Daytrading Broker

If IB makes you nervous, there are many alternatives to choose. Most of us here like them because of ALL the products that we can trade thru one broker and let the little problems that arise from time to time not cloudgood luck the big picture. No broker is perfect, so if that is what you seek, it is a Quixotic endeavor.

That being said, it appears you want to trade equities and not futures or forex, so look into Lightspeed, Genesis, or maybe MB Trading. Both Lightspeed and Genesis have retail account divisions, but both these platforms are used by various prop shops throughout the country so you can be assured that the platforms are good for daytrading equities. Can't speak for MB Trading, but there are some people here who are content with them.
 
Look at the smaller direct access firms! They have everything IB and Tradestation does all in one and will blow the big guys commsions out of the water.

IB @ .01 / share? What is this 1995? lol.
 
Quote from theshark726:

Look at the smaller direct access firms! They have everything IB and Tradestation does all in one and will blow the big guys commsions out of the water.

IB @ .01 / share? What is this 1995? lol.
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Where exactly is it that IB charges 1 cent a share? Are you trying to mislead people?
 
Ib has various 3rd party chart vendors. I have used ensign, although has its share of problems, but I find the learning curve for another system, too much to hassle with. I have used various programs with both equities and futures, and settled with ensign for real time and telechart for EOD.
Referencing MB, I also have accts with them, although unsure of futures or forex, but with equities they are good, but cannot fully vouch for scalping. I scalp ETF's, FAS,FAZ, and need the one to two click no brainer since they can move 2-3% either way after purchase.
 
Interactive broker's commission is 0.005$/share. This means for 2000 shares it costs $10 each way. What are the advantages of day trading with IB if other individuals offer a fixed rate commission price. I understand companies like tradeking, TOS etc are not as highly regarded but it appears that the commission is rather high? Am i missing something?

My intended goal is to daytrade and swing trade etfs such as FAS/FAZ etc with a couple thousand share lots, trading 2,00 shares to try and observe a 0.20 price appreciation would put me at a commission of $20 to make a $200 profit. Thanks for the help.
 
Quote from spellman21:

Interactive broker's commission is 0.005$/share. This means for 2000 shares it costs $10 each way. What are the advantages of day trading with IB if other individuals offer a fixed rate commission price. I understand companies like tradeking, TOS etc are not as highly regarded but it appears that the commission is rather high? Am i missing something?

My intended goal is to daytrade and swing trade etfs such as FAS/FAZ etc with a couple thousand share lots, trading 2,00 shares to try and observe a 0.20 price appreciation would put me at a commission of $20 to make a $200 profit. Thanks for the help.
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The difference is that most brokers that offer fixed price do not have direct access like IB, Assent, Lightspeed or Genesis has. Google direct access vs one price brokers to see the difference.

There is a reason why most daytraders and most every equity trader on the forum use these type of brokers and either trade on their own or trade thru a prop shop.

No one says you have to go thru IB, there are others. Also know that the IB rate you quoted is for "all-in pricing" i.e. you don't pay/take and ECN fees. If you go the unbundled rate route and consistently provide liquidity for your trades, then you can significantly lower that per share cost. But if most of your trades are market orders, you are better served using all-in.
 
Lightspeed is .00395 or $3.95/1000 shares. Whichever broker you chose depends on the products you trade. For me, the difference of .00395 vs .005 adds up with the number of shares I trade over time.

For intraday trading you have to go direct access or forget it. If you try to scale in and out of positions (i.e. 100 shares a trade) or want to take profits incrementally while leaving some of the position on you will be eaten alive at say $7/per trade vs a direct access where you could get in at .39-.50 per 100 shares.
 
Quote from illinimatt81:

Lightspeed is .00395 or $3.95/1000 shares. Whichever broker you chose depends on the products you trade. For me, the difference of .00395 vs .005 adds up with the number of shares I trade over time.
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That 3.95/1000 is not ALL in like IB. So depending on your trading style IB may be better for you.
 
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