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I'm a newbie to daytrading, but I've had an account with Schwab for quite a
while. I've gotten good fills (better than limit). My only complaint with
them is that in fast markets on a stock you're trading, a market order can
take up to 10 minutes to report your fill. On the 2 occasions this happened
to me though, the fill was good. Their system will tell you on the "Are you
sure?" page if the market is "fast" for you order. It also says market
orders are filled "within seconds", but that the report just takes a while.
When I logged in on 8/31, the system was very sluggish and there was a big
warning telling you that fill confirms would take up to an hour to be
reported, but that they would be filled "within seconds". I'm a newbie, but
I've never had any trouble with Schwab. They have extensive research tools
for free also. Their $29.95 per trade is the only reason for you to look
elsewhere. And you can trade by automated phone (might cost a little more).
When I started dipping my toe into the trading waters, I got an account with
Datek. I had read some negative stuff about their fills on the Motley Fool
site from Spring 98. I heard that they had completely re-engineered their
systems this summer, and again, I have had no problems with them. Fills
were also better than limit. Their system was also sluggish on 8/31, but I
got in. $9.99 per trade. Datek also has a real-time ticker/plotter in
alpha/beta testing which you can use (not posted on their site during
testing). Haven't tried it. You can fill out and application on their site
and they'll send you the forms and 3 days later you'll have an account and
password that you can look their site over with.
The one site the looks like it is the best for daytrading to me is
WebStreet. $7.99 per trade. Someone help me out on this one: somewhere on
their site, it looks like they claim you can trade NASDAQ securities in
>1000 blocks for free! Is this possible?!? Anyway, Level II, really nice
layout for monitoring/placing trades, but I heard some REAL nightmares on
Motley Fool. Can't confirm.
Kent
-----Original Message-----
From: Stewart Taylor <staylor@xxxxxxx>
To: <omega-list@xxxxxxxxxx>
Date: Thursday, September 03, 1998 11:29 PM
Subject: Short term equity trading.
>I've suddenly got an urge to trade a few equities (Ive never traded
>anything but futures) but I don't have a clue as to who would do as a
>reasonable discount broker for a fairly active trader. I think I would
>like to be able to do electronic entry with a phone backup for busy days.
>Is Charles Shwab reasonable? What about E-Trade or Ameritrade?
>
>I don't necessarily want the lowest round turn but I do want reliability
>and reasonably good executions.
>
>Do any of the firms provide Level Two as part of their service?
>
>Any input? I know that this probably rehashes a bunch of earlier
>questions, but Ive always just deleted equity stuff. Thanks in advance.
>
>Stewart.
>Stewart Taylor
>Taylor Fixed Income Outlook
>Voice: 501-219-9774
>Fax: 501-228-0963
>E-Mail: staylor@xxxxxxx
>Web Site: http://www.cei.net/~staylor/
>
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