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If you're looking for fast executions at a low cost-- Datek is probably your
best bet for $9.99 last time I checked. I haven't traded with them in over
a year, but they had an option to enter an order which would require a
confirmation screen --or-- if you're a real cowboy, they have a server that
will accept your order without confirmation. Datek also didn't trade
Options back then, but was planning to add them.
When I was trading Level II, I had a Frame Relay link to NASDAQ that
executed a trade typically in 1/100th of a second, with a report back in 1
to 5 seconds. Datek generally provided the same execution in 3 to 5 seconds
over the Net-- which was more than sufficient. Dreyfus is also fast, but
requires a confirmation screen.
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At 08:52 PM 10/31/98 -0600, you wrote:
>Jwtrader you mention the only need for level 2 is the executions
>capabilities. I was thinking the same if with level 1 you get the best
>representative bid, ask and you can't take advantage of the MM's because
>you can't believe them. Then why not just cut through the chase ignore them
>and just trade as they are just an distraction. I was under the impression
>you could get instant execution with level 1 as well and I've seen 7 dollar
>commission per trade. So am I dreaming here are can you get just as good
>executions and lower commissions by not using level 2 and just use level 1
>to day trade?
>
>Robert
>
> Jwtrader@xxxxxxx wrote:
>>it. Personally, with few exceptions, I have absolutely no use for Level II
>>quotes, but the executional capabilities of Level II are imperative for
>>daytrading.
>> The down side of Level 2 for me is the higher commission of $20 vs $10
>>per trade I could get elsewhere. In addition you will have about $350/ mth
>>quote and software fees, but you get that free if you do 50 or more
>trades/mth
>>with THE EXECUTIONER. I get it for "free", but it's not really free to me
>>'cos I feel I am paying $500 or more in higher commissions than if I do it
>>elsewhere. Another bad thing about Level 2 trading for me is that it
>force me
>>to adjust my trading forcasting down to 1 day and I am more comfortable in
>the
>>1 to 5 week range.
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