Iâve been studying the trend following method for some time now. As such, Iâm now ready to partner with an online broker. Does anyone have any recommendations? As a point of clarification, Iâm looking for a firm that will provide solid market data (i.e. historical and up-to-date) price information as well as quality order placements at competitive rates.
Well, whatever you do.... it's not going to be ETrade and it's not going to be Interactive Brokers unless you want to suffer. Up to you though.
My service is great. I have an account with Cobra trading. (www.cobratrading.com). I have an account with them and they know me by my first name and I know I'm not even close to being one of their biggest clients. They are direct access, level II with competitive prices. Plus, they have found 90% of my shorts I have requested, which I can't say the same for my last brokerage.
Cobra is a ripoff guy. 1) Thier per share and per trade rates APPEAR to be decent until 2) you realize taht they actually CHARGE you for the ECN fees even if you ADD liquidity. (unless of course you fall into their small print at the end of being an active trader, in which they GRACIOULSY give you back the rebate). 3) In addition to taht, you have software fees up the wazoo if you are a swing trader who does not do the volume they set forth depending on the software you want. Man, some of these sites are freaking funny man. Its like Questrade basically, when I called them and grilled them only to find out the same thing...that ECN fees are ADDED to the per trade fee. For anyone who doesnt realize this beware. You must always look at the per trade and per share commission and then SEARCH the site to see the ECN fees and waht they are and ADD those fees into your trading in any comparison you do. And then ADD software fee projections to that if you can project just how much you will trade. A lot of these sites look cheap until you factor in their crooked behavior of charging the ECN fees, when in fact they are pocketing any rebate you are getting AND charging you at the same time. In essence double dipping. Its absolutely disgusting and crooked and its unfortunate for those that dont know this and get caught thinking they are getting a great rate, when in fact, they are not. Beware.
Go with the biggest. Go with the best. Go with the cheapest. Go with the most markets. Yep. It can only be Interactive. All the rest are also-rans. IB sometimes has problems, as do all brokers, but they fix 'em fast and then...see above. http://www.interactivebrokers.com/en/main.php
Sorry, I'm bias. I'm on first name basis with these guys and I don't consider myself a big trader by any means and I get .005 plus the ECN rebates. Most the time using rebates I trade at .003.
my recommendation is that you shld do your own research first, put together a shortlist, then ask for views...
Just ignore Cobra Boy, I never heard of this firm, and he keeps spamming this board instead of paying for an ad!