Broker for 50/100 trades day, low commisions

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

  1. NSFTrader

    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?

    Thanks
    NSFTrader
     
  2. Fohat

    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

    NSFTrader

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

    JC
     
  4. gilvet

    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:

    www.interactivebrokers.com

    Good Luck.
     
  5. qdz

    qdz

    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.

    :p
     
  6. NSFTrader

    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.

    jc
     
  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 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