Time to move to a new broker. Do not get me wrong, I've made good money on this volatility, but I am an amateur in many ways and just getting started. I trade mostly index futures right now and my commission with TD/ToS is $2.25 all in per side ($4.5 round trip). I got their fees down to $1 but paying $2.25 per side all in when I trade thousands of lots every day is kind of annoying.
((Also, _please_ dont bother mentioning how much of a nub I am trading futures on ToS at this size. Yes, I know, I've been told, a hundred thousand times. And don't bother mentioning how I am a fraud. You can join my livestream I'll send link privately if requested, or dont bother commenting regardless. I was a passive investor and barely knew about futures and just happened to be with ToS when the market crashed. I am a quick learn and got a hold of it trading 1 lot in March, then 3 lots, 5, 10, 20 etc. Now I trade 200ish every few hours on average and pay like $2k per day in commission.))
Am posting here because I have many different questions covering many topics. If someone can help I'd be very grateful. I trade multiple products, right now index futures but have written and bought options (got 25 cents per contract with them), stocks, etc. I grew my account size quickly but still remain a novice in many areas.
ToS has many issues, but regardless of them I am wondering:
For someone with an account size as big as mine, and with the number of lots, option contracts, etc. I am trading, is it worth opening a 'private brokerage account'? What are the benefits here? Does anyone know much about these types of accounts, with GSEC, or JPM Securities, or Bloomberg Tradebook or where I can find such info? My cousin works for Goldman and is asking around but works on syndicated loans desk or smthng or other so doesn't know much.
Also, is it worth buying or leasing an IOM seat? How do I go about doing it?
Is a private broker not worth it and I can find the same order execution, extremely low to 0 cost commission/fees across all assets classes with a retail broker? What are the benefits here? Order execution? Dark pools? Margin interest rates? Free top tier tax advice? Are the intraday futures margin requirements better? ToS has shut them off, no intraday on futures, ive literally never had the ability to use it. ToS has restricted other things too across the company, like not being able to trade the June oil contract weeks ago which really pissed me off.
So many questions, so little information I have. Excuse the lack of sentence fluency, am trying to figure out so much in such a small amount of time.
Thank you.
TLDR: I want to buy an IOM seat and join JPM Securities or similar (private brokerage if that's the right term) but idk if this is even worth it and what the benefits are vs good retail brokers.
