I have a question to the most active ET members, ArchAngel, Baron, praetorian2, zboy2854A, Privateer, andrasnm, mjt, Spacegold and rtharp: What broker and quote&charting software do you use? And are you satisfied with them? Thanks for your answers! DT-waw
I personally use Interactive Brokers to execute my trades, and I subscribe to Realtick for my charting and realtime data. I've previously traded with several other brokers and quote packages, and I feel quite comfortable with the brokerage/data feed combo that I'm currently using. However, if you're looking for a consensus, you're likely to have a hard time, since each trader has different standards and needs.
Looks like you are new but I'm with http://www.echotradeonline.com and use them for everything. rtharp
I'm with cyber. I like them more or less, but their commissions are killing me. They normally take 700-1200 a day from me in amro commissions. .005 a share really adds up when you are swinging 2-5k+ at a time many times a day. Rtharp, I heard that echo has great software, is that true? Also, do you get access to the inca book? I know I need a series 7. Will they sponsor me?
It all depends on your need and style. If you are a daytrader - you have a lot of firms to chose from and the deals(cost) change and vary weekly. I have used real time (realtick) broker and it's I must say very appealing. Many brokers will use Realtick and you than must look who is the clearing broker. The better ones (Southwest, Spear Leeds etc) the name of the broker after this is no major issue except the service and problem resolution. Which is important. I am not a daytrader anymore so take the words from other active DT-ers. These above are pointers to look for in the software and executions etc. Good luck.
As you know I learned about Echo from this website. I like them very much. I was in the same boat as you commissionwise before this, and I find myself saving a lot. The trading software is great. It took me a week to get used to it. One thing I love about Echo is I can suggest improvements to the software which they will usually add in a future update, which come out every few months. On INCA the only way to get it is to pay for it yourself. Jeff told me you can get it but have to have the terminal yourself. INCA won't let any firm add it to their software. An INCA terminal runs about $600 a month if your interested. The 7 is necessary to trade with Echo. The test really isn't that hard. I love how Morgan Stanley runs commercials on how "ALL" of their brokers have the Series 7 license. Sure they will sponsor you. They have a few forms to fill out. contact them at trade@echotradeonline.com There are very quick, good at answering questions rtharp
DT..I would also suggest paying close attention to the ECN fee's vs lower ticket charges. I've seen some places with low ticket charges, but then tack a little extra on the ECN fees. Also look for #of direct ECN routes available. Pretty much everyone has a direct route to ISLD, but who else do they have direct access too, meaning direct-routing too? Its good to have options when there are problems. praetorian- you're with cyber? are you more of a point&click or do you use hotkey's for you order entry? BTW-This is my first post to the boards. I look forward to the shared information.
IM a point and clicker, but im 95% made up my mind to switch to echo. I talked to a Mr. Keller, and he really sold me the whole platform.