Commission free trading with direct access

trend2009 said:
that is good to hear the fills are identical. do you send orders to fidelity via API?
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No I just input trades using Fidelity Active Trader Pro with manual entry. It does not have the ability to upload orders from a spreadsheet so there is manual labor involved if you have lots of orders. They have an API?
 
777 said:
Adverse Selection.

If your order looks good to the algorithms they will step on front of you by 1/100 th of a penny and if their fill starts to look bad the algo will dump the stock on you.

If your order looks not so hot to the algos, you get filled.

1. Algos are "smarter' than you.
2. Algos are faster than you.
3. Algos are allowed to trade in fractions of a penny and you are not, allowing them to step in front of your order.
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as long as my order is filled, do i need to care about how hft is doing? if they can predict whether my order is good or bad, they can do so without my order anyway, given my order is so small. only if citadel intentionally does not allow price to pass my limit. you think that is realistic for 1000 shares on apple to change market direction?
 
R1234 said:
No I just input trades using Fidelity Active Trader Pro with manual entry. It does not have the ability to upload orders from a spreadsheet so there is manual labor involved if you have lots of orders. They have an API?
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i wish they provide api. if so, i will move there from ib.
 
R1234 said:
The way I trade however is more simple - basically I trade at the open or at the close or at limits intraday.
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So people who use passive limit orders via DMA brokers are getting rebates. Sometimes they get more than they pay in comissions.
The only people that benefit from zero commission, imo, are the people who take liquidity on thick stocks and are not concerned with a few pennies of slippage.
Of course we haven't had really volatile days for people to experience what it feels like to get your stops slipped.
 
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trend2009 said:
you think that is realistic for 1000 shares on apple to change market direction?
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Yes, it's very realistic on a regular day. You will see price bounce right off your order by a penny while you watch in disbelief. Magic!
 
Lol, 50k usd in commission per year and you seriously think you gain a cost advantage by going with a no commission broker? Either you are swinging extremely large positions (multiple million usd notional a pop) or you are insanely naive.

R1234 said:
I suppose IBKR Pro is somehow value added for people doing complicated algorithmic execution. The way I trade however is more simple - basically I trade at the open or at the close or at limits intraday. I am not high frequency but rather I do 'frequent' swing trading. Given my vanilla order types and trading in very liquid large caps, I am seeing the same executions at Fidelity. Maybe IBKR Lite is equally as good for my trading style but I will never know as they won't let me use lite. So come year end I may move my whole account over to Fidelity. Definitely won't mind saving the roughly $50k in yearly commissions I have been paying!
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EXACTLY, and this is the only one single reason where it makes sense to switch to such business model. All else is just a reflection of the retail trader not understanding the fine print and ending up with a net inferior outcome. And good luck obtaining the order trail in case of a dispute that may decide over large sums of money. Flash crash ring any bells? Busted trades will set the heads of those naive guys straight.

qlai said:
So people who use passive limit orders via DMA brokers are getting rebates. Sometimes they get more than they pay in comissions.
The only people that benefit from zero commission, imo, are the people who take liquidity on thick stocks and are not concerned with a few pennies of slippage.
Of course we haven't had really volatile days for people to experience what it feels like to get your stops slipped.
More...
 
GRULSTMRNN said:
Lol, 50k usd in commission per year and you seriously think you gain a cost advantage by going with a no commission broker? Either you are swinging extremely large positions (multiple million usd notional a pop) or you are insanely naive.
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Maybe I am being naive. Maybe its too good to be true. But that is why I am running it side-by-side for a while to see for myself.
 
qlai said:
Yes, it's very realistic on a regular day. You will see price bounce right off your order by a penny while you watch in disbelief. Magic!
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if you are not minute-time-frame traders,why do you need to care? if the stock wants to go down, it will go down regardless of your 1000 shares.
 
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