Brokers that allow three decimal places??

Robert Weinstein · May 19, 2002

I have read some threads on brokers that allow one to place "hidden" orders on Island as well as posting bids/asks that have three decimal prices. (i.e. 10.029 ). What I did not see was the name of brokers.

I would like to know the name of any brokers that allow posting of three decimal posts.

Thanks

SethArb · May 19, 2002

I think datek online lets customers do this

what you save in placing an order this way is probably

lost in commissions though , unless you trade size of at least

1000 shares

Robert Weinstein · May 19, 2002

SethArb, Thanks for your reply.

I just switched from Datek to Daytradz. I did try to put in the "extra" decimal with them and they did not allow it.

Upon further research it does appear that pointdirex(sp?) may do both hidden and more than two decimal places but the commissions are much higher than daytradz ( At least for my style of trading )

I am looking at IB to trade with. Does anyone know if they allow it??

momotrdr · May 19, 2002

Originally posted by 1Reason
I have read some threads on brokers that allow one to place "hidden" orders on Island as well as posting bids/asks that have three decimal prices. (i.e. 10.029 ). What I did not see was the name of brokers.

I would like to know the name of any brokers that allow posting of three decimal posts.

Thanks

Tradestation

Jaba122 · May 19, 2002

no, IB only allows 0.01 increments

North Pesos · May 19, 2002

You can use the third decimal with ABW.

jaan · May 20, 2002

Originally posted by SethArb
I think datek online lets customers do this

i just went ahead & tried to enter a 3 decimal place order with datek. no go:

"Sorry, 50.111 is not a tradable price for MSFT . Orders must be placed in minimum decimal increments of one cent(s) (0.01). "

- jaan

drdr · May 20, 2002

You can do it with TradeStation.

Robert Weinstein · May 20, 2002

Thanks for the replys.

I have an unfunded Tradestation account and may need to take another look at them. The commissions and not having radar are the reasons I did not fund.

My current broker uses realtick which is ok but expensive for an order entry system. ( I also use quotes.com with SWP for screening) The cool thing is they rebate back to me the Island rebate of .0011 which helps keep the transaction cost down.

Sure wish there was a way to lower my commissions AND get all the tools the "big boys" get.