As I love Realtick, but am always looking for practical ways to knock down their high commissions, I took a look at Daytadz.com. Very interesting. Didn't see Globaltradz, what is the association? Also, am curious which chatroom they maintain a presence in? [Later edited:] Went back and just noticed that Daytradz is a division of Globaltradz. Gonna investigate further...
I love Realtick also, but like you feel commissions are still too high. Daytradz.com is a division of GlobalTradz, Inc. Their representative sent me his business card, and their location is Waterville, Ohio. The chatroom they maintain a presence in is Level5trading.com. This room is moderated by BabyHuey, a disciple of Jay at Undergroundtrader. I spent several months at UT at $285 and recently moved to Level5 which charges $199. Since Level5 is new he has only a handful of members which permits him to spend a lot of quality time with new traders. It has really helped me to more clearly understand the methods, which are quite complex upon first exposure. --arky
arky, I am still a novice trader. I am currently moving to RealTick (from esignal) and GlobalTradz (from ETRADE). I met BabyHuey in NYC at the expo. I am thinking of taking his free trial offer. GlobalTradz is certainly the most economical RealTick partner. Are you completely satisfied with them? I've been checking the Level5 site for the recent scalping plays. It seems like he is able to consistently pick winners from the postings. Are you playing his scalps? Would you care to devulge your succes rate with them? Where can I find more information about the methodoligy that he is using? Mike
I really like BH and Gym, the two individuals that make calls at Level5. I have not yet moved my account to Global, but that is still a possibility. I am still waiting for some feedback from some of their customers. I really like the customer service provided by TN-MB Trading, but they are expensive. I trade Nasdaq stocks and the market really sucks lately. The scalping methods employed at Level5 are the same methods as Jay's at UT. In order to be profitable you will need to play 500 to 1000 shares, and you need precise execution skills. The present low volume conditions are diluting the moves. Ten to twenty cents are the norm lately. These methods have been generating .20 to as much as a dollar, up until late January. I am a member of both chatrooms and I will add that Jay has been utilizing some new methods over the past couple of weeks in an attempt to adapt to the lower volume conditions. These new setups can take up to 2 hours or more to play out. The yields are more than .10 or .20, but risks are greater as well. You will need to tolerate wiggles of .50 or more. I suggest you buy Jay's book and maybe even his tape. Take the trials at both rooms and then decide which environment you prefer. I can tell you that Jay lacks patience with newbies, and may even embarrass you in the room if you ask the wrong question. In contrast, BH is very tolerant of "stupid" newbie questions and will "hold your hand" more than any other chatroom moderator I am familiar with. I hope this helps. Feel free to private message me in either room. Incidentally, BH has just moved to Paltalk, so you may have to email him through the level5trading site to obtain the free trial. He claims he has made this move to revamp his site, but my personal opinion is that he is trying to reduce his operating costs. Current market conditions are not the best to start a new scalping based chatroom. Good luck and good trading. --arky
arky, Thanks for sharing your experiences. I did the math on GlobalTradz versus TeraNova. Assuming that one needs RealTick, here's how it works out. I used $15 commissions for TN and $9 for GT. I used $250 for RealTick. < 20 trades per month - GLobalTradz ( $250 for RealTick plus $9/trade) >20 trades, <25 trades per month - TeraNova ( $100 for RealTick plus $15/trade) 25 trades per month - Exact same price (net $19 per trade) >25 trades per month - GlobalTradz >500 trades per month - GlobalTradz (Even though TN is $10/trade) Unless one takes advantage of the MarketWise trading rebate program (which nets out at $7.50 per trade). it doesn't make much sense to use TeraNova. One could always switch to TeraNova if they decide to do MarketWise. My philosophy about Broker Customer service is that one should never need any (Customer Service) if everything is going well. The only time I spoke with ETRADE was to bitch at them after they and their market makers continually screwed me. When orders are being executing as placed - no need for customer service. I was hoping that others would comment on their experiences with GlobalTradz. I'm also wondering that if they go out of business or file for bankruptcy, how much is insured by FD???, and how long and how much trouble is it to get you money back? Many EliteTraders use InteractiveBrokers. They suerly have the most reasonable fee structure but don't integrate with RealTick. I'm curious to know others opinions on how important it is to have an integrated charting/level2/order entry platform for both intraday and swing trading. Mike Mike
You don't need to do the math yourself. Under the Quick Links menu on the left click Tradz Calculator, and it does all the math. Using the key commission crossover points (20/50/250/500 trades per month), here's how it comes out comparing globaltradz/daytradz vs. terranova (even taking into account that global always charges for the software, regardless of the number of trades): 19 trades -- global $144 cheaper 20 trades -- TN $9 cheaper 49 trades -- global $195 cheaper 50 trades -- global $103 cheaper 65 trades -- global $208 cheaper 100 trades -- global $455 cheaper 249 trades -- global $1505 cheaper 250 trades -- global $1013 cheaper 499 trades -- global $2270 cheaper 500 trades -- global $775 cheaper It's obvious that up to around 65 trades per month, regardless of the share size (since both global and TN charge by the ticket), there's not a significant difference. After that it starts kicking in seeing a respectable difference between about 100-249 trades per month, and a fairly substantial difference from around 300-499 trades per month). So the one big question you have to ask yourself is how many trades per month do you realistically do, month in and month out. BTW, does anyone know who Global clears thru?
I spoke with one of their reps yesterday. Global clears through Computer Clearing Services. Futures are cleared through Linwald. The only minor drawback that I can see is that you can not currently trade futures through RealTick. However, they are testing it and they will make it available within the next 30 days.
Thanks BullFighter, am curious who this Computer Clearing Services is, wonder if it's actually "self-clearing" thru a partnership firm, does anyone else clear thru them, etc. I like that most providers of Realtick clear thru Instinet, big solid firm, lotsa shorting inventory.
Magna, I found them on the net. http://www.ccls.com I am also wondering about short inventory. Is it the Broker, Clearing Firm or ECN that actually allocates the short inventory? Does RealTick/TeraNova show how many shares of an issue are available to short before placing the order? I'm going to call GlobalTradz and ask them if they can display the short inventory. Mike
GlobalTradz, Inc (member NASD, SIPC, NFA) is the parent company for our four divisions; MyTradz.com, DayTradz.com, FutureTradz.com and FxTradz.com. Computer Clearing Services is a separate company and not a division of GlobalTradz, Inc. In response to the short list questions, it is the clearing firm that maintains the short list for each broker dealer. Our short list is available online, go to http://www.daytradz.com in the center roll over area you will see a tab labeled 'Short List'. This will launch the current short list which is searchable and displays the number of shares available. If there is a stock not on the list it can be added with a simple phone call to request it to be added. RealTick will not let you know how many shares are available it will only tell you if it is not shortable. In response to trading futures on RealTick, this feature is not available yet to the general public. It is being beta tested and should roll out within the next 30 days or so pending no problems with the back office reporting etc. In order to trade futures through RealTick you will have to have an account with a RealTick provider that is a futures and commodities Introducing Broker (IB). Ideally if your firm is a Broker Dealer and and IB, like GlobalTradz, Inc., you'll be able to trade both accounts through the same RealTick log in.