|
PureBytes Links
Trading Reference Links
|
James Charles wrote:
>
> Zeus wrote:
> >
> > I know we have talked about this before but I need some more info....
> Shay and everyone,
>
> I use Waterhouse. I AM VERY UNHAPPY WITH THEM. I have not changed...
> 1. Charles Schwab...
> Good luck,
> We need it
>
> JAMES
Avoid. I've used them and they're back office is AFU. And their statments
are gibberish. Plus they make too many mistakes. They did give good fills
however, but you can and should get that at other places. Their Street
Smart program was fast but harder to use than Foxplus by Fidelity.
Wasn't sure about how much interest broker questions would raise
but I have to guess it's an ongoing subject of interest. Why not,
we're traders! So I probably should have posted this generally
so here it is now...
In response to a prior question...
Fidelity makes sense if you can get into their Spartan program
and use Foxplus. I am getting $25 a trade up to 1000 shares and
discounted rates on options trades when I use Foxplus.
Foxplus is lightening fast. Market orders on liquid equities are
confirmed filled in 10 seconds typical. Order handling is likewise much
faster than you can get on the phone because the dialup, hold,
and talk times are eliminated. You just hang around online and
press the button when you want to place an order.
Do not use Webexpress also by Fidelity. It is OK if you're only
trading daily or larger timeframes, but then you could use the
phone.
Fill quality in equities, equity options, and index options (OEX)
has been among the best. They rival some of the good futures
brokers.
Drawbacks to using Fidelity include:
Sell to open options is not allowed on Foxplus and hence you
get stuck with slower order processing and higher (broker vs
online) rates.
Sometimes when it's busy your calls get rerouted to non-Spartan
brokers who may not be as experienced. You have to really be sure
the order person gets it right. Make them check the order.
I've once had the back office call me and say I didn't have
enough margin to make a trade that had already been filled
when I had plenty and the clerk read some internal number
of theirs wrong. Before I knew I was filled, I told them to
cancel the order, but it was too late. I found I was filled
online, and later they busted (zeroed) out the trade as if
it didn't happen. We're talking seconds between phone call
cancel and online fill. I had no problem with this even though
the trade was (is) now a winner. I told them to can it to
avoid any possible order entry mistake (such as the clerk
having entered 50 instead of 5 or something like that) and
the net effect of their back office was to do that regardless.
It took me a day to straighten it out. They later said that
the clerk made an error.
In my experience both equity and futures brokers have been
reputable and pretty straight about fixing or handling mistakes.
If you're just looking for good rates ($20 up to 5k shares) and
don't need to do index options (equity options ok) you can use
JB Oxford. I've found them to be reliable and quick. Decent
statements too. Use the phone. Avoid the online as it's web
based and too slow. For that matter, only the direct links
like Foxplus are fast enough. All the web stuff seems way
too slow. (Haven't tried them all though.)
Avoid Etrade. Their service and attitude are basically F..K YOU.
And their ostensibly online trading is really just a front end
for brokers. Fidelity routes directly to the market. In fact, with
options, you can watch your order go into the market by watching
the B/A change when you place an order between them. Generally,
exercise caution in using the online stuff. It's not all it's
cracked up to be in general.
If you would, I'd appreciate knowing what you find out and who
you go with. This business seems to be changing so fast it helps
to share info.
Phil
PS: I am not an employee nor do I stand to benefit from any
such recommendations. I'm just a trader.
|