Comments on: A New Broker for Day Trading – My Current Thoughts http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/ Improve your trading! Fri, 19 Feb 2010 19:36:43 -0800 http://wordpress.org/?v=2.9.1 hourly 1 By: Dave http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-41634 Dave Wed, 09 Jan 2008 20:58:00 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-41634 @Jared, I have switched to MB Trading and I'm liking it so far. It's quite a bit different than Cyber, but it's nice. Check out Tuco Trading and World Trade Securities. I'm not really that familiar with the prop trading world, but these seemed like good guys that are worth checking out. @Jared,

I have switched to MB Trading and I’m liking it so far. It’s quite a bit different than Cyber, but it’s nice.

Check out Tuco Trading and World Trade Securities. I’m not really that familiar with the prop trading world, but these seemed like good guys that are worth checking out.

]]> By: Jared http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-41271 Jared Mon, 07 Jan 2008 20:22:07 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-41271 Did you make the switch to a different broker and how do you rate them versus what Cybertrader had? Also, what prop firms were you impressed with? Thanks! Did you make the switch to a different broker and how do you rate them versus what Cybertrader had?

Also, what prop firms were you impressed with?

Thanks!

]]> By: Formerly ADD Trader http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-40692 Formerly ADD Trader Fri, 04 Jan 2008 05:18:32 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-40692 I can't believe how badly the transition from CyberTrader to SS Pro has gone. It is as if the SS Pro team did not even look at the functionalities of the CT software. In addition, their customer service stinks. I too will be splittling my account, most of it going to IB, and a token amount in SS Pro (as they provide check writting and debit card services). Formerly ADD Trader I can’t believe how badly the transition from CyberTrader to SS Pro has gone. It is as if the SS Pro team did not even look at the functionalities of the CT software. In addition, their customer service stinks. I too will be splittling my account, most of it going to IB, and a token amount in SS Pro (as they provide check writting and debit card services).

Formerly ADD Trader

]]> By: Dave http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-39127 Dave Mon, 24 Dec 2007 00:32:14 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-39127 @Mike: It's funny you mention this. It never even crossed my mind until I went to the Traders' Expo in Las Vegas a few weeks ago. I met up with a couple prop firms that I thought were very impressive and were quite appealing. I don't think I'm trading frequently enough for it to make sense for me yet, but perhaps in 2008 I'll get to that point. Thanks for the comment! @Mike: It’s funny you mention this. It never even crossed my mind until I went to the Traders’ Expo in Las Vegas a few weeks ago. I met up with a couple prop firms that I thought were very impressive and were quite appealing. I don’t think I’m trading frequently enough for it to make sense for me yet, but perhaps in 2008 I’ll get to that point.

Thanks for the comment!

]]> By: Mike http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-39107 Mike Sun, 23 Dec 2007 18:24:34 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-39107 Have you looked at any prop trading firms? Have you looked at any prop trading firms?

]]> By: Barry Schneider http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-38654 Barry Schneider Fri, 21 Dec 2007 11:11:28 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-38654 When I opened the account TOS offered me their regular commission scheduale or I could pick any of their competitors. If you like everything else... call them and ask. Also: TOS right now does not have easy language (as far as I know). (I may be wrong here)...................... When I opened the account TOS offered me their regular commission scheduale or I could pick any of their competitors. If you like everything else… call them and ask.

Also: TOS right now does not have easy language (as far as I know).
(I may be wrong here)………………….

]]> By: Dave http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-38641 Dave Fri, 21 Dec 2007 10:04:31 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-38641 Thanks for the comments, guys. @Barry and @Rob: I've heard great things about ThinkOrSwim, but their commissions seem awfully high for equities. @Jeff: Good point about MB Trading - I wasn't aware of that. Bummer. @Ken: Interesting information about TradeStation and your ATS. The TradeStation rep told me that the orders reside on your PC, but it sounds like you have a choice even when you're writing an ATS. Thanks for the comments, guys.

@Barry and @Rob: I’ve heard great things about ThinkOrSwim, but their commissions seem awfully high for equities.

@Jeff: Good point about MB Trading – I wasn’t aware of that. Bummer.

@Ken: Interesting information about TradeStation and your ATS. The TradeStation rep told me that the orders reside on your PC, but it sounds like you have a choice even when you’re writing an ATS.

]]> By: Barry Schneider http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-38604 Barry Schneider Fri, 21 Dec 2007 04:45:46 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-38604 Hands down..... ThinkOrSwim Voted the best "Software" based broker on-line (Barron's, March 2007). Updates to their platform quaranteed at least once a month. Great tools, charting, news (including live feed of CNBC). On line live audio and charting from the ShadowTrader including charts that are live. Only one day settlement for retirement accounts (IRA's etc.). Great customer service. I was an active trader with Schwab (Cyber Trading) up to April 2007. After 30+ years I left Schwab for ThinkOrSwim. I believe the only real competitor to TOS is TradeStation (for charting and tools). A big weakness of TOS is no back testing. TOS says they'll have "back testing" by the end of 2007. MBTrading and Interactive both can use Ninja Trading platform, which is a plus. Hands down….. ThinkOrSwim

Voted the best “Software” based broker on-line (Barron’s, March 2007). Updates to their platform quaranteed at least once a month.
Great tools, charting, news (including live feed of CNBC). On line live audio and charting from the ShadowTrader including charts that are live.

Only one day settlement for retirement accounts (IRA’s etc.). Great customer service.

I was an active trader with Schwab (Cyber Trading) up to April 2007. After 30+ years I left Schwab for ThinkOrSwim.

I believe the only real competitor to TOS is TradeStation (for charting and tools). A big weakness of TOS is no back testing. TOS says they’ll have “back testing” by the end of 2007. MBTrading and Interactive both can use Ninja Trading platform, which is a plus.

]]> By: Ken http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-38540 Ken Thu, 20 Dec 2007 20:43:56 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-38540 With regards to shortable shares in TradeStation, there is no software-based command to get them. You must download the list each day. IB generally has about twice as many listed shortable stocks. Highly liquid ETFs such as EEM and IWM are often not on TradeStation's list. With regards to ATS development, I have accounts with both IB and TradeStation. I am working on a strategy in C++. In TradeStation, you must package it as a DLL and call it from EasyLanguage. IB has a C API though it is much more low-level than TradeStation, so it is a little more work to get an ATS running. With regards to shortable shares in TradeStation, there is no software-based command to get them. You must download the list each day. IB generally has about twice as many listed shortable stocks. Highly liquid ETFs such as EEM and IWM are often not on TradeStation’s list.

With regards to ATS development, I have accounts with both IB and TradeStation. I am working on a strategy in C++. In TradeStation, you must package it as a DLL and call it from EasyLanguage. IB has a C API though it is much more low-level than TradeStation, so it is a little more work to get an ATS running.

]]> By: Ken http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/comment-page-1/#comment-38539 Ken Thu, 20 Dec 2007 20:35:29 +0000 http://blog.stocktickr.com/2007/12/19/a-new-broker-for-day-trading-my-current-thoughts/#comment-38539 Yes, in TradeStation automated trading systems can send stop-orders to TradeStation servers or the exchange. The following is a snippet from a TradeStation forum post: https://www.tradestation.com/Discussions/Topic.aspx?Topic_ID=51166 EasyLanguage generated stop orders whether issued by using the built-in “SetStopLoss” reserved word or by using a sell order such as the statement “Sell ("long stop") 1 contracts next bar at (open - stop) point stop;” will be held, by default, locally on the user's PC until the stop price is met. However, in TradeStation 8.1 SP1 there is an automation option to "Send strategy generated stop orders directly to the TradeStation Order Execution Network" which would send the stop order to the TradeStation Order Execution Network or directly to the exchange if the exchange supports stop orders. Yes, in TradeStation automated trading systems can send stop-orders to TradeStation servers or the exchange. The following is a snippet from a TradeStation forum post:

https://www.tradestation.com/Discussions/Topic.aspx?Topic_ID=51166

EasyLanguage generated stop orders whether issued by using the built-in “SetStopLoss” reserved word or by using a sell order such as the statement “Sell (“long stop”) 1 contracts next bar at (open – stop) point stop;” will be held, by default, locally on the user’s PC until the stop price is met.

However, in TradeStation 8.1 SP1 there is an automation option to “Send strategy generated stop orders directly to the TradeStation Order Execution Network” which would send the stop order to the TradeStation Order Execution Network or directly to the exchange if the exchange supports stop orders.

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