Best broker for flat rate trades

Quote from osorico:

Hey coinpurse69...

What makes you think I NEVER traded equities? Or that I NEVER had an account with Scottrade? Or for that matter that I NEVER had an account at the brokerages mentioned? Or that I know no-one that has or does?

I am not going to get into a pissing match with ANY BROKER evangelist. I posted my suggestion and if YOU don't agree with it that is your problem. I am not recommending any particular broker. As you'll recall I also suggested investigating the broker section here on ET. My original suggestion stands... if you are a serious trader, stay away from Scottrade.

Do your own homework.

Osorico
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I did my homework, but thanks for asking :)

You have failed to answer my question about why you think MB is better.

As far as being a "Serious" trader, wtf does that mean?

I guess being a serious trader is all about what broker you use, because apparently, to you, waking up an hour before the market opens, doing analysis, reading news, and analysis after the market closes is not serious.

Coinpurse69
 
I swing trade. So for that reason I dont use direct access. Come to think of it, I dont think they will even let me open an account with them (direct access brokers) unless I do a certain number of trades a month.

- nathan
 
I am currently using IB but in the past I have used Scottrade. I would prefer Scottrade to TD or Ameritrade but I can not compare it with IB. You can not do naked option in ST. If you do shorting, consider the interest that you would get in IB that ST does not offer. If you use margin, consider lower margin rate of IB. In ST, if you want to short, sometimes you have to call them. I would love if IB reduces the commission more but at this level I look at doing better trades instead of nickle and dimming on the commission. If you buy 200 AAPL shares in IB, you pay $1 and in ST you would pay $7. Unless you trade constantly like 5000 shares of a stock , ST's commission won't help you. If you do lots of high volume trades, you can change your commission's schedule to unbundled in IB and actually get paid for your trades instead of paying any commission.
 
Quote from hajimow:

I am currently using IB but in the past I have used Scottrade. I would prefer Scottrade to TD or Ameritrade but I can not compare it with IB. You can not do naked option in ST. If you do shorting, consider the interest that you would get in IB that ST does not offer. If you use margin, consider lower margin rate of IB. In ST, if you want to short, sometimes you have to call them. I would love if IB reduces the commission more but at this level I look at doing better trades instead of nickle and dimming on the commission. If you buy 200 AAPL shares in IB, you pay $1 and in ST you would pay $7. Unless you trade constantly like 5000 shares of a stock , ST's commission won't help you. If you do lots of high volume trades, you can change your commission's schedule to unbundled in IB and actually get paid for your trades instead of paying any commission.
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I dont think they advertise options in their TV commercials, but you have to download the form for options to be able to trade them.

When I short, I dont hold long enough for interest to even matter (one week tops)

You never HAVE to call, they advise that you do on some stocks that they may not have.

I cant have IB because I'm not 21.

- nathan
 
Quote from cashmoney69:

I did my homework, but thanks for asking :)

You have failed to answer my question about why you think MB is better.

As far as being a "Serious" trader, wtf does that mean?

I guess being a serious trader is all about what broker you use, because apparently, to you, waking up an hour before the market opens, doing analysis, reading news, and analysis after the market closes is not serious.
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cashmoney69...

I sense you are frustrated, for whatever reason. Maybe my senses are wrong, but that would be my problem, not yours.

I am going to recommend a book to you. Not to blow you off, but in sincerity. I recommend this book to my friends and family when they come to me with their trading horror stories and/or when they "think" they want to try their hand at daytrading.

http://www.amazon.com/gp/product/03...102-8235144-0282556?s=books&v=glance&n=283155
Obviously its available online, and probably at your local bookstore too. (Hint: good read over THIS weekend)
(Note: I am recommending the book. No other products or services by the author or mentions within the book)

Now then, I am not recommending a broker to you. And the reasons why Scottrade should be avoided have already been posted. The big one that should make you run, not walk, is the fact they sell order flow. Here's a link. You'll have to fill in the query for Scottrade. http://www.marketsystems.com/msi/reports/index.html?clientid=SSIC

This info is required per SEC rule 506 covering order routing. You'll find it (although sometimes not easily, such as the case with Scottrade) on any (legit) US broker website.

With that out of the way let me say...

Choice of broker, in and of itself, does not make anyone a "serious" or "better" trader.

Commissions, in and of itself, does not make make anyone a "serious" or "better" trader.

Doing analysis, in and of itself, does not make anyone a "serious" trader. But it may make for a "better" trader.

Have a good weekend,
Osorico :)
 
Quote from IBsoft:


Lastly, I find the per-trade pricing somewhat strange given that the exchanges and ecns charge per-share, i.e. the broker's costs are per-share.
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Scottrade, Ameritrade, etc. get payment for orderflow.

Jack
 
I think you should look at Cybertrader Per Trade commission schedule. $9.95 for up to 5000 shares.

I would trust a pro platform. Anything web based could be easiliy compromised by a hacker somewhere in Eastern Europe, and your equities might be liquidated at the wrong time, to be used to buy wrong stocks.
 
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