For the major brokers, they handle those size of accounts all the time and much bigger. The account size you mention is nothing for most of them. It depnds what, and how you trade really. Check out the on line reveiws on line and do other research. Many people trade in so many different ways it's hard to give an answer based on account size. I recently changed accounts to IB. Because of the range of products available, although as a matter of course I trade only a limited range of products. But, with them I won't use their platform charting system and am using a fee for month with a 3rd party using API for charts. Having said that every broker is going to piss you off at one time or the other no matter who you go with.
Ready to change from TD. I trade options mostly and cost is a consideration. Looks so far, that IB has that advantage. TradeStation has some attractors too. Has anybody got an experiential take on either; or another direct access outfit?
Do you trade actively through out the day? Do you mostly trade spreads placed in the complex order book? What type of monthly volume do you normally do? If you're going with a retail firm, your average ticket size is important. I'll need more information to help guide you......Bob
Thanks in advance. Yesterday was a high volume day form me around 70,000 contracts. Mixed bag of strategies with a goodly amount of day activity with some other positions setup in spreads etc. Still trying to learn of other direct access brokers, another on here listed http://www.eoption.com/direct_access.html and their $3/$.10/contract [$.25 id direct access] is rock bottom. They seem to have "issues" and not sure that the pricing may warrant a try...unless they cost me. TD has due to execution slowdowns, kickoffs & freezes. So any help is appreciated.
if you do that many cars in ONE DAY then you can get pretty much any deal you want for commission. did you mean to say one month? institutions might do that many in a month but that's a month and it's an institution with much more assets than an individual trader. you get a huge price break on ib for that many cars. if you want cheaper make a list of your favorite brokers and email them all w/ the same email "hi i do 250k cars a month what rate can i get?"
Frank, thanks for asking. I was guessing, so I just went back and tallied again. 83K was transacted, that is shares...that's what I had on my mind, so 830 contracts some BUYs some SELLs on Friday. Yeah, 70,000 contracts...nope. Not a norm for me, though. More frequent and higher contracts have been the norm. I also, while checking, took a look at commissions paid @TDAmeritrade & Schwab. Surprisingly, the TD site has no way of breaking them out, just embedded proceeds reports. No commission announced when ordering, confirming, in history...anywhere. So, I call and was told that was correct, that clients cant breakout the commission. I asked and they then broke out the commission tally for the months of increased options trading. Ouch. Having first purchased stock and written covered calls back when I'd stop by to look at the ticker and orders were a lengthy written process; I was thrilled to get phone orders; then internet. But my blinders were on as to the pricing now available and for the negotiating. Time to explore.