Newbie here... Does anyone have any experience dealing with tradewallstreet.com? I'm looking for a broker that will allow for "one trade cancels another" type of stock orders, and will do so at a pay one price commission rate (not per share). I also had someone recommend Genesis Securities, but I've never heard of them, and they're not listed at all on this site at all. Anyone ever use them? Any advice would be appreciated. Thanks, Semper
Hi Semper, Never heard of tradewallstreet. Genesis - I did hear of. I had a whole thread dedicated of trying a form a group. I finally switched to Genesis alone tho. So far everything is as was promised. One thing: the system is very very fast - I really like it. They also work with you to make sure everything is OK. And they have the cheapest rates that I have found so far - I got inquiries from tons of ppl, lots from ET and outside - no one was able to beat there deal. Works for me. Good luck in your search!
Thank you so much for your reply and information. I'm a little green, so you'll have to bear with me. Are the rates you listed above inclusive of ECN fees? For instance, if I were planning to trade the QQQ 3-4 times per day in 10k lots, how much would I have to pay all costs considered? I apologize in advance for my inexperience. Semper
I am not sure what are the ECN fees on the AMEX, I don't trade it. But ECN fees and ECN rebates (NASDAQ) are extra. The most ECN fee for AMEX is 0.001 - but again, I am not sure abot that. so 10k @0.001 = 10 bucks + SEC fee (on the sells) + Trading Activity fee (on the sells) + ECN (if you use them). @0.003 its = 30 bucks + the same
ECN fees on INET (where you'll probably get the best fills) for ETFs and NASDAQ stocks are: $0.003/share if you remove liquidity (i.e. take the offer or hit the bid) $0.002/share _rebate_ if you add liquidity (i.e. post a bid or offer that others hit/take) So, if you pay 0.002 commision, taking 10K liquidity costs $50 ($20 commission + $30 ECN) and adding 10K liquidity costs $0 ($20 commission - $20 ECN rebate). Regarding AMEX, one broker informed me last week that the AMEX ETF specialists are now charging something like $0.16 per order cancelled. If your broker isn't passing that through to you yet, be aware that he might start. Yet another reason to not trade anything on AMEX.
you better learn alot more than what you think you know if you are going to swing 10K shots on QQQ's maybe you can try 1 lot e mini NQ's instead while you test your strategies good luck ....