Pointdirex seems to charge bogus "ECN" fees. They're schedule dictates .005 plus .005 for NYSE for instance, what is that all about? Plus they appear to charge, but never rebate. It didn't look great to me, but maybe I don't understand their fee schedule as well as I think I do. By all appearances IB beats Pointdirex hands down (I don't trade at IB, nor am in any way affiliated), with the exception of the cap which could work better under certain circumstances, but with the Pointdirex cap it appears you still pay the "ECN" fee on top of the cap so its worthless.
GreenTree Trading has a good commision structure...plus they are always working on getting them lower joey
Jack do you trade listed stocks? If so, how do you get outs on 100 cancels in a few seconds? NYSE cancels are all manually processed by the specialist aren't they?
Yeah but they still have to be cancelled manually by the specialist's clerk. It definitely takes more than a few seconds on average to get an out, especially for 100 stocks.
What difference does it make how long (as long as it doesn't take minutes) it takes to cancel if all the orders are .20 to .30 cents away from the market? nitro, why would anyone put in orders away from the market like that?
The reason we can enter orders and cancel so fast is because SLK has a dedicated server just for Brights basket orders. We are constantly enveloping our orders during the day to catch any gap up/down prints. It works very well.
This allows you to profit from "enveloping". This is when a big buyer/seller comes in, takes the book to a certain point, then he's gone and the stock price bounces back.