Anybody has experience with "BROKER ASSISTED TRADING"?

Discussion in 'Order Execution' started by kapama, Oct 2, 2007.

  1. kapama


    Here is my problem.

    I need to buy 2 stocks every Monday and sell them Friday. For 2 stocks only it is around 20,000 shares. The problem is almost all brokerages charge extra over 5,000 shares and it adds up alot.

    Since I am working 9-5 everyday I was not able to engage in Direct Access trading. You know you need to follow the market and spend sometime and monitor all bids and asks all the time. And 10,000 shares is alot so in a low volume environment, I need to be very careful.

    But then if I use my old brokerage account Level I system where you can only see best bid and ask, I will be overcharged with their markups and I do not want to do that. For Level II, As you all know, small brokerages like Scottrade and such, has the fake Level II prices not the real ones like Terranova or tradestation. So there is a scam there as well.

    So, one of my buddies recommended "broker assisted trading". Anyone knows if I can be ripped off by the broker over the phone or is it harder? Costs only 20 bucks but how can I know he is not marking up the bids and asks?

    Does anyone have a recommendation for me?
  2. You're better off just placing some conditional orders with E-Trade, Ameritrade, or even Interactive Brokers.

    Do a anonymous trade with an opening cross every morning.

    Flat $9.95 with TDA, I don't know what ETrade is, IB will do the opening crosses.