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Choosing Stock Options ETF Bonds Discount broker

  • #1
  • First Post: Edited 7:55am Jan 27, 2010 5:00am | Edited 7:55am
Hi,

I'm looking to expand my markets beyond forex and are currently shopping for online brokers which offers Stock, Futures, Bonds, and maybe ETFs too.

I'm a swing trader, I don't daytrade, and since I don't have the luxury to simply put $10000 in Interactive Brokers, I have to pick something else.

I'm currently looking at OptionsXpress and ThinkorSwim

My main concern if of course commission rates, execution and customer services.

Thanks for your suggestions and comments.
  • #2
  • Edited 7:41am Jan 27, 2010 6:54am | Edited 7:41am
Now adding Zecco and Tradeking to the list, but there are a lot of fees I don't know of, I wonder if the demo would include all of these fees.

EDIT : Hey, here's a neat list, I'm going to look at optionshouse

http://u.kaskusnetworks.com/3/zyfgysbm.gif
  • #3
  • Jan 27, 2010 7:42am Jan 27, 2010 7:42am
Quoting marcelnyo
Hi,

I'm looking to expand my markets beyond forex and are currently shopping for online brokers which offers Stock, Futures, Bonds, and maybe ETFs too.

I'm a swing trader, I don't daytrade, and since I don't have the luxury to simply put $10000 in Interactive Brokers, I have to pick something else.

I'm currently looking at OptionsXpress and ThinkorSwim

My main concern if of course commission rates, execution and customer services.

Thanks for your suggestions and comments.
Marcelnyo ---I use E Trade financial .com They formerly were Pershing co NYSE Specialists.The comm charge is 7.99.If you review their home page you can get all information.
I have not had any major problems with them,and think they are as good as anyone else
Tom
Conquer the beast with disciplined determination and intellegent control.
  • #4
  • Jan 27, 2010 7:45am Jan 27, 2010 7:45am
MB Trading has a much lower account opening requirement and doesn't charge for stock data. The do charge for data related to futures & options however. So if you're just doing stocks, it's basically the same as IB without the $10 minimum monthly fee. I've used them for about 6mo or so and they are good -- Customer service is great, trading platform is pretty good, execution is mostly instantaneous - I get fills on limit orders (even if i'm placing orders for odd-lots, i.e. less than 100 shares) immediately. Stops are filled at the market with little/no slippage.

Anyway, you can check them out for yourself here: www.mbtrading.com

Oh, and I should have mentioned this in my original post: So for 100 shares, the commission is $1. For 200 shares, $2 and so on. You can also opt for flat-fee pricing of $4.99 for up to 10,000 shares.
  • #5
  • Jan 27, 2010 8:11am Jan 27, 2010 8:11am
Hi Pipzilla and InfinitySL

Etrade's 7.99 a trade is a little expensive for me I think, but thanks a lot for the reply, I'm currently looking at mbtrading's commission structure.

Man I didn't realize that I don't even know how many shares I'd buy if my risks were like : $50-$100... is that even possible?

if MBtrading charges $1 for every 100 shares traded it's interesting all right.

now another problem, I live in Indonesia where most of the discount brokers (Tradeking and OptionsHouse) doesn't accept foreign customers...
  • #6
  • Jan 27, 2010 8:21am Jan 27, 2010 8:21am
Quoting marcelnyo
Man I didn't realize that I don't even know how many shares I'd buy if my risks were like : $50-$100... is that even possible?
You wouldn't buy many, but it's certainly possible. I'd just stick to the more liquid names.

For instance DECK is a stock I bought recently (a month ago) and I only bought 20 shares of it -- @ $100/shr, that's $2,000 and a 5% move against me would be $100. I didn't have any problem getting the shares and the commission was $1.

Now if only it would go up to $200/share i could sell it!! lol
  • #7
  • Jan 27, 2010 8:50am Jan 27, 2010 8:50am
Are you comfortable with the full dollar tick value of the futures contracts? $12.50 for the ES and $5.00 for the YM etc.

If not, but you still want to expand your markets, then maybe look into trading CFD's instead.

I have an IB account, but also have a CFD account so I can position trade the other markets, with much lower dollar tick values.

For example, I can trade the ES at $1 per full point if I wanted too, compared to $50 on the futures contract.

Just a thought.
  • #8
  • Jan 27, 2010 9:04am Jan 27, 2010 9:04am
Quoting DynamicFx
Are you comfortable with the full dollar tick value of the futures contracts? $12.50 for the ES and $5.00 for the YM etc.

If not, but you still want to expand your markets, then maybe look into trading CFD's instead.

I have an IB account, but also have a CFD account so I can position trade the other markets, with much lower dollar tick values.

For example, I can trade the ES at $1 per full point if I wanted too, compared to $50 on the futures contract.

Just a thought.
Hi,

I've reviewed the pip value of the futures contracts, and have decided not to trade them, there are hundreds of equities available and I think it will be enough for my taste
  • #9
  • Jan 27, 2010 9:23am Jan 27, 2010 9:23am
Quoting marcelnyo
Hi,

I've reviewed the pip value of the futures contracts, and have decided not to trade them, there are hundreds of equities available and I think it will be enough for my taste
Make sure you have at least $25,000 in the account, or you might run into problems with the Pattern Day Trader rule, with a standard broker.

http://en.wikipedia.org/wiki/Pattern_day_trader
  • #10
  • Jan 27, 2010 9:36am Jan 27, 2010 9:36am
From all the brokers's websites I have looked at and their pricings, I finally decided to try Lightspeed Trading.

They accept foreign customers and only $1000 minimum initial deposit, also the commissions structure is very attractive, they charge $0.00395 per shares and there is no minimum amount, that's the main attraction for me, only $0.4 for 100 shares! perfect for a low volume trader like me

I've requested a demo account, if anyone is interested about this company, I'll post an update in my journal

Thank your for everyone that has contributed to my question
  • #11
  • Jan 27, 2010 9:40am Jan 27, 2010 9:40am
Quoting DynamicFx
Make sure you have at least $25,000 in the account, or you might run into problems with the Pattern Day Trader rule, with a standard broker.

http://en.wikipedia.org/wiki/Pattern_day_trader
that would beat the point of not using Interactive brokers, right? beside, I don't think I'll open and close my positions in the same day, with the exception if my stoploss order is filled.

but thanks again for your input
  • #12
  • Jan 28, 2010 6:38pm Jan 28, 2010 6:38pm
I have been using Zecco for stock trading for over a year now, and before that used Scottrade. I don't think either allows futures trading, and do not know about bonds. I had no complaints about Scottrade and have none about Zecco. I switched because of the difference in brokerage fees, since Zecco is $5.00 cheaper per round trip, which can really add up for a swing trader. Both have good execution. I have my IRA with them. Once I put together a trading kitty I will probably open up an account with IB, however, but keep IRA with Zecco.
  • #13
  • Jan 29, 2010 6:14am Jan 29, 2010 6:14am
Quoting johnnyonspot
I have been using Zecco for stock trading for over a year now, and before that used Scottrade. I don't think either allows futures trading, and do not know about bonds. I had no complaints about Scottrade and have none about Zecco. I switched because of the difference in brokerage fees, since Zecco is $5.00 cheaper per round trip, which can really add up for a swing trader. Both have good execution. I have my IRA with them. Once I put together a trading kitty I will probably open up an account with IB, however, but keep IRA with Zecco.
Thank you for the reply johnny, as you can see, I have looked at zecco and I don't think they offer a per-share trade at no minimums.

The free trades per month looks very interesting, but I need 25K to even get that program, which again already defeats my purpose of not using interactive brokers.

I'm a little short on capital, so I need to save as many as I can here
  • #14
  • Feb 4, 2010 2:32pm Feb 4, 2010 2:32pm
So did you open up your lightspeed acct? How is it?
  • #15
  • Last Post: Feb 5, 2010 3:01am Feb 5, 2010 3:01am
Quoting InfinitySL
So did you open up your lightspeed acct? How is it?
not yet, I'm still in a tight spot to open an account, unexpected and unfortunate, and are currently practicing their platform in demo account.

I'll report in my journal as soon as I get to it
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