Best Broker For ETFs... $500K-$1MM Orders

[gnome]

Quote from DisciplinedHedg:

You mentioned MFs and futures. MFs I understand. With some MFs you have to get your order in 15 min before market close. That could be the high of the day, but by the close, these days, we could easily be at low of the day 15 min later.

But what problems are you having with futures?

With most mutual funds, it doesn't matter what time of day you place the order, you still get the EOD price.... as a consequence, most wait until near EOD to place their orders.

Let's say there was overnight news and a big market reaction... and you'd LIKE buy/sell early in the day... but you can't... and by the end of the day, the price has moved 5-10% (sometimes even bigger moves lately)... so your risk-reward is damaged by having to wait for the slippage of EOD fills.

Futures... no problem at all.

 

[CowboyBlue]

Quote from Red_Ink_inc:

One thing you have to keep in mind with ETF's is that they are tracking something else.

For example GLD, it obviously tracks gold futures. If gold futures suddenly rocket upwards, the GLD stock/ETF may appear to have plenty of shares laying around but will suddenly move 5-10 cents and print only 3-500 shares in between. As the computers providing the quotations will adjust faster then you can execute against them.

Same thing in the morning with SPY. When economic data is released at 8:30 EST they will make a sudden move and hardly print any volume as the quotations are adjusted to reflect the current market conditions.

This is the whole reason i thought the outside prices would be legit..... i would have thought the outside bid/ask would be arbed to the spot price of the underlying commodity, that is probably why the scam works so well for them.....