Trading 5000 blocks, still use IB?

I scalp on FMT which is at 8.2 now. My per order is 5000 shares. Comparing IB with other flat fee brokers, you will know why IB is expensive here. FMT is active, and not worried to get filled today.

Amertrade charge 10 round trip, and IB will charge you 50. Big difference.

Will you still use IB?

 

I would never use IB at all. For nothing. They have bad tech support.

 

if you need tech support, that means you need more study to enter this market. i know people rarely ask for help on ib.

 

I know nothing about them other then what's in this thread but have you considered SogoInvest Elite?

http://www.elitetrader.com/vb/showthread.php?s=&threadid=88791

From what it written there your trade would only cost $1.5 instead of $10 or $50.

 

The most significant reason will be quality of fill. 5000 * 1 cent = $50.

 

Actually if you use limit order, IB fills are no better than others.

This is just my anecdotal experience from the few 1000s trades I do every year.

At least it doesn't make ANY sense trading with IB cheap stocks. Their new few structure is outrageous. 0.5% is a lot of money for cheap stocks. $20000 trades cost $100 now at IB.

I used to be a big fan of IB and their "bundled structure".

Then they started charging some obscure "liquidity fees" in addition to their "bundled" fees, and now they raised the limit to 0.5% instead of the 0.2%.

That is 1% surcharge on every round trip.

 

The simple answer would be to have more than one broker...

use the one that is most appropriate to the type of trading you are doing.

With Electronic funds transfer you can move money in and out pretty fast...

 

5k scalps all day using ameriturd system? pass.


and isn't it $10 bucks a side? so $20 round trip @ ameriturd?


If you are position trading 5k blocks it would definitely make sense to use ameriturd otherwise stick with IB are an other quality directacess broker.

imho

 

I left IB for the same reason last year, but I don't scalp and I always use limit orders so I don't know what the big deal is about direct access. I was tired of paying double or triple what I would at other brokers and receiving nothing but a bad attitude in return.

 

Besides IB, I intent to use a second brokerage firm. May I ask you what your choice was and why?

Thanks.