Hi, decision lies between Cybertrader and Ameritrade. I am going to do 12000 to 100000 shares orders. I guess market orders will be more appropriate. No daytrading but in many cases I will need to take intraday actions. (average position holding period ranges from 2 days to 1.5 weeks) being a newbie and therefore never being through order excecution and other aspects of various broker distinguishing features, I do see some differences between the two but I do not quite understand them (absense of experience). is direct access the only one crutial difference between the two? why is it so important to have a direct access? why, in terms of comissions, Ameritrade is so cheap when compared to Cyber? (to me, average comission at Cyber will be $200 for one side trade whereas Ameritrade promisess $11 if I understand right) I want to know why traders prefer Cyber - like brokers to Ameritrade-like brokers before I make a final step. I really need a good advise on this one. I would very appreciate comments of experienced traders.
I've been papertrading for 1.5yrs (never missed a day) before papertrading, have been reading for 3yrs developed and tested, what seems to me, a very profitable system got the right psychological frame my attitude to trading as to BUSINESS, not a GAME. on every single trade I am planing to risk 0.0025% (theoretically of course) of capital on the learning stage. Dont worry about me. I will survive (even if I loose all my capital). what's more? everyone begins one day. now I feel that it is the time to go into real world I know nothing about execution. It's time to learn. I do not know nothing about the way different ECN's work in real life or whether I need them at all. It's time to learn. My system has to be adjusted to real world. It's time to do it. I personally like Cyber more. My trading method is not highly affected by comissions (if one is then it is shit - my personal opinion). However what I am intrested in is why many people choose to pay much higher fees and commissions at some specific firms. So, which one in your opinion?
http://www.elitetrader.com/br/ Go through these reviews that will give you a very good idea about what members here think.
I would choice the broker give the fastest execution. If a broker doesn't execute your order fast enough, it will cost you more regardless of their commission. I can only comment on IB, Scottrade and Ameritrade, and IB is much much better than both.
You know nothing about execution, but you've been paper trading for 1.5 years? Huh? Open a demo account somewhere, get your feet wet there first. Good luck to you- Don-
This was the statement that convinced me you aren't ready to trade. It is pure insanity for a new trader to start by trading more than 100 shares, let alone 100,000 shares. I think it is best to start with odd lots, meaning less than 100 shares. If you are determined to start by trading 12K to 100K shares, then all I can say is I am sorry in advance to see you lose your money. You aren't ready yet. The fact that you are going to start out by trading up to 100K shares just proves you aren't ready.