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BEST first direct-access broker for newbie?
- Thread starter bigpig41
- Start date
Quote from bigpig41:
about $17,200.00 this year in commissions...........what I'm trying to figure out though is how much more say Terranova would be? E-trade can't do it for the 17 thousand figure..........their system doesnt work.............but in reviewing direct acess fees with Terranova seems my total trading fees and commissions this year would have been probably double what I've paid..........IS THAT WHAT DIRECT ACCESS BROKERAGE EXPENSES RUN???????????
why don't you just open an account with the minimum and see how you like it. then make a complete switch if you do. use the 50k, start w/ 5k at a broker. if you like it, transfer 20k because it takes a while for funds to clear even if you wire. when you're up and running on both, transfer the remaining money to new broker.
Quote from bigpig41:
Thanks for the advice..........I'm considering tradestation as well as terranova, and a little one called Mastertrader
Why are the broker ratings so skewed in number to interactive brokers?
probably because they are the cheapest, give the most interest, and the most markets. I don't like having 2 apps at once, since TWS is also a resource hog. I think the best broker is the one you make the most money with.
Quote from bigpig41:
Do you traders with interactive brokers experience reliability problems when market activity picks up??
I have only had to call IB twice since I've been with them. Both times were account question specific, not trade or technical related.
I had a question regarding margin and interest rates. I haven't experienced any significant problems with the TWS platform (knock on wood) to date. The feed is reliable and concurs with other feeds I receive.
Basically IB is the place for executions and commission structure. Like it has been stated, you're going to have to investigate other software packages (such as charting) for all the bells and whistles. You use the IB feed to execute upon and other vendor packages to interpret the feed.
You seem to be having difficulties with commisions at other places. IB commisions are about (if not THE BEST) around. It really is that simple. Basically IB gives you the window to the markets and keeps it VERY AFFORDABLE and in order to do this they keep their costs contained by not having extensive call centers.
Like it has been stated, if you know what you are doing and want to get serious about trading (don't need hand held) then IB is what a lot here are using. Now as far as add-on software, use the software section here at ET and keep researching. Making a switch should not be painful or done in haste.
My only las piece of advice, if you are consistently making money where you are at, MAKE A TRANSITION SLOWLY AND COMFORTABLY. In other words take a portion of your capital and move it first, check out the new place and MAKE SURE IT IS WHAT YOU WANT/NEED.
Again, I have NO AFFILIATION with IB other than a pleased customer. Then again I don't think since I've been trading/investing (over 15 years) that I've called my broker more than a dozen times, and mostly about account issues - not technical or trade related items.
Good Luck!
does the TWS take up a tremendous amount of memory out of your computer? I was able to decrease the amount of memory being used out of my little computer's 512MB of memory by reconfig. the Windows startup and getting rid of a bunch of stuff not necessary........however, I still show like 250MB being used up when looking at the performance on task manager. on that same task manager window under "processes" it still showed about 20 processes with names like "Compaq_Owner" and "System" that I'm afraid to delete or "end the process" because I dont know what they are. But it seems ridiculous to have half my 512 of memory used up from just turning the computer on without having any windows or applications actually open>>>>>>not sure I have enough room on the little machine to run TWS
Quote from bigpig41:
does the TWS take up a tremendous amount of memory out of your computer? I was able to decrease the amount of memory being used out of my little computer's 512MB of memory by reconfig. the Windows startup and getting rid of a bunch of stuff not necessary........however, I still show like 250MB being used up when looking at the performance on task manager. on that same task manager window under "processes" it still showed about 20 processes with names like "Compaq_Owner" and "System" that I'm afraid to delete or "end the process" because I dont know what they are. But it seems ridiculous to have half my 512 of memory used up from just turning the computer on without having any windows or applications actually open>>>>>>not sure I have enough room on the little machine to run TWS
having only 512 of ram might be part of your original problem w/ etrade. I'm running 2gb of RAM and TWS still takes up more room than I like when running w/ TS.
I have a second bigger machine with 1024MB of memory and thats where I run the platforms.....that machine will run the E-trade Pro and seven futures charts and still not exceed its memory.......gets up to about 750 MB......whatever I decide I'll have to divide up the load between machines