Registered User
Joined: 9/30/2006
Posts: 317
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Who provides best service to cost ratio between Interactive Brokers and Tradestation. Any suggestions welcomed.
Thanks
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Registered User
Joined: 9/13/2006
Posts: 143
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Interactive brokers .
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Registered User
Joined: 5/15/2007
Posts: 18
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zecco is free and it doesn't get any more discounted than that. I have only made 1 trade with them bought at market, executed immediately. I am still holding though so I can't tell you how the sell execution is
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Registered User
Joined: 10/26/2005
Posts: 238
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Gmnash, Nothing is FREE in Waterworld. Both IB and TS cater to experienced Traders. I use MB Trading it is low cost, simple and I get great fills. AB
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Registered User
Joined: 5/15/2007
Posts: 18
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QUOTE (allenbary) Gmnash, Nothing is FREE in Waterworld. Both IB and TS cater to experienced Traders. I use MB Trading it is low cost, simple and I get great fills. AB
zecco really is free
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Registered User
Joined: 10/7/2004
Posts: 2,126
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I guess there is some confusion here. Lets see folks - are we taking about Discount broker or Direct Access Brokers?
All the one mentioned here are Direct Access. The original title of the topic called for Discount.
????
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Registered User
Joined: 2/21/2007
Posts: 1
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I there such a thing as an automated stop-loss, that moves up as the price moves up?
If so what is the correct term for it?
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Registered User
Joined: 6/6/2005
Posts: 1,157
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it's called a trailing stop-loss.
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Registered User
Joined: 9/30/2006
Posts: 317
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But back to the original question...does everybody agree with Interactive Brokers as the best of the 2 or?
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Registered User
Joined: 1/28/2005
Posts: 6,049
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Remember that when discussing broker usage. Your style
of trading. The size of your account. The complexity and
frequency of your orders. All play a role.
Most. If they are satisfied with what they have. Have not had a
chance to "sample" all the brokers.
See this post:
http://www.worden.com/training/default.aspx?g=posts&t=17884
Thanks
diceman
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Registered User
Joined: 10/26/2005
Posts: 238
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There is more then one way to pay a for a trade. If we both put in a limit order to buy 10.00 zecco fills you at 10.00 from there pool, I get filled at 9.96 you just payed a fee and did not even see it. Why would they let you trade for free cause their nice guys? No, they get paid you just dont see it.
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Registered User
Joined: 10/7/2004
Posts: 264
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I can comment on Interactive Brokers which I currently use. They are a no frills broker -- simply order entry. No real charts or historical data. Their TWS order entry platform is somewhat cumbersome to operate, untill you get used to it and work with all the features. They do have web site support, webinars, etc. to help teach their order platform. Their book trader looks interesting (haven't really used yet), but seems limited compared to others. Data is $10/month if less than $30 in commissions. Commissions are about as cheap as they come for retail.
So you have to use some add on products if you want a complete trading platform. I use TC for stocks and ensign for futures ($39/month). I have been looking at some alternative order entry interfaces like Ninja trader ($50/month) and bracket trader (Limited edition is free) to simplify futures trading.
Based on that, Tradestation became interesting when they offered to waive their $99 platform fee with a certain amount of trading. But right now, with the free bracket trader, my costs are still less since my trading is heavy some months and light in others.
As for execution, I have had some issues. Most recent was a trade in TASR. I was long with a bracket order with a sell stop/limit below and above my entry. We'll I should have been stopped out, but it didn't execute because I wasn't allowed to go short TASR. No sure why they wouldn't execute the stop and cancel the short. Worked ok the week before in the same stock. Took some extra pain on that one.
Good luck.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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You always get what you pay for. That will never change.
What changes is the lies you are told about how much you save, or how much discount, or this or that. If you want quality you have to pay for it - it doesn't come for free.
What really struck me all the time, and for a long time - as I see it day in and day out - is that folk who are willing to put large amounts of money on the line careless about the quality of trades they are provided by their brokers. They just look at how much is he commission.
I assume they think all trades are carried out in similar ways, or that it is the same regardless how much you pay for it.
Far from the true so.
If those just concentrated a little more on the trades themselves, and in having around the right set of tools and services instead of thinking of ways to save a penny. I personally think that you would be much better off. Like Allenbary said - Free? you fool.
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Registered User
Joined: 4/18/2005
Posts: 4,090
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BIGBLOCK:
I noticed AGAIN you didn't submit your thoughsreguarding the question.. only critical whimsical remarks. it's a simple enough question WHO DO YOU THINK IS THE BEST BROKER? quantify it however you want... direct access or discout what ever.
Golfman 25:
I've had the same problem several times.. it's been a few weeks now and it isn't fixed.. i'm concerned and threatening to leave them. I was refunded the difference for my first trade where I discovered the problem... just so you know. They are having a serrious software issue and if they don't get it fixed soon i'll be switching to tradestation. I noticed that I couldn't m odify my stoplosses. This was in my opinion what made them better than Scott trade or any other cheaper broker... including Zeeco. The fact that as soon as I was filled my stop out and target limit were automatically submitted.... I noticed i couldn't move my autostop on some tickers.... making it difficult to manage with the use of a limit only in this volotile market. You need to create a problem ticket, call them whatever... I know we are not the only ones. It is concerning to me that envenan unmodified stop loss is kicked back. With Scott trade, zeco etc aside from cosing more per transaction than IB(but that dosen't quantify them as deep discount to BIGBLOCK)you must own the stock before you can submit any sell orders. for me that isnt a HUGE problem but if i'm filled on a whipsaw while changing the baby or out on an errand then I have been saved in many situations where losses could have been severe had I come hoe at the end of the day and then tried to submit a conditional sell order..... not worth it for me. Now however not only can I not modify and manage the trade by moving the auto stop around aparently it isn't recognized at all ... which only leaves a limit order by which to exit. NOT GOOD IMO.. I can't believei t's not fixed yet.
I looked inot ZECO and they are not for the agressive trader... they allow it but theer representative was humming and hawing over the fact that I had 800 trades last year and as I recal there were other fees attached to that kind of trading. Same problem as scott trade withthe attached stop loss... must own the stock first.
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Registered User
Joined: 10/7/2004
Posts: 2,126
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Well scotty I will give you my thoughts on the original questions.
Your best DISCOUNT broker in my opinion is Ameritrade. You get there more for your buck, besides now they offer real nice order system including trigger, real nice fills, better than average customer support, broker via phone for those times technology fails, nice Supermontage level, and streaming Option chains. Also free alerts to your phone or e-mail, smart phone access, That is a lot for your buck considering that only $25,000 will get you for everything for free. Streaming data, streaming news, streaming totalview, strategy desk, market motion detector, command center, and much more.
Not even e-trade is a match.
About scottrade forget about it - I wouldn't touch it with an 8 ft stick.
But of course it depends what you needs are and your budget.
Scotttrade allows you account with a minimum of $500, and Ameritrade requires min $2000.
If you trade once or twice a month may be scottrade is your cup or tea.
If you an avid daytrader, or often swing or position trader - go for Ameritrade.
In case you wonder MB trading is the way to go for Direct access - superb customer service and steady like a rock.
You always get what you pay for. Try to save a penny and you will pay double at least. Pay for quality and good customer service and concentrade on what you do - trade.
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Registered User
Joined: 4/18/2005
Posts: 4,090
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Thank you bigblock.... was that so hard?
interesting thoughts reguarding Ameritrade. For me it comes down to average transaction cost.... I get or dont use most of the things you mention and for allot less at IB .. Only recenlty have they been shaking my confidance with this software issue. I hate the idea of paying 9.00 per Transaction, I guess I I were trading in 5000 share lots it's not so bad... still more than I'd pay at IB but close.
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Registered User
Joined: 3/24/2005
Posts: 1
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Re: Interactive Brokers' software problem
QUOTE (scottnlena) I've had the same problem several times.. it's been a few weeks now and it isn't fixed.. i'm concerned and threatening to leave them. I was refunded the difference for my first trade where I discovered the problem... just so you know. They are having a serious software issue and if they don't get it fixed soon i'll be switching to tradestation. I noticed that I couldn't modify my stoplosses. This was in my opinion what made them better than Scott trade or any other cheaper broker... including Zeeco. The fact that as soon as I was filled my stop out and target limit were automatically submitted.... I noticed i couldn't move my autostop on some tickers.... making it difficult to manage with the use of a limit only in this volotile market.
Scott, to your knowledge is IB STILL having this issue? Obviously, being unable to modify existing stoploss orders is a REAL problem. I'm curious, couldn't you simply cancel the stoploss completely, then re-enter a new one with the proper parameters? Did that fail, too?
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Registered User
Joined: 4/18/2005
Posts: 4,090
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no it seems to be fixed now. They were suposed to notify me as an affected user but unless I accidentally deleted the memo I didn't get it.
"I'm curious, couldn't you simply cancel the stoploss completely, then re-enter a new one with the proper parameters? Did that fail, too?"
Yes that failed as well. Also clicking on the pathways to "exit position" also failed. I was suprised at how long it took to actually fix.
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Registered User
Joined: 10/7/2004
Posts: 319
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For a discount broker, I like Scottrade. Market and limit orders are $7. I use their ScottradeELITE trading platform which only requires an account greater than $25,000. I doubt that I trade as frequently as some of you, therefore I don't use a direct access broker.
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Registered User
Joined: 9/11/2007
Posts: 3
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this is a useful conversation. does anyone have an opinion re E-Trade?
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Registered User
Joined: 4/18/2005
Posts: 4,090
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I'm not shure about all their other services.. I havent' used them BUT they give a nice interest rate to the cash ballance in trading accounts. I'm 9.99 a trade is just way to expensive. I'm not likely to be interested in their charts because I have telechart.
also IB does have charts. Admittedly they are not as nice as some companies but they are charts and fairly accurate. They do have a "chart trader" where for more visual trades you draw trendlines that represent live orders. Kinda neat i've day traded with it a few times. The only bugger is the little baloon that shows you where you bought and sold shows to the rt. of the pointer... covering the next three candles. Obviously not designed by a trader. I wrote to them to suggest that change or to see if that was somethign I could change on my end of the software but aparently not. It may be changed now. I don't really day trade beyond gettign filled and hitting my target or an "extrordinary gain" in the same day.
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Registered User
Joined: 6/22/2005
Posts: 81
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GOOD question I guess it's what you are looking for, I have used TD Waterhouse e trade and now trade station I had big problems with etrade love Trade Station 5000 shares per month no platform charge great execution low fares good charts now learning easy language hope that helps
Iwanaphish
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Registered User
Joined: 4/18/2005
Posts: 4,090
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"easy language"....
is this a programing language for tradestation?
Anything like PCF type of logic.
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Registered User
Joined: 4/5/2005
Posts: 45
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I am using both Zecco and Ameritrade.
When I choose trades in Zecco acct I am not careful, take more risk, overtrade and loose more money. (Hey, free trades - why not to take a chance?!)
with $10 commission at Ameritrade I think about $20 round trip and just not as careless.
Just one more thing to consider when choosing a broker.
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Registered User
Joined: 9/21/2005
Posts: 566
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tradestation easy language is more difficult than pcfs but probably can do more elaborate calculations as well.
Once you get into tradestation you can spend countless hours learning it. Very robust program but most people probably only use 10-20% of what it can do.
Gotta like the 5000 trades per month and no commissions.
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Registered User
Joined: 10/7/2004
Posts: 18
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I will vote for MB Trading. I am not a big trader in number of shares or frequency of trades. Have not had any problems with trades other than what my inexperiance caused. They pay me interest. I pay 1 cent (first 500 shares)$1.00 min. I have heard that they are rated highly by the magazine surveys. I should add that I became aware of them because I have a managed account that uses them to trade. The low cost makes it easy to scale in or out of a position. Check out their web site for further info.
GENE
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Registered User
Joined: 12/7/2004
Posts: 6
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I have Scottrade and Etrade and previously IB. I did not like IB for a number of reasons. I like Scottrade but like Etrade much more. It is very easy to use, quicker fills, better prices on fills, lots of news. I don't use the bells and whistles on either as I use TC,Vectorvest,Yahoo, and IBD. I was interested in hearing about Trade King
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Registered User
Joined: 4/18/2005
Posts: 4,090
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I didn't realize that there were no comissions on 5000 trades in a month. is that 5000 and more or under 5000?
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Registered User
Joined: 6/22/2005
Posts: 81
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Scott sorry if I confused everyone with my statement There is commisson on trades There is also a platform charge When you trade 5000 shares the platform fee is free. the same with the radar screen it is free after 5000 shares traded per month.Sorry for the confusion
Iwanaphish
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Registered User
Joined: 12/2/2004
Posts: 1,775
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QUOTE (entropy2) I will vote for MB Trading. I am not a big trader in number of shares or frequency of trades. Have not had any problems with trades other than what my inexperiance caused. They pay me interest. I pay 1 cent (first 500 shares)$1.00 min. I have heard that they are rated highly by the magazine surveys. I should add that I became aware of them because I have a managed account that uses them to trade. The low cost makes it easy to scale in or out of a position. Check out their web site for further info.
GENE
Glad to know you and others are using MB Trading per this thread. I've posted quite a bit here on the merits of MB Trading. Now into my third year with them and absolutely the best I've ever used...speed, reliability, customer service, and outstanding rates ($1 per trade per 100 shares, then falls off to .50 extra per 100 shares over 500). Finally closed out my Etrade account, but still also use Ameritrade for my less frequent trading, plus it's always good to have a backup broker. I continue to use Medved Quote Tracker which allows me to integrate both MB and Ameritrade into a single interface/trading platform. Yes, last year MB Traing per Barron's survey was the best of all brokers for speed/reliability, etc. Only thing MB lacks is bells and whistles that maybe newbie traders really do need, i.e. how to place an order:)
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Registered User
Joined: 11/1/2004
Posts: 4
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Try Lowtrades.com.
$5 trades, simple interface, some options,
but what I love about it most, is the bracket trading or Order Cancels Order - type trades.
Buy a stock, set your limits & "forget it."
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Registered User
Joined: 4/18/2005
Posts: 4,090
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drjblau
IB has this for mush less than $5.00 a trade.
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Registered User
Joined: 9/14/2007
Posts: 38
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Adding to what I said above you got this an lots more at Ameritrade
Conditional orders let you combine two or three individual orders that will, if filled, either cancel or trigger additional orders. Conditional orders are available for both stocks and single-leg option orders (in option-approved accounts).
The following types of conditional orders are available:
OCA (one cancels another) - submit two orders simultaneously; if one order is filled, the other is canceled.
OTA (one triggers another) - submit an order and if that order is filled, submit another order.
OTT (one triggers two) - submit an order and if that order is filled, submit two additional orders.
OT/OCA (one triggers an OCA order) - submit an order; if that order is filled, submit two orders simultaneously; if one of these orders is filled, cancel the other.
OT/OTA (one triggers an OTA order) - submit an order; if that order is filled, submit another order. If that order is filled, submit a third order.
ADD to that Triggers, and manual routing. And that is a lot more than many folks can handle.
On top of that have you tried their new backtesting plataform -cool stuff
Get backtesting, program trading and technical screening all in one tool with StrategyDesk. To learn how to use it to create, test and execute trading strategies and make more informed decisions with technical analysis based on historical market data.
Unlimited shrs, and reasonable commissions.
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