Which broker do you use?
Inexpensive Options Brokers
- Thread starter JayK
- Start date
The company I mention offers a choice between Direct Access platform or regular web platform, and they offer the same $.65 per contract rate for my group for either platform.
A trader who wants/needs great executions should use a Direct Acces platform; the flexibility to enable quick execution and to make split second decisions is criticial. The biggest difference is that you can have several order boxes on the screen at the same time, and you can watch if the size of the bid or the ask is mounting, and decide to execute or hold off your order to the last moment(s)-- and from my experience, the difference is far more pronounced on direct access for option trading than for equity trading. The potential monthly fee (unless waived) is more than made up for.
A trader who wants/needs great executions should use a Direct Acces platform; the flexibility to enable quick execution and to make split second decisions is criticial. The biggest difference is that you can have several order boxes on the screen at the same time, and you can watch if the size of the bid or the ask is mounting, and decide to execute or hold off your order to the last moment(s)-- and from my experience, the difference is far more pronounced on direct access for option trading than for equity trading. The potential monthly fee (unless waived) is more than made up for.
Have you tried condors for option strategies? (IF done properly, my understanding is this can offer some of the better option plays out there in terms of risk/ return.
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Option trader;
B5476 trader had a good point about execution.
How does your$0.65 broker's executions compare with say;
IB & OXPS , who are generall pretty good stock & option brokers.????????????????????????????????????????
IB could use some improvement on thier charts/data last i looked;
OXPS could use some comission cuts on thier $ 15,
but most of thier personalities are workable, unlike RFX.
Both give pretty good limit order$, stocks, market exits on liquid stuff;
price improvements on BOX[,CBOE,ISE],BOX.......
Wisdom is profitable to direct.
Quote from murray t turtle:
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Option trader;
B5476 trader had a good point about execution.
How does your$0.65 broker's executions compare with say;
IB & OXPS , who are generall pretty good stock & option brokers.????????????????????????????????????????
IB could use some improvement on thier charts/data last i looked;
OXPS could use some comission cuts on thier $ 15,
but most of thier personalities are workable, unlike RFX.
Both give pretty good limit order$, stocks, market exits on liquid stuff;
price improvements on BOX[,CBOE,ISE],BOX.......
The broker I mentioned has amazing execution speed, price improvement, and top quality customer service e.g. e-mail response time and flexibility for the customer needs.
No such $15 OptionsXpress fees. The option rates for my group's volume get as low as $.50. They offer price improvement as well.
Among browser based brokers, I think OptionsXpress is the best; but this company is a Direct Access broker, who are in a league by themselves. E.g., at least with this company I found it safe, quicker, and more reliable to leg into spreads, then to place the orders as spreads with OptionsXpress, as you have 4 order boxes in front of you, and within seconds you can do one order after the other (after first watching if the bid/ask flow changes). I traded over 50k option contracts in a month on their platform placing spreads, and never a problem legging in.
If you need sophistication and research amenities, although they are good, IB is better; otherwise the above is a neater system.
If interested, send private message for more details.
IB is now $.75/contract with a $1 min per trade.
IB has no fee for executing an option.
I vastly prefer Tradestation's platform, but they charge $25 for each execution, and are still at $1/contract commissions.
IB has no fee for executing an option.
I vastly prefer Tradestation's platform, but they charge $25 for each execution, and are still at $1/contract commissions.
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Option trader;
Neat read/write
Does your broker show??????????????????????????
AMEX bid/ask[not that thats important@ this time
]laugh out loud . Maybe that newly annointed AMEX CEO will fix it some dayPSE,bid ask
BOX ,bid ask
ISE ,bid ask
CBOE, bid ask
PHLX ,bid ask
OptionsXpress [OXPS]has pretty good data on all those , in one helpful, easy to read box .
Fully Articulate,good point ,use Interactive Brokers[IB] myself also;
did you see Nitro link to Red Sky, lots of stock exchanges.
''Hope this helps''
Bright Trading company quote
Reply to Murray,
Yes, all 6 option markets (on 6 lines) each with bids and asks; they simultaneously act as order boxes as well, up to 4 order boxes on the screen at once.
Yes, all 6 option markets (on 6 lines) each with bids and asks; they simultaneously act as order boxes as well, up to 4 order boxes on the screen at once.