
> > >> and one internet connection open to recieve the "Push" technology
for
> > >> stock quotes etc.etc. So far I've spoken to DBC Signal and Equis
> > >> Professional Software(for generating realtime charts). I also intend
> to
> > >> contact Tradestation to see what they have to offer. One of the
> factors
> > >> to consider is the ability to incorporate a e-brokerage( with timely
> and
> > >> reliable instantaneous
> > >> executions and of course cost of clearing trade) with the trade
> station
> > >> package that you're trying to create. Could anyone shed some light
on
> > >> this matter and possibly give me an idea of the relative costs they
> > >> incur to support the trade stations that they are currently using.
> > >> Thanks for taking the time to read this message.
> > >>
> > >> Regards,
> > >>
> > >> Winthorpe
> > >>
> >
> >
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