Anyone see this? http://newyork.craigslist.org/mnh/acc/114112193.html Was thinking of answering this ad, but wanted to get the opinion of the boards: worth it if you trade mostly listed? John
I've heard of rates as low as $.0005/share (not $.005) plus ecn fees... That particular deal had a profit split, but I'd rather split profits than pay huge commissions any day... Definitely not worth it. IMHO Much better deals out there. mnx
Yes, I know IB is $0.005 as well but they only give you 4:1 intraday and their platform sucks for scalping. I am going to e-mail them and see whats up: will keep you guys posted. John
SEC fees would be the big difference... they are by far the biggest fee for me day in day out... if that's included then well .005 may be good... mnx
these deals that are for .005 including ECN fees...Do they have a min volume requirement? I currently pay .015 per share...so 3 cents to get even on any trade...includes the ECN fees, but not the SEC. The rationale I've been given is its a flat rate, and theres no min ticket charge. We go through genesis. I do practically no volume...maybe 1,000 shares. I was thinking of suggesting to my boss that we try and get a different deal. After all, its his money, not mine. I was thinking for a while, "maybe he's making something on the commish"...but with 1000 shares per day, thats not much money even though the commish is high. What do you guys think is going on here? (more specifically, why is my commish so high? Who is benefiting from this?)
newguy1, Your volume is, and please do not get offended, is so miniscule, you are not even close to being even under $0.0075, forget about $0.015. Once you pick up some volume, your rates will go much, much lower, wherever you are. John
hehe. No offense taken! This is what I was thinking in the first place when people told me my rate was bad. And, well...it is. But I just explained it wasn't an issue with such low volume. Its good to see someone else agrees.