Who charges like that? Just curious as i have never heard of that before. That to me would be called per fill, not per ticket.
Most of the "discount" retail brokers still do. Scottrade for $7.00, but most fail to realize that their average order size is about 150 shares. Sure, some may trade 5,000 at a time, but if the average is 150 or so, then how many trade 100 shares? How many trade odd lots? I checked TDAmeritrade's site too: Stocks and Exchange-Traded Funds (ETFs) Trade Unlimited Shares (market or limit) Price Internet $9.99 Interactive Voice Response (IVR) Telephone System $34.99 Broker-assisted $44.99 When an order is partially executed over multiple trading days, the order is subject to a separate commission charge for each trading day. Most of the pro firms use per share pricing these days. Don
Thx Don, just wanted to clarify as part of your previous post dealt with pershare broker dealer comments (Prop/Pro industry) and then the next part with shabby internet retail outlets, so i was not sure who you were referring too.
I've traded with Echo remote for a long time. -commissions very low -training...none that i know of for remote -customer support..very good. "G" is the best operations master in propland. the tech support is great..although i rarely have problems -trading freedom, not sure what you mean by that -leverage..very good I give them two big thumbs up. (I have no agenda). P.S. Does Bright really charge those fees? holy Sh*t! whoever's taking that deal needs their head examined.
Fees are very important guys. Don't let anyone tell you different. When I first started trading 8 years ago at broadway trading I was paying 2 cents a share(ouch). Anyway I negotiated rates lower along my career based on volumes. I am NEVER happy with my rates and am always looking to negotiate them lower. I don't want to bash Don here but imo 1 cent on the first 1000 is just too much even for a brand new trader. I would say that anything above.004 to .005 cents a share is too much and experienced traders should look for much lower. Example 1= Trader Jim grosses $230,000 on 20,000,000 shares for the year. With a .01 rate and assuming $15,000 in sec fees his net profit would be $15,000. (I know brights rates are lower than this I am just making an example of a high commissions vs low). Example 2 = Trader Bob grosses $230,000 on 20,000,000 shares for year. With a .004 rate his net profit including $15,000 sec fees = $135,000. Commisions really are more important than most things in this business. As long as you are dealing with a reputable firm with a vpn connection and a good manager( there are about 6 of them I can think of off hand), I would advise you to get your commisions as low as possible.
I've been using Ameritrade iZone for the last couple of years... $5 bucks a trip regardless of #shares. Haven't had any issue's so far and orders are filled quickly... I might look into IB to see if I can squeeze a little more profit margin... but overall, happy with iZone.
just curious. what makes most traders pay the higher fees with bright trading? is it just for the leverage they offer? its always been a mystery, their model on comm has not changed with the industry, anyone know?
Im guessing stability, quality of products and services offered, and potential for personal and business growth.
By trading freedom I mean...trading whatever you want whenever you want. For example not to be told to trade certain stocks only (ie NAZ, blue chip,) trade certain lots..(ie. 200/shares per lot).