Registered User
Joined: 12/2/2004
Posts: 1,775
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I opened a new online account three weeks ago with MB Trading, my first experience using a direct access broker. Comparing MB to the three other online brokers I’ve used at one time or another for years (Ameritrade, Etrade, Merrill Lynch Express), all I can do is kick myself for waiting so long. Sorry if I sound like a spokesman for MB, but their trading platform is hard to beat. Commissions are superb for my style of trading…$1 per 100 shares up to 500 shares, thereafter an additional $.50 per 100 shares ($7.50/1000 shares for example). And talk about speed, wow…MB is not web based; you’re connected directly to their servers, so fills and confirmation on-screen (combined!) are often less than half second for liquid stocks…even on a dial-up. As for customer service, no recordings and no menus, you get a live and knowledgeable rep fast. If you need to make a trade via phone…NO extra fee. But the broker is not for hand holding and comes without bells and whistles. I’ve used Medved Quote Tracker and Gainskeeper for years, and MB integrates smoothly with both. Only negative I find so far is that MB does not offer GTC orders, but a rep told me that GTC will soon be available. I opened with a small balance for the test drive, and now feel confident enough to move more funds there. The real gist of this post is to encourage anyone still using web based brokers to do as I do and try out a direct access broker…I’m sure there are others out there as good or better than MB, and once you try one you’ll be hooked. Happy trading.
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Registered User
Joined: 6/13/2005
Posts: 5
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I thank you for the information. I am at the cross roads as to stay with ameritrade or go to a direct access broker.I will try MB.
thanks
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Registered User
Joined: 12/2/2004
Posts: 1,775
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longhorn, you will not be disappointed imo. One other thing I forgot to mention, MB does not offer backfill for intraday charts. But if you keep a skeleton Ameritrade account you can use AMTD for backfilling, as they offer it and it works well. If you use a program similar to QT, you don't even notice, as QT lets you pick your backfill source independent of the streamer feed. And if you completely close down your AMTD account, QT offers several third party quote vendors that offer backfill for about $15 mo. And that's not a bad idea anyway to have a second quote provider as a backup when your main broker's quote feed goes down. Are you a hook'em horn fan, as in U. of Texas?
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Registered User
Joined: 10/7/2004
Posts: 133
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I have seen TradeStation's offers to me in the electronic mail and slow u.s. mail. Has anyone tried them out? They seem to be offering quite a bit and perhaps it would be a good back up to TC 2005. They have charting and seem to be seamless in conjunction with that as a broker as well; in addition, option quotes, backtesting etc. Does anyone have any positive experience using them as a trade platform? Their commission per trade seem fairly reasonable?
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Ok folks, as many of you know I trade on a regular base big blocks of 10,000 shrs or above in stocks trading under $15 dollars. I have used MBtrading and Ameritrade in conjunction some time ago. As far as I could tell the speed difference isn't that far apart. As my trading style developed I drifted away from MBtrading due to the commisions in large blocks of shares. Now, i am not sure what petry means by direct connection to their servers, but that is the way Ameritrade is set up. In fact in Ameritrade now you can route your orders to any specific plataform being Inet, archa, supermontage, etc, or you can let the system find the best fill for you. As you well know Ameritrade supports Trailing stops, and yes you can set up Medved to enter orders from within the application. If not you can use ameritrade rapid order entry (command center) and that is difficult to to beat in speed; yes they also offer fills and confirmations on the fly and on screen without refresh.
Ameritrade offers much more than this - you can even activate your stop limit orders now before they execute, and the new designed web plataform kick ass. Now this is all for just $10.99 market or limit unlimited shrs. Dow jones news and level II are free by just making 3 trades a month. That is the hell of a deal. And yes they have the best phone support of any discount broker usually within 30 sec you are in.
I have trade speed with ameritrade using level II, supermontage and time and sales (you know the kind of trading) moving big blocks and they have done a remarkable job.
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Registered User
Joined: 12/2/2004
Posts: 1,775
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BigB, I too use Ameritrade and have been basically satisfied with them. As for speed Ameritrade is fast if you're on DSL or cable, but I often move around with my notebook and MB is definitely much faster when on dial-up. But I use AMTD with QT, and QT bypasses AMTD's java platform, so yes AMTD is faster on QT than with web based Command Center. As for confusion about "direct connection to servers," what I'm trying to say is that MB and most other direct access brokers are not web based (their definition)...bottom line for a non techie like me is that it means I get a faster connection, especially when on dial-up and using QT.
Getting down to brass tacks I guess the big crunch for my hyping of MB is because of my trading style. Which is obviously at opposite end of yours in regard to block size. Where you often trade blocks of several thousand shares, I often trade in blocks of 100 to 500, mostly stocks of $5-$35, and because of my account size and fact that I never place more than 10% of my balance into any one stock. And since I make on average about 1,200 trades per year, MB would literally save me approximately $9,600 a year. That may be small change for some, but for me it ain't, and I suspect I'm not alone. But no doubt, once my account size is such that I find myself being forced to make multi-thousand share trades on a regular basis, then back to Ameritrade or another plan.
Your reply and argument for Ameritrade is commendable, and you make excellent points. I truly hope to trade in big blocks like you one day:)
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Registered User
Joined: 12/2/2004
Posts: 1,775
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Lost in this conversation is the catalyst that made me pull the trigger to sign on with MB Trading, and it should be noted by you, BigBlock, and any other AMTD client. I'm speaking of the big news a few weeks ago when Etrade made the offer to buy Ameritrade. I already have an Etrade account where I keep my longer term holdings, and I moved about one third of my Etrade balance over to Ameritrade three years ago so I could have a separate account for my active trading. No way will I let Etrade grab me back, lol. Of course we don't know if ET will eventually grab AMTD, but I'm prepared already:) BigB, what will you do if AMTD merges with ET? Though I only make about 20 trades per year with ET, they do have better pricing now more in line with AMTD...I'm charged 11.99 per trade at ET with Priorty ET, and they have improved the trading platform. And if you're an active trader there and qualify for Power Etrade, you get even better rates....so maybe you'd be quite happy there if you wake up one day and find yourself as an ET client:)
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Petry, Ameritrade has made already very clear that it will not be bought by E-trade.
Ameritrade is so much superior in plataform and service, that I am sure E-trade is afraid that it will be overcome in the future by Ameritrade, which probably will happen.
Ameritrade is in the process of buying another broker, I thing it is TD, and has plenty of cash in hand.
Besides Ameritrade already have Izone ($5 per trade - only internet support - no paper trail )and that is right now the cheapest that I know in discount brokers.
take care.
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Registered User
Joined: 6/20/2005
Posts: 2
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What are everyone's thoughts now that ameritrade has announced their proposed acquisition of tdwaterhouse?
I've been w/tdw for some years but am not a very active trader. I am doing some of my own dd with the intention of becoming a more active trader and appreciate comments on experiences with other brokers. My experience w/tdw has been o.k. but they definitely are not the lowest priced deal in town.
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Registered User
Joined: 12/19/2004
Posts: 457
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My two cents...
I used to be an Ameritrade customer, but their capacity for options trading leaves a lot to be desired.
First, only covered calls in an IRA. You aren't even allowed to put a collar on a stock you own! Where is the sense in that???
Second, there are multiple hoops you have to jump through just to get approval for spread trading.
Third, once you actually get approved for spread trading, you can't even do any ratio spread online! You have to call their broker (for an extra fee, of course) in order to place any type of backspread, or more complex type spread order, even if it involves no short options.
Needless to say, I've moved my accounts over to OptionsXpress. I haven't had any problems with them so far. If you trade options, they are the way to go.
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Registered User
Joined: 12/2/2004
Posts: 1,775
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[quote=tilda]What are everyone's thoughts now that ameritrade has announced their proposed acquisition of tdwaterhouse?
tilda, Ameritrade/TD may still eventually merge with Etrade or Schwab in not too distant future; Ameritrade CEO Moglia left open that scenario yesterday. If think the AMTD/TD merger could force Etrade and Schwab into a bidding war in a year or two for the new giant. Or maybe Schwab and ETrade merge. At the moment I find myself with three brokers (MB Trading, AMTD, and ET), but three's a crowd and I will close down one sooner or later, but it won't be MB Trading as I consider it superior for active/fast/cheap/reliable trading.
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Registered User
Joined: 3/25/2005
Posts: 864
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Until I heard about MB Trading, I thought Scottrade was the way to go.
Other than getting great executions for a commission that is cheaper than most, I require that the broker allows me to Short odd-lot shares, i.e. if I want to Short just 20 shares of a stock with Scottrade, I can do that.
Does MB Trading allow this also?
Also, You can open a Scottrade Margin Account with as little as $2000.00. But, MB Trading requires $5000.00
You can also get a debit card or checks for your personal brokerage account.
Does MB Trading offer that?
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Registered User
Joined: 3/12/2005
Posts: 32
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I have done business with MB since 1998. They have the best customer service in the online industry. And I have worked with a almost all of the direct access brokers from time to time as the operator of a active trading site.
Steve Demerest is the president of MB trading and you can always get either him or one of his staff guys on the telephone any time you have questions or issues. They are a very hands on firm and I highly recommend them.
KingCAMBO
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