different thought same subjet... IF there were enough traders that COULD get along long enough to attempt to broker a transaction with a BD to get better pricing, why not start buying the stock of a small BD like Rushtrade (RSHF.OB) over a period of say 1 year and have that group take control of it as OWNERS. This could yeild some interesting results. trading platform enhacements quickly, prefrential commission structures, etc.
I didn't trade all that much with Freetrade, but I did see my orders represented on ECN's , at least in Nasdaq, not held in some MM queue.
I suspect that a few months from now, Ameritrade will combine the Izone accounts and regular Ameritrade accounts and come up with a commission schedule that is some where between what is now Izone and Ameritrade.
hope this helps... ameritrade makes the majority of their money by selling retail orders, as some have already mentioned... never short using a market order using amtd... do not let your orders sit, just hit bids and offers, otherwise risk being "gamed"... never fight the guy on the other side of your trade because they will win and put you in at a worse price...and amtd will say 'f' off it was the NBBO... i have multi page execution reports from them, finally demanded they send me ALL order flow payments received on my behalf and it shocked me...i had an idea my slippage was high b/c i read tape well, but they really do fuck me...now i get improvements and a snicker everytime i talk to their highschool help... AMTD self clears and own 6.95% of Knight Capital.... alex
RML Trading says that we can get a lower commission rate if we go there together. Currently, it offers $2.95/per trade with ECN fees passing through if you make 2001+ trades per month. This rate applies to your 1st trade of the month. The new account rep said that if I can get a group of active traders to go to there, we can get a lower rate. If you are interested in getting a group rate, please send me an e-mail at autobjplayer@yahoo.com
Let's do this. All who are interested in this offer from RML Trading, post a short message on here, so we can get a count. One thing that would be great is the lowering of the amount of trades required ( 2001 ) to get the low price, group rate Steve
2001 trades is way too much. Make it 201 and it would sound better to me. I wonder how much they charge for under 2000 trades a month?
RML is one of the brokers i am considering right now... my contact is Kevin Simon... i think they'll play ball but i only have 'assurances' right now...nothing concrete/on paper... steve, just what exactly do you plan to do ? thanks. alex
I have been looking for other brokers, I am talking to Etrade Pro, Genesis, Cybertrader and some other's With my style of trading, I need better prices than what IB and MB offer I have been very unhappy with Freetrade, and had already decided to look elsewhere before this thread. I am open to a group deal with the above mentioned Broker, but just want to see what the offer will be before i sign up with any others.. I also found www.foliofn.com, i like the pricing, but it just seems it will give the same fills as Freetrade, ( poor ) with routing via knight So what about the rest of your Freetrader's ?? Steve