Online brokers - recommend please - Page 2

Sniper · #11 11-29-2005, 10:42 PM

oops... thats what I get for multitasking [img]/images/graemlins/wink.gif[/img]

#12 11-30-2005, 12:03 AM

does scottrade work for canadian too??

#13 11-30-2005, 12:10 AM

I know ameritrade does. Pretty much like scottrade tho waits on the phone are a bit longer,,,also if you trade a lot they'll send you an ameritrade pen, my friend got one for make 10k trades last yr lol

gmandan · #14 11-30-2005, 12:53 AM

Troy Group Inc. recently had their eCheck system compromised and Scottrade uses this company for their ACH transfers. So now you can't do ACH transfers online but I believe if you have a local branch nearby you can just drop off checks. Btw, are these direct access brokers worth looking into since it seems that the commissions will come out to be much lower than Scottrade's. I'm a buy-and-hold type of investor so I make about one or two trades a month if at all.

Packerfan1 · #15 11-30-2005, 07:11 PM

Ya, I quickly switched from Scottrade to MB Trading once I learned about them. $1 or $2 a trade vs. $7 a trade is a big difference when you're making 3-6 trades a day.

As a side, I kept my Scottrade account active with a little cash as a backup broker and a chart backfill service for MB's Quotetracker interface.

Hope that helps.
Pack

#16 11-30-2005, 10:43 PM

looking at their commission structure its not to good if your trading 5k shares of something compared to ameritrade or any of the other biggies.

Sniper · #17 12-01-2005, 12:08 AM

[ QUOTE ]
looking at their commission structure its not to good if your trading 5k shares of something compared to ameritrade or any of the other biggies.

[/ QUOTE ]

If you are trading in size, don't forget the impact of breaking up your order flow to leg into and out of trades.

Some of the commission schedules work much better for doing this than others.

#18 12-01-2005, 12:14 AM

well that all depends on liquidity, if your trading JDSU it aint gonna matter but if your trading ABLE then yes its beneficial

Packerfan1 · #19 12-01-2005, 11:48 AM

Since most of my swing trades are 100-500 shares, I wont have to worry about that issue for quite awhile.

Didnt think a guy looking for his first broker was going to be trading in $200,000 blocks. Silly me.

Pack