stefonk
33 posts
msg #98338
- Ignore stefonk |
12/31/2010 9:06:19 AM
Any recommendation for a best online brokerage? I have been using Scottrade for a while but I think there might be better options out there in terms of fees, commissions, spread, extended hours trading .......etc. I have also noticed with Scottrade that anytime they put a # after a symbol, you can't have access to it meaning you cant trade it even if you have a position in it. So if the symbol comes back with a D at the end, and the price goes down to $0 a share, then you loose all your money. Is it also the same with other online brokerages? Any suggestions would be appreciated.
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uglyowl
2 posts
msg #98339
- Ignore uglyowl |
12/31/2010 9:08:13 AM
Check out interactivebrokers, $1 per stock trade, no bells and whistles or research, but great for trading.
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taylorsk
106 posts
msg #98343
- Ignore taylorsk |
12/31/2010 3:01:58 PM
Vote number 2 for Interactive Brokers
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wkloss
231 posts
msg #98344
- Ignore wkloss |
12/31/2010 3:20:40 PM
I tried IB and didn't like them. Their platform was difficult to understand and they provide almost no customer service.
Several years ago they charged a fee if you changed an unfilled order. That may not be the fact now.
Recently I got correspondence from them showing their highest margin rate was about 1.70%. Obviously that is outstanding.
You might open a paper trading account 1st to see how you feel about them.
Bill
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dwiggains
444 posts
msg #98352
- Ignore dwiggains |
1/1/2011 10:52:45 AM
I use IB.
The unfilled order change is on options. It stinks.
NO customer service.
Low commissions.
You can short stocks below $5.
Win Some ---Lose Some
See ya
David
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Garrett1410
15 posts
msg #98367
- Ignore Garrett1410 |
1/2/2011 8:30:07 PM
I have used IB for over 4 years. Regarding the charge for changing unfilled option orders you can actually modify them instead and not be charged. You can also "put them on hold" Another advantage that has not been mentioned is that there is no charge for excersising/assignment of options.Regarding the research, for a monthly 1.00 fee you can get bloomberg research and Reuter feeds . The platform is intitially intimidating but it is simply an excel type spread sheet with all the columns you would want to add including dividend, shortable mid price, etc. Execution is fast. At one time the customer service was not consumer friendly but currently their attitudes have seemed to change. I do a lot of option plays and the low commissions are instrumental in my planning.
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bkhurana43
103 posts
msg #98370
- Ignore bkhurana43 |
1/3/2011 8:39:16 AM
Hi Garrett
Happy New Year.
Since you are using IB for options trading, could you mention some of the salient features of Options Scanning and Position Analysis tools. Do you go for Gap Up or Down as your favourite picks?
Bob
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Garrett1410
15 posts
msg #98373
- Ignore Garrett1410 |
1/3/2011 9:56:01 AM
I use one very simple scan. RSI over 75 price over 5.00 and optionable for my call positions. I then go out to 8-10 delta and sell either a naked call or a bear spread. The screen has a 76% success with167 roi even during this bull session.
Going further OTM enhances my success ratio. One mistake many make is to backtest for too long. Earnings months can skew everything so I only screen for non-earnings months. i.e. april,may, july,aug. etc. I do the opposite for put positons.
Should the positons become endangered, I can either roll them or do an off wing butterfly. There are other methods but I rarely have to worry about this. Hopes this helps
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Garrett1410
15 posts
msg #98376
- Ignore Garrett1410 |
1/3/2011 10:05:30 AM
I might add that my very favorite is oil future options. They are liquid, have tight spreads and I have never lost money on them. I go to nearest month and sell a straddle where both positons are 8- 10 delta. They are extremely easy to roll and the margins are like 3500 per straddle. You can easily get 12-15% monthly yields. However, if you have never traded options there are excellent resources available. I love Dan Sheridan and there are plenty of videos of him on the net.
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bkhurana43
103 posts
msg #98379
- Ignore bkhurana43
modified |
1/3/2011 12:01:16 PM
Hi Garrett
Thanks for your very useful info. on trading options. I for sure will research for Video material over the net published by Dan Sheridan, but if you have a preference for any specific titles, please let me know. That would make my selection process even faster. I hope you will not mind if from time to time I get back to you for some additional help. I am just new to Options Trading and learning the ropes.
Thanks again
Bob
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