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Al,
Their credit interest rate is 3.5% and their margin interest rate is 6.75%.
Bill
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> From: Al Taglavore <altag@xxxxxxxxxx>
> To: metastock@xxxxxxxxxxxxx
> Subject: Re: Daytrading from home setup
> Date: Monday, February 08, 1999 10:17 AM
>
> 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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