#1
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Where To Trade/PLEASE HELP
I am considering opening a stock and stock option account.I want to be able to trade from home without calling a trading desk.My clearing house said they would charge me 3 cents a share and 2 dollars per option order(not sure if that means per ticket or option).Is this a good price?Will 150k be enough for an active options account.This is important..and I know it depends on market conditions.What can I expect to see in the spreads betwen bid and ask?Can anybody recommend a firm where I can trade the options from home electronically? Will I see the best bid and offer? What if I want a 3 way spread or to make a market in one? Can I place contingent option orders..in otherwords I will only buy or sell an option based on a level of the underlying stock?Thanks in advance...do your magic eLROY! |
#2
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Interactive Brokers (Re: Where To Trade
$1.75 per contract for options. 1 cent per share for stocks (or less for larger orders). IB shows best bid and offer. |
#3
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Re: Interactive Brokers (Re: Where To Trade
Thanks Paul..that is at least a start! |
#4
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Re: Interactive Brokers (Re: Where To Trade
I haven't really done stock-account stuff since I was a SOES Bandit. Well, that's not entirely true, but I can say that Tradestation Securities, or anybody affiliated with Refco who also does stock, I would assume offers a good service. Timber Hill used to give the worst pit fills in Chicago, but so far as I know IB is the best full-spectrum/big-time/online/discount shop for electronic/direct-access stuff today. But there are a lot of platforms out there, from big firms and fly-by-nights, and they are pretty much all the same. I know there are boutique shops, like Preferred Capital Markets (formerly Preferred Technology) and Benjamin and Jerrold, but what I do not know is how far electronic routing and matching in options has come since I was last on the floor - meaning how homogeneous their fills are. Are these all pit fills, are there runners and paper brokers? If so, go with the boutiques. Are there radio-screen brokers? If so, I guess it's Timber Hill or something, though who knows the fill-quality differential. Or are these electronic matches? If so, just go with anyone with a fast server and a low rate, I guess. I don't know. I don't trade stock options, and the only interest I have in them is because straight-stock margins for longer-term trades tie up way too much capital for a piker like me. Then there is also stuff like the International Stock Exchange, and I don't know where it figures in. Didn't the options exchanges recently - like last year - implement some kind of a no-trade-through agreement, whereby you get the best price of every floor? If so, that would simplify things. $150,000.00 is more than enough to bet on stocks, using options. But if you are trying to pull cents out of spreads - to bet on options using options - and you're going to leave a naked call or put out there somewhere for five minutes, aren't you the one who pointed out they will absolutely handcuff you with margin requirements? Since I have completely failed you, just get on Google and punch up options, or, better yet, post your question at: http://groups.google.com/groups?hl=e...invest.options leroy |
#5
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B&J\'s does contingent orders, IB doesn\'t
Benjamin & Jerrold: http://www.stockoptions.com/services.htm They cost more, but I can't find any evidence that IB does these contingent orders. leroy |
#7
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Re: more/ Thanks NM *NM*
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