Scottrade "For orders involving securities listed on a national securities exchange (listed securities) a fee of $0.015 per share will apply to that portion of the order exceeding 2,000 shares."
I think you're getting this from the commission comparison chart. If that's the case, this footnote pertains to e-trade, not scottrade. Scottrade is 7 bucks a trade, excluding sec fees. Scottrade routes orders to knight capital, a market maker that makes money off order flow. The larger the order the 'better.'
cashmoney69 says: Another plus is with online brokers you dont have to worry about routing, and Scottrade has great fills IMO. bosaxi says Scottrade routes orders to knight capital, a market maker that makes money off order flow. The larger the order the 'better.
I have always wondered about the statements that will follow...well its ok as I swing trade or longterm trade and precision does not matter.... but my question to myself always is...doesn't it matter that you could get a better price in your entries and exits with different tools...just imagine when you clicked your button if you save a penny?...without even looking at level 2 3 4 5 ....autoroute or whatever.. ...direct access saves a lot of money. Michael B. P.S. Its like saying ohhh..I have a lot of money and an extra 1k a year does not matter. I do not care how often you trade..if you use size this matters exponentially
Avoid Scottrade at all costs. They trade through Knight, the biggest den of thieves ever. I just had a sell limit order in on RACK at $29.04. I see the stock trade as high as $29.08 with high volume ABOVE my sell limit. Did I get filled? NOPE! I just went down to their 7th Ave office and let them have it. They're going to "call their traders and get back to me". I'm calling their compliance desk, this is not the first time this has happened. Unbelievable what terrible execution this broker has on limit orders. THEY ARE NOT LOOKING OUT FOR YOU! I'm getting back on ISLD/INET asap..
He must be. He's probably a a scalper using a online broker account with the idea of being a millionaire in 6 months.
Sorry if I wasn't specific, I didn't receive ANY fill, zero, nada. The stock traded right through, zero of my shares were executed. How or why, I have no idea. But I will be discussing this at length with their compliance desk before I wire all funds out and close it down. Apparently, the best ask was never higher than $29.04 (we checked the tape and oddly this is true), however shares were shooting by at $29.05 - $29.08 while the ask never budged. Mysteriously (or perhaps not) the stock later tanked over $2 from that price as >400k shares were let go at market. I was stopped out well before that, but took a hit nonetheless. It all seemed very odd... The trade went through Renaissance (a MM). I only trust ECN's (which Scottrade will not allow) and have learned my lesson dealing with humans (MMs).