Broker for 50/100 trades day, low commisions

Discussion in 'Retail Brokers' started by NSFTrader, Nov 27, 2002.

  1. NSFTrader


    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?

  2. Fohat


    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.
  3. NSFTrader


    Thanks, IB looks exactly what I need to have...

  4. gilvet


    Your best choice for Limit on Open or Market on Open + Limit on Close or Market on Close, orders + low commissions will be at:

    Good Luck.
  5. qdz



    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.

  6. NSFTrader


    I'm not always in the market - and mixed between long/short so there's always money in the account. Thanks for the thought.

  7. 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

    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