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Stay with Scottrade?
- Thread starter otherguy
- Start date
i like the pending approval signal while waiting to get short - when i first started i thought that was a real signal. but, its like the MMs saying, "should we let this guy short it, or should we short it ourselves." so you occassionally get your short order, but only when its moving up. when its moving down in your direction on a short - you're pending approval. its okey if you go long almost exclusively on swing positions - okey, but not great, 'cause you still gotta get out and gotta make sure they fill ya. and if you dont get filled, the trading desk can point to the mysterious "crossed-market" which never occurs in your favor. i still trade scottrade for larger orders on swing positions, i am sitting there when they get to me, but im really not trading that much right now.
my partner went to IB and has never looked back - and he's picky. ill do the same when business slows down and i get back to DT.
do yourself a favor, go direct ASAP and cut your tuition and frustration.
my partner went to IB and has never looked back - and he's picky. ill do the same when business slows down and i get back to DT.
do yourself a favor, go direct ASAP and cut your tuition and frustration.
I'm in a similar position as the first poster. I'm trading during the day and working (as a programmer from my home office) at night, so I can guarantee an income while learning trading. I'm brand new at this game, so this may be a stupid question.
I use an Ameritrade account, and have been having some success with buying and selling 2,000 to 10,000 shares at a time of stocks costing between $1.00 and $5.00 per share. I've been eyeing an IB account, but it seems like I'll get killed with higher commission costs. I realize the benefits of faster execution, and I like the idea of a programmable API.
First, am I missing something (is there something about the commission structure I just don't understand)? Second, is there some reason why it would make sense to move to higher-priced stocks? (That's one way to reduce the per share commission costs.)
Thanks in advance.
I use an Ameritrade account, and have been having some success with buying and selling 2,000 to 10,000 shares at a time of stocks costing between $1.00 and $5.00 per share. I've been eyeing an IB account, but it seems like I'll get killed with higher commission costs. I realize the benefits of faster execution, and I like the idea of a programmable API.
First, am I missing something (is there something about the commission structure I just don't understand)? Second, is there some reason why it would make sense to move to higher-priced stocks? (That's one way to reduce the per share commission costs.)
Thanks in advance.
Quote from StockSniper:
I'm in a similar position as the first poster. I'm trading during the day and working (as a programmer from my home office) at night, so I can guarantee an income while learning trading. I'm brand new at this game, so this may be a stupid question.
I use an Ameritrade account, and have been having some success with buying and selling 2,000 to 10,000 shares at a time of stocks costing between $1.00 and $5.00 per share. I've been eyeing an IB account, but it seems like I'll get killed with higher commission costs. I realize the benefits of faster execution, and I like the idea of a programmable API.
First, am I missing something (is there something about the commission structure I just don't understand)? Second, is there some reason why it would make sense to move to higher-priced stocks? (That's one way to reduce the per share commission costs.)
i believe there are firms that provide "per ticket" rates.
Thanks in advance.
Quote from StockSniper:
have been having some success with buying and selling 2,000 to 10,000 shares at a time of stocks costing between $1.00 and $5.00 per share. ... Second, is there some reason why it would make sense to move to higher-priced stocks? (That's one way to reduce the per share commission costs.)
Institutions deal with higher priced issues, making for nice movement in the price, but I'm thinking, if what you're doing is working for you, why change it?
If you do more than 1000 shares at a time, and all in - all out every time with no exceptions... then stay with Scottrade or a sub par equivalent. This means you will always get filled on 1000+ shares on your limit orders in, and presumable get out on the market for exits.
If you want the flexibility to size in, size out, access to track futures, bonds, currency, etc. and so forth.. then IB would be better.
Personally I got tired of getting filled on 674 shares and then having to pay another whole commission to get another 400 filled. Price would have to move alot of cents just to break even on the commission.
Buying 100 shares on IB at $1 commissions means it goes 1 cent and I break even.
If you want the flexibility to size in, size out, access to track futures, bonds, currency, etc. and so forth.. then IB would be better.
Personally I got tired of getting filled on 674 shares and then having to pay another whole commission to get another 400 filled. Price would have to move alot of cents just to break even on the commission.
Buying 100 shares on IB at $1 commissions means it goes 1 cent and I break even.
Institutions deal with higher priced issues, making for nice movement in the price, but I'm thinking, if what you're doing is working for you, why change it?
Thanks, that's a good point. But, like us all, I'm always looking to improve what I'm doing and become more profitable. I certainly wouldn't put my record up against anyone's who does this full time -- I'm just not that good yet. I like the idea of getting better movement on price; there do tend to be many times when a cheap stock will get to a certain price and just sit there.
If you do more than 1000 shares at a time, and all in - all out every time with no exceptions... then stay with Scottrade or a sub par equivalent. This means you will always get filled on 1000+ shares on your limit orders in, and presumable get out on the market for exits.
That's pretty much what I'm up against, yes.
If you want the flexibility to size in, size out, access to track futures, bonds, currency, etc. and so forth.. then IB would be better.
Personally I got tired of getting filled on 674 shares and then having to pay another whole commission to get another 400 filled. Price would have to move alot of cents just to break even on the commission.
Buying 100 shares on IB at $1 commissions means it goes 1 cent and I break even.
I see your point...especially in the context of what the previous poster said about being able trade in higher priced shares, which move more.
Thanks to everyone who responded. It's been very helpful.
Thanks, that's a good point. But, like us all, I'm always looking to improve what I'm doing and become more profitable. I certainly wouldn't put my record up against anyone's who does this full time -- I'm just not that good yet. I like the idea of getting better movement on price; there do tend to be many times when a cheap stock will get to a certain price and just sit there.
If you do more than 1000 shares at a time, and all in - all out every time with no exceptions... then stay with Scottrade or a sub par equivalent. This means you will always get filled on 1000+ shares on your limit orders in, and presumable get out on the market for exits.
That's pretty much what I'm up against, yes.
If you want the flexibility to size in, size out, access to track futures, bonds, currency, etc. and so forth.. then IB would be better.
Personally I got tired of getting filled on 674 shares and then having to pay another whole commission to get another 400 filled. Price would have to move alot of cents just to break even on the commission.
Buying 100 shares on IB at $1 commissions means it goes 1 cent and I break even.
I see your point...especially in the context of what the previous poster said about being able trade in higher priced shares, which move more.
Thanks to everyone who responded. It's been very helpful.