Hello there I'm new to this board, and hope I choose the right one - otherwise feel free to beat me up ;-) I'm looking to implement an automated trading system that will trade a portfolio of 20 - 50 stocks. The trades are on a daily basis, with no overnight positions. I'm looking for a broker that can handle the following: - Receive a list of trades to do before trading starts (something like this: ) AMAT: Short 500 IBM: Long 700 ... - Execute the buy / short trades in the opening - Execute the related covering trades (sell / cover) for the same stocks just before market close Volume traded of the whole portfolio starts at 750k - 1 million US$ but could go up. I'm looking for a broker with a small commision (obviously ;-) ), preferrably a percentage (a *small* percentage...) of volume traded. Can anyone give me recommendations? Thanks NSFTrader
Hello NSFTrader, You need a broker that supports Market-on-Open (MOO), Limit-on-Open (LOO), Market-on-Close (MOC), and Limit-on-Close (LOC) orders. The only retail broker that supports them, as far as I know, is IB.
Your best choice for Limit on Open or Market on Open + Limit on Close or Market on Close, orders + low commissions will be at: www.interactivebrokers.com Good Luck.
NSFTrader are you always in the market? if not, you need to consider the interest of 750K size account? Not all brokers pay interest. Just a thought.
I'm not always in the market - and mixed between long/short so there's always money in the account. Thanks for the thought. jc
Is a commission rate of $35 + 0.01 / share too expensive for you? With your trading volume, you can probably negotiate a discount. If it is not too expensive, then I'd recommend Yamner, a non-online discount broker. See www.yamner.com You can send them a simple e-mail with your instructions, and they'll do exactly what you ask. Yamner offers great service, but at a much higher price than the online brokers of the world. I can refer you and get you 10 free trades, after to you do the first 10 trades. Send me a private message if you are interested. -- ITZ