Looking for new Broker

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Islandview

Hi all,
The current merger of Options House & TradeMonster means that for me the ability to place time & price (underlying) triggers for options orders will no longer exist.
I need to find another broker who provides this feature as all my orders are for the last hour of the session and being in Australia I place the order well before the market opens.
IB are one solution but they currently have severe restrictions for Aussie clients. Cannot hold short call positions or use margin.
Commission structure is vital for me as the difference between Options house and, say Options Express is about $1000 PER MONTH in fees.
Have searched the net but haven't really come up with a viable solution.

Any suggestions for a new broker who meets these requirements would be appreciated.
 
Islandview said:
Hi all,
The current merger of Options House & TradeMonster means that for me the ability to place time & price (underlying) triggers for options orders will no longer exist.
I need to find another broker who provides this feature as all my orders are for the last hour of the session and being in Australia I place the order well before the market opens.
IB are one solution but they currently have severe restrictions for Aussie clients. Cannot hold short call positions or use margin.
Commission structure is vital for me as the difference between Options house and, say Options Express is about $1000 PER MONTH in fees.
Have searched the net but haven't really come up with a viable solution.

Any suggestions for a new broker who meets these requirements would be appreciated.
More...

Thinkorswim (Ameritrade) ?
 
JesseJamesFinn said:
What Option Orders are you talking about, can you provide any examples of how this type of order works?
More...

Surething JesseJamesFinn

The order goes like this:

If XYZ stock trades > say $50.00 during the last hour (or after first hour) of the session, then place market order for XYZ option.
The XYZ option order could be anything from a straight directional bought call or put, to credit or debit spread, to butterflys or iron condors or anything else.

I must be able to place the option order with both underlying price and time conditions attached.

Hope this clarifies the issue.
 
Islandview said:
Hi all,
The current merger of Options House & TradeMonster means that for me the ability to place time & price (underlying) triggers for options orders will no longer exist.
I need to find another broker who provides this feature as all my orders are for the last hour of the session and being in Australia I place the order well before the market opens.
IB are one solution but they currently have severe restrictions for Aussie clients. Cannot hold short call positions or use margin.
Commission structure is vital for me as the difference between Options house and, say Options Express is about $1000 PER MONTH in fees.
Have searched the net but haven't really come up with a viable solution.

Any suggestions for a new broker who meets these requirements would be appreciated.
More...

Im pretty sure its your account type.
I had the same issue with IB. then i changed my account type from Cash account to Margin account .
Check it out
 
Gimpyron said:
Im pretty sure its your account type.
I had the same issue with IB. then i changed my account type from Cash account to Margin account .
Check it out
More...

Thanks Gimpyron, but IB donot allow margin accounts for Australian Customers at the moment. This has been the situation since Aug 2013. The Australian Investment & Securities Commission (ASIC) and IB have some issues which have not been solved. So IB is out at the moment.
 
Alright
just make sure when you swap your broker, check that you actually can trade every position (long and short).
the inability holding short positions in IB costed me 1700$ - pure waste caused by lack of alertness
 
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