broker for trailing stop

Discussion in 'Retail Brokers' started by zxcv1fu, Aug 22, 2001.

  1. zxcv1fu


    I am a swing trader. My weak pt is my stop loss. Therefore I am looking for a broker with trailing stop, low commisson & with IRA account. If it has RT charting, alert & news are optional. Which is a good one for me to sign up?
  2. Most live brokers aren't going to want you to change your stop price on a very frequent basis, as the each change puts them at risk of an error being made, and of an error that they would have to eat. This risk just isn't worth the single commission they'd get.

    You'll probably want to go with an online broker with trailing stop capability. Schwab appears to have it with it's new StreetSmarts trading software, and CyberCorp has it as well. I imagine that a number of other direct trading platforms has this capability too.

    Happy Trailing stops.

    -- Punter

  3. Lancer


  4. Turok


    >Terra Nova-MB has everything you're looking for.

    Well, except for the "low commissions" part. :)

    Let's be clear on two points:

    A. MB provide the best service of any of my brokers. These guys and gals or the best about taking care of me.

    B. I pay for it dearly.

  5. zxcv1fu


    Is it possible that all brokers that using Real Tick will have trailing stop function to reach ARCA?

    Then all I need to look is the broker that have Real Tick.

    Besides Real Tick, can any broker can trade thru ARCA has trailing stop function?
  6. Lancer


    Agreed regarding best service, (and not the cheapest). To fairly compare costs between brokerages, though, average trade size and monthly trade volume must be considered. The set and quality of trading tools and data provided is also a big part of value. For me, TNMB is a good fit.

    Whether low, fair, or high, that's an individual call, but here's the Terra Nova-MB commission structure:

    Tier 1: $14.95 (1 - 249 trades per month)
    Tier 2: $12.95 (250 - 499 trades per month)
    Tier 3: $ 9.95 (500 + trades per month)

    ECN Fees:
    Instinet (INCA) $ 0.01 / share
    Attain (ATTN) no charge
    Archipelago (ARCA) $ 0.003 / share
    Brass Utility (BRUT) no charge
    Bloomberg (BTRD) $ 0.008 / share
    Island (ISLDA) - adding liquidity no charge
    Island (ISLDR) - removing liquidity $ 0.0025 / share
    NexTrade (NTRD) no charge
    Speer Leads Kellogg (REDI) $ 0.006 / share
    NYSE (ISI) $ 0.0055 / share
    AMEX (ISI) $ 0.0055 / share

    Monthly software and data is no charge after 50 trades.

    Regarding other RealTick brokers that have trailing stops permissioned, I can't say.
  7. Babak


    Apologize for the digression on the thread but I'm just curious, how can one trade (either buy or sell) and have one trade be taking liquidity and another providing it?

    wouldn't both be providing liquidity?

  8. Turok


    >wouldn't both be providing liquidity?


    Their definition of "adding liquidity" would be posting a bid or offer to the book.

    Conversely, "removing liquidity" is hitting a bid or lifting an offer.

    Ignoring for a moment the odd description, I'm not sure I understand the logic behind the fee structure. Clearly under this structure, by posting you get the double whammy of profiting from the spread and not being charged the ECN fee.

  9. Htrader

    Htrader Guest

    The reason for island fee structure is because the island ECN itself rebates brokers who add liquidity. The logic is that if more people post orders to the island book, that will make island a more liquid place, etc. Island makes money by charging a small fee for every share it trades.
  10. Turok


    >logic is that if more people post orders
    >to the island book, that will make island
    >a more liquid place, etc.

    I'm with Babek here -- doesn't matter how many people are posting orders...if no one hits them there is no effective liquidity. I still don't understand the logic, but I don't need to understand to benefit. :)

    #10     Aug 22, 2001