That's WAY over what current rates are. Also leverage depends on your trading style, profitability, and experience.
BUt ever since the SEC closed down the bullet racket...ASSENT got hit hard...started cutting down on tech staff..charging Open book fees etc etc...And even though Hammer was a good system, b/c they laid off a few techies..there are not enough techs to work the servers when there are problems. I noticed hammer considerablly slowing down around the close...and a tech guy Im friendly with told me its b/c they don't have enough manpower to keep the system from slowing down. Anyways...the straw that broke the camels back for me, was when I was doing MOC's (market on close orders) and i couldnt get them in..i got stuck overnight with 30 positions. The next week I took my whole group and we switched to Generic. a little more competitive rates, but most imortant....the tech support is there..and they don't make you feel like they are doing you a favor if you have a problem.
I concur with several of your observations, especially if you are a REMOTE trader. Believe me, I'm not here to bash Assent. I just find it rather absurd that they don't support the Hammer Platform like they probably should. I mean, with a few more servers and a decent charting application, Hammer could be the Ferrari of all trading platforms! I too, came across many "bottlenecks" last Summer on the Cytrix-based version and was told by the "tight-lipped" tech support guys that there was a need for more servers. The fact that this tech-support group is a subcontractor to Assent does not give one much confidence either. They just don't have much say in the upper level management decisions and wind-up being "reactive" rather than "pro-active". If you want to go with Assent, I would strongly advise trading directly from an Assent office. Only there might the firm be a lot more responsive to your needs, than that of a remote trader.
"BUt ever since the SEC closed down the bullet racket...ASSENT got hit hard...started cutting down on tech staff..charging Open book fees etc etc...And even though Hammer was a good system, b/c they laid off a few techies..there are not enough techs to work the servers when there are problems. I noticed hammer considerably slowing down around the close...and a tech guy Im friendly with told me its b/c they don't have enough manpower to keep the system from slowing down."--AutomatedTrader 1) I don't know which office you traded at, but in the Hoboken branch they have never cut any techs. In fact, a trading floor tech was added in November. 2) Open Book fees (I think it's 50 dollars a month) were being charged before bullets were shut down. If $50 dollars a month is even an issue, then you're in the wrong game. 3) Bullets were a loophole for EVERY FIRM. To say that Assent was hit hard is foolish. It had the same effect on every firm, and most traders have quickly adapted to life without them. 4) Waggie is 100% correct that there were some major issues with some remote guys. I have no idea what was done to resolve the issue, but the guys in my branch trade at home on occasion and they have no problems. I just wanted to set the facts straight. Good trading.
The elimination of Bullets has effected every firm. It is totally absurd to single Assent out in this regard. And if you have a problem paying $50.00 per month for NYSE Open Book, Volume is right . . . You need to get out of this business!
Your MOC orders are exactly one example of why I don't like Hammer Watched it happen every day to traders, fortunately it didn't happen to me, but I have my own horror stories with them
I know it is way over current rates, I had stated it was a year ago and it was alot back than too. I also stated that , the more volume the lower commish you would have gotten. They just wanted you to churn and churn and churn, thats not the way I trade. I agree about the comment on leverage, experience and profitability though. All part of " Risk Management"
What is the fair commisison rate for a 20k share a day trader? People seem to be more comfortable being vague about their comssion rates, but it would be very helful if some of you guys would tell me what you are actually paying. Thanks
if you think you were getting robbed listen to this: 20:1 (on 5k) 65% payout... penny a share, penny and half on bullets... plus a monthly desk fee of $500 lol... thats what a guy i know had an old firm...