Came to this website about 3 wks. ago looking for broker reviews on Google search. I need a new broker. Here's some background info to help with replies. Been a casual swing trader (stocks only) for quite a few years and did ok. Retired now and trading seems to have crept into being a fulltime hobby over the past year and a half and have done well. Started way back with Bidwell & Co. for a broker, $30 one way. Along comes internet & Bidwell offers $15 trades (thrilled). Ameritrade buys out Bidwell in 2003 and now have $10 trades (pretty good). Been with Ameritrade ever since. Industry pricing seems to be moving to $5 (or better) range & Ameritrade won't negotiate. Only use them for their real-time streamer quotes and excellent execution & notification speed (5 sec. or less). Some trade stats for Dec. (a slow month) '07. 16,200 shares, 94 trades = paid Ameritrade $940!! What do I require? 1) reasonable commissions 2) top quality (no-lag) real-time streamer quotes 3) easy order entry, immediate execution & notification 4) very (ultra) dependable stable website & software platform 5) good short share availability What would I like? 1) full range of order entry types 2) long & short the same stock in one account 3) real nice software - don't need high roller professional but 3/4 to it would be nice (Ameritrade tools are trash - been using Stockcharts and have done well, ready to step up). 4) bad tick filter (built into software or manual) I have read nearly every review (not all 271 fo IB) and have breifly glanced at every website (about us, commissions, FAQ's). Next step is contacting potential candidates. From ET's list, these seen reasonable. ________________ET reviews______________Website_______ Choice Trade...............0......................sounds like it could fit for me Cobra Trading........5 ('05 to '06)...............sounds good Genesis Securities...11 ('04 - '06..........not sure what to think of them JPR Capital.............1 ('07).........................sounds good NDX Trading................0................................maybe ok Noble trading.........2 ('01).............................maybe ok RML Trading............5 ('02 - '06)..................sounds good Speed Trader.........2 ('01 - '02)....................maybe ok Success Trade............0................................maybe ok Thinkerswim.........34 ('04 - '08)..................sounds good Trade Wall Street.......0................................maybe ok Remember, stocks only. Any input and suggestions from real traders are very welcome. (please no company reps) Hope I don't have to open and close several accounts before finding a good one.................Thanks Ed
JackR, it is possible at Ameritrade or AmeritradeIzone. eddie--d, if you do not like IB, you can look into AmeritradeIzone ($5/trade and Just2trade ($2-$2.5/trade). You can even look into Izone+Cooltrade ($0-$3/trade + $39.99/month subscription fee).
I'm going through the same decision process as the OP. I have narrowed down my selection to Terra Nova and RML. Quote Tracker + RML is looking like the better alternative to me. I will be opening accounts with each of them.
Jack, several years ago, I took a short position in a stock. I knew that short would be the right direction but it went against me a little to hard so I went long to wait out the upside rather than just bail out and take the loss. So when I went to sell the long I couldn't do it! Surprise because I could do this at Bidwell. I called them and asked what was going on. The Apex rep said I would have to buy back the short first, then sell the long, and put on the short again! To me this amounts to being unable to be long and short the same stock in one account. I haven't asked or tried since.
GTC, your mention of AmeritradeIzone is the first I have ever heard of this. I find that a very interesting negative for Ameritrade. Tuesday, I spent a little time on the phone with the Apex broker. I openned the conversation with "I'd like to talk with someone who has authority concerning commission rates." He still wanted to talk with me. I could tell almost immediately that he was not the one I needed to be talking with. Two times, I asked again to speak with someone of authority. Finally he said "I'll talk to my supervisor and he'll call you tomorrow morning." Well, Wed. came and went and so did Thurs. and now Fri. and no call. This fellow probably could have easily mentioned AmeritradeIzone to me. So, what do you think I think of that for customer service let alone customer respect... ...I need to bail. Have you experienced Izone? Maybe it's not all that good. I'm not interested in ultra cheap. Over the years, I've learned that you pretty much get what you pay for. Thanks for you're input.
Kevin, of the 11 candidates on my list, I looked a little extra at the Cobra and JPR websites. Interesting that you should mention RML because I went back to their website 3 times. In a private message with another member, he mentioned that one of his accounts is with RML/Quotetracker. This evening, I am about 90% decided to try RML. I'll be calling them Monday morning and listening attentively to their phone rep. Thanks for your input.
eddie--d, registered QT (QuoteTracker) can be free with Ameritrade. I used Izone. If you really feel the urge of getting out of Ameritrade for your trading needs, you can try Just2trade with QuoteTracker. Its margin rates (debit, credit from shortsales icluded), range of available orders are better than RMLplusQT.