which is best the direct access broker

Discussion in 'Retail Brokers' started by shadowtrader, Jul 23, 2002.

  1. gaj


    max - i use ib. i've got a list of other brokers i might need to set up with, if i have to....and some have had some minor complaints about ib recently....but compared to watley, it's heaven.
    #21     Jul 25, 2002
  2. trade4me


    I've been with Prophet for about 1 year now, and I would have to say their execution and reliability have been top notch. Knock on wood but I can't remember the system going down (watch out tomorrow when I'm up to the gills shorting QLGC now that I've said that). I don't doubt you when you say good things about their Cust.Serv. that's why joined.
    I used to be a broker whore, jumping from one to the next. E-trade, waterhouse, Savoy, webstreet, rjt, cybertrader, watley but I finally settled down I guess. No hassles there.
    I used to get charged a higher price for limit orders but I get the9.95 for everything now. You may want to ask them about that. Some say that its cuz i trade actively but I think it must be my good looks :D
    RJT had pretty good customer service but I had problems a lot of problems with order canceling. They had really good customer service though. Maybe they fixed the problem they had, it was a while ago. Good luck deciding. If you do join Prophet then let me know, there are 4 of us who interact on the software, during the market hours, we're always looking for more.
    #22     Jul 25, 2002
  3. I used cyber - X for almost 2 years and switched to Interactive 6 months ago . I do not have the issues with Interactive that others have. I also opened an Account at Mb trading 5 months ago but still have not use to it , Interactive works for me.
    One note on Cyber , I only left because of the commissions , I was doing over 100 trades a month and $ 9.99 a trade was fine , but I now maybe do 30 trades a month and $ 14.99 was to high.
    #23     Jul 25, 2002
  4. maxtrax


    Thanks for the heads up on Tradestation. They were helpful too but I didn't like the monthly data fees. Its a hundred bucks and they only waive it for the following month if you make more than 150,000 shares of transactions. At 1k per ticket thats 150 trades. I would probably make that quota but I don't like even thinking about it. They seem pretty good if you like to average in you positions with small lots though.
    Trade4me, I called Prophet Trader and they told me that they do offer volume discounts. Thanks for informing me. I'll probably open an account with in the week, so I will PM when I start trading. I look forward to meeting you guys. Thanks for the help and the invitation.
    #24     Jul 26, 2002
  5. Thanks everyone for all the info and suggestions. Very helpful.

    I visited the Prophettrader site and downloaded their simulator. Seemed pretty good. I will probably open an account soon. Will post if I have any problems.

    Thanks again. Good luck in trading this market.
    #25     Jul 28, 2002
  6. Eldredge



    I had to chime in here. I didn't carefully read the entire thread, so forgive me if I have missed something.

    I would recommend that you seek a broker with a per/share pricing structure. This will enable you to make very small trades at first without getting killed by commissions. Trading small while you are learning will have more of an impact on your success than anything else in my opinion. 1cent per share including all ecn fees is available.

    Also, check margin. If you are going to be a pattern daytrader, the wise use of margin can be very helpful. 4 to 1 day and night is available. This may or may not be important depending upon you style, risk parameters etc. For me it is very important.

    Finally, I took a quick look (I may have missed something) at Prophet Trader and didn't like what I saw. Anyplace that charges more for a limit order than for market orders makes me very suspicious. Also, there commissions seemed very high. These costs can KILL you unless you are trading huge size. Even if you are trading huge size, you will likely find it advantageous to enter and exit your positions in several smaller orders rather than one large order. Again, I would strongly recommend finding a lower priced per share broker. Good luck.


    I use Interactive Brokers, and while they are far from perfect, I am happy to be with them.
    #26     Jul 28, 2002
  7. Kymar


    Frankly, I can't imagine why anyone would trade with a platform like Prophettrader, though I suppose there might be something I'm missing here ( wouldn't be the first time). Still, $9.95 + Exchange fees + $5 for Limit Orders!? And a fully penny a share extra for listed stocks? If I understand the schedule correctly, if I place a market order for 1000 shares of a Nasdaq stock, and it gets routed through ARCA, then I pay 13.95. If I use a limit order, then that's $18.95. That would be totally non-competitive...

    Even if you trade size and never scale in and out (and thus prefer a ticket charge to per-share pricing), and/or really love their order entry platform, then I still can't imagine why you wouldn't try one of the RealTick brokers or Cybertrader - whose platforms are similar but offer a wider range of features, and which generally offer at least equivalent, mostly superior commissions and fees structures. If you like to get short, you might also want to check their clearing arrangement: Cyber was OK on that score, but iffy at times. It also offered outstanding customer service and support.

    I'm a happy Tradestation user, even something of a junkie for their set-up, though I won't go into the various comparisons that have been the subject of extensive discussion elsewhere on this site. Other alternatives include E-Signal with integrated order entry from some brokers, as well as several others that have their advocate on this site.

    If you're still interested in Prophet after taking a good look at the atlernatives, call 'em up (would also be a good test of their customer service) and get the fees broken down for the kind of trades you intend to make, and be sure you understand all of the details, then ask the same questions from at least a couple of other candidates. You might very well be able negotiate a better arrangement from whomever you end up going with.
    #27     Jul 28, 2002
  8. Patience is a virtue as many young warriors(traders) will find out. When the market comes back what will traders say--OOPS I should have held the stock. Is anyone shorting these days?

    As far as the market I say play the qqqs and the dia on a daily basis. In at 10 am and out by 2 then off to the bar. OOPS now you know the secret. If you can't get out to the bar a bottle of jack in a snapple bottle will do just fine and don't forget the mints for camaflage-.
    #28     Jul 28, 2002
  9. nitro


    What does this have to do with the price of tea in China?

    nitro :confused:
    #29     Jul 28, 2002
  10. trade4me


    I'm sorry, I normally could care less about whether or not someone doesn't like my trading ideas or even less, the company I use to trade stocks, but when I read "Why would anyone trade with platform like Prophet" that seemed like an attack on my judgement or on whoever trades with Prophet. I trade for a living and rest assured, I wouldn't trust my executions with just anyone. I did my homework, I did my asking and I made my choice and I have never regretted my decision. I'm sure that writer was not targeting me specifically but it felt like it.

    I believe that every firm has their own plusses and minusses that can benefit each and every trader differently depending on their trading style. Customer service and reliability are very important intagibles which are among the main reasons why I am where I am. I agree that per share pricing are great for some traders but not all, and not me. Just as an example, if I bought 1500 shares or MORE of a particular stock through Prophet, on ISLD, the MOST it would cost me is 10.95. Looking at TradeStation, if I read correctly, the LEAST it would cost me is 16 bucks and more for additional shares above 1500. But you wouldn't hear me say "why would anyone trade with Tradestation?" Small lots purchases would likely be cheaper with a per share pricing firm, if that's your strategy.

    Prophet is an excellent firm, for me, but I can say without a doubt, that it is not that way for everyone. Tradestation is probably an awesome outfit, but it is probably not made for everyone. I doubt they will make a firm out there that will suit every single trader. People should find the brokerage out there that suits their trading style.
    #30     Jul 28, 2002