Scalping With Scottrade

Discussion in 'Retail Brokers' started by hoodooman, Apr 26, 2007.

  1. Has anyone tried scalping with Scottrade's platform and if so has anyone been successful at it?
  2. 2ticks


    Are you out of your mind?

    Scottrade gets paid for orderflow. AND they sit on the board of directors for NITE!

    They charge $7 a ticket. $14 rt + sec fees. OK for unlimited shares. If you scalp only 1 or 2 lots, you'll get killed! AND only 2:1 margin; cash required to play size.

    They have ridiculous away-increments for limit and stop orders. Forget anything else, this prevents successful scalping.

    Shall we talk about thier feed?
  3. Sounds like you tried it.:D
  4. 2ticks


    Not for scalping, IRA trading only. Won't even CONSIDER opening a standard account for reasons (plus others) mentioned.
  5. hughb


    Yes you can scalp with Scottrade, I did it successfully for a while until they started enforcing the 25K equity rule.

    You can't scalp Naz stocks - as mentioned above Scottrade works with/for NITE. I was naive enough to believe that NITE wouldn't bother to take the time to slam a small retail trade like myself, but I was WRONG. Right after buying I turned around to sell a Naz stock and they yanked all the bids down almost a full point on a $6 stock.

    Stick to NYSE stocks and use limit orders if your type of trading permits limits. If not, then Scottrade is not a good platform for scalping.
  6. Thanks for the reply.
  7. Funny you make this thread today, because I just had a scalp less than an hour ago in SNDK..made .70 in 5 minutes.

    I agree with the other posters, even though Scottrade is good, dont try scalping with them. For one thing, commissions are just too high..MAYBE if they had a per share plan to choose from, but they dont.

    I think in the near future though Scottrade might come down on commissions to compete with TD's 5.00 a trade for their I-zone platform and MB's Navigator.

    I dont have elite, do you pay extra for L2?