Currently, one execution eliminates one cancel fee. If you had three cancels, then traded 15 contracts, you would have to "unbundle" that order into three 5 contract orders to eliminate the cancel fees.
After the new changes, you will be able to eliminate three cancel fees with a single 15 contract SMART-routed execution.
But with all this crap, I ask again why any of you should really want to trade options at all anymore. Single Stock Futures give you none of this garbage to deal with. There's only two complaints people can make about Single Stock Futures: 8¢ spreads, and limited list of SSF stocks to choose from.
8¢ spreads? So what? With options, you're generally trading a
minimum of 5¢ spreads, because they trade in 5¢ increments. Quite often, the spread on options is 10¢ or even more. When you factor in the costs of these cancellation fees, that adds more pennies to the cost of trading an options contract, depending how much you cancel or modify your orders.
SSF:
- NO cancellation/modification fees! Cancel/modify at will!
- No Time Decay. Your timing must be perfect when you buy options.
- No PDT. You need $2,000 to trade SSF. With $2,000 you can trade SSF as often as you want. Screw you, S.E.C.! {middle finger}
- 5:1 margin, intraday and overnight. This generous leverage gives you as much profit potential as you will get from options even if your timing is perfect, which it needs to be with options.
I don't understand why people snivel about 8¢ spreads on SSF, while banging their heads against the brick wall that is options. I think people are just reluctant to try anything that is new and not widely discussed. I'm glad that I'm a person who is willing to try something new.
And I'm glad that SSF came along when they did. They allow me to say a hearty "Screw you, S.E.C.!" every time I trade them or even place an order to trade them that I later cancel (with no fee!).
