Broker for 50/100 trades day, low commisions

N

NSFTrader

Hello there

I'm new to this board, and hope I choose the right one - otherwise feel free to beat me up ;-)

I'm looking to implement an automated trading system that will trade a portfolio of 20 - 50 stocks. The trades are on a daily basis, with no overnight positions.

I'm looking for a broker that can handle the following:

- Receive a list of trades to do before trading starts (something like this: )
AMAT: Short 500
IBM: Long 700
...

- Execute the buy / short trades in the opening
- Execute the related covering trades (sell / cover) for the same stocks just before market close

Volume traded of the whole portfolio starts at 750k - 1 million US$ but could go up.

I'm looking for a broker with a small commision (obviously ;-) ), preferrably a percentage (a *small* percentage...) of volume traded.

Can anyone give me recommendations?

Thanks
NSFTrader
 
Hello NSFTrader,

You need a broker that supports Market-on-Open (MOO), Limit-on-Open (LOO), Market-on-Close (MOC), and Limit-on-Close (LOC) orders.

The only retail broker that supports them, as far as I know, is IB.
 
NSFTrader

are you always in the market? if not, you need to consider the interest of 750K size account? Not all brokers pay interest. Just a thought.

:p
 
Is a commission rate of $35 + 0.01 / share too expensive for you? With your trading volume, you can probably negotiate a discount.

If it is not too expensive, then I'd recommend Yamner, a non-online discount broker. See www.yamner.com

You can send them a simple e-mail with your instructions, and they'll do exactly what you ask.

Yamner offers great service, but at a much higher price than the online brokers of the world.

I can refer you and get you 10 free trades, after to you do the first 10 trades. Send me a private message if you are interested.

-- ITZ
 
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