I am not stressing a comparison with IB, since IB executions are not integrated with analytics and IB executions for scalping are not viable... IB is great for swingtrading, and the commissions are difficult to beat (for retail); for scalping, the only valid comparison is with an integrated platform (scalping with IB is done at your own peril!), such as MB Trading and Cybertrader... when compared with these hardcore scalping platforms, Tradestation's cost and analytics package seems to be a quantum leap forward... what matters for scalping is an appropriate trade-off between cost, execution and analytics, so a direct comparison with IB is not warranted for this form of trading (since IB cannot be used for scalping, as IB order entry doesn't cut it)... The main thing now is to get all hardcore scalping platforms to a low cost per share pricing schedule... Tradestation has started the ball rolling, now let's see the other brokers COMPETE with them or lose their clients to the likes of Tradestation...
OK so I guess IB doesn't "have worries". As far as the high volume scalpers I think most of those are going through prop firms now aren't they? better leverage, 1 cent commish, bullets etc etc. I just don't see more than a niche market for Tradestation Goup. Sure their software is great for the mechanical/system traders but that is a limited audience imo.
I am not a high volume scalper nor am I a mechanical / systems trader... I am merely a typical homey, who trades several styles, from scalping to longer-term swings... there is nothing niche about people like me... IB does not have worries, insofar as swingtrading is concerned... but for people who do scalp, IB was never a suitable platform anyway (as an IB client, I will only use it for swingtrading, since their order-routing is way too time-consuming for precision scalping)... so, yes, I will possibly stick to IB for swingtrading... but for intraday stuff, the likes of MB Trading face a real threat from Tradestation...
This is pretty amazing timing. I was about a day or two away from leaving TradeStation and going to IB. The relatively low market volatility in recent days was really taking its toll and I've been looking for a way to squeeze more out of my winning trades. Great job TradeStation!
How much cheaper is TS now compared to MBT, TN or Cyber? It would be nice to see everyone at least give the option of per share rates I agree. Edit. Looks like MBT or Cyber may still be cheaper depending on your style of trading. MBT has no limit on shares while TS does. Also Cyber doesn't charge Island fees which is significant.
I just received word that Point DIrex is also lowering there commissions from one cent per share to .007 cents per share (plus pass thrus). This does not appear to be a promo but a permanent change. The rates appear to be based on daily volume of 25,000 shares or less. Above 25,000 shares daily it goes to .006 cents per share. This is truly amazing and really goes to show you how much jack the b/d's were making in the bubble days of $23 per side....which looked pretty darn good at the time considering the technology effect of direct access. On another related note, I think the issue of integrated analytics and order execution is way overrated. I used to subscribe to this theory as well, but now that I execute off Point DIrex Platinum, it is apparent that it is not a big deal. I still have my Realtick spread out over three monitors and all linked and set up for studies etc. This remains the crucial focal point of my trade decisions. But for me to have to then type a symbol into Platinum every few minutes as I am watching a stock set up on my RT charts is no big deal at all. It simply has not been an impact whatsoever to the efficiency of my trading, and the cost/speed of my executions are unparalleled. My two cents anyway....or should I say .007 cents....
TS doesnt charge ISLD fees either from what I gather... the per share fee is all-inclusive... well done Tradestation, hopefully your competition will wake up and, if they don't, they will lose their clients to you...
I wanted to make the effort here to let TN know that a lot of traders must be considering this. I am. I finally called Pointdirex yesterday. Now we have another contender. I like Realtick and TerraNova but it's not making sense to stay with them any longer. And if I decide that I _must_ use RT it looks like I could use Pointdirex and get Realtick direct from RT and still come out ahead. fwiw Mike
TS clears thru Bear Stearns. I would assume they will have a better short list than PointDirex. PD clears thru Southwest Securities which sucks in short list. Only bad about TS is no linking.
i love realtick - but i love cheap commissions even more - especially when the executions and speed from IB seem faster than what I get from terranova. so i'll gladly pay the 250 for the realtick, and keep paying .01 to IB - its the way to go. Of course, if people start saying good things about Tradestation, I wouldn't mind paying 1.2c just to keep it on the same screen!