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Very good point about being able to upload basket orders using .csv or
other import function. I will make sure I cover that in my analysis.
I'll let you know if MB Trading has enhanced their platform to
accommodate this. Linked charting is something that Scottrade does
extremely well and I am going to need to have this feature in any
potential broker before I'm willing to make a move.
Thanks again for all your input.
Pete :-)
--- In amibroker@xxxxxxxxxxxxxxx, "Mike" <sfclimbers@xxx> wrote:
>
> Pete,
>
> I did review MB Trading about 1.5 years ago.
>
> According to my notes, they did not have the full basket order
> support that I was looking for. My notes aren't detailed, but I'm
> assuming that they did not support importing a list, but rather only
> allowed you to create a list through their UI (i.e. time consuming
> and error prone typing).
>
> Also, at the time they did not have a web client accessible from
> behind a firewall. I don't know if that has changed or not.
>
> The other thing I was looking for was to click on each symbol in my
> list of positions, and have the chart update to show the new
> selection. MB Trading did not support that at the time. I don't know
> if they do now.
>
> Good luck with your search.
>
> --- In amibroker@xxxxxxxxxxxxxxx, "Pete" <dryheat3@> wrote:
> >
> > Mike,
> > Thanks so much for taking the time to provide this very detailed
> > description of your personal experience with several brokers. I can
> > see the value of being able to upload basket orders and this was
> > something I had not considered before. Now it's on my list. I am
> > really attracted to the idea of being able to trade from Amibroker
> and
> > IB so far seems to be the only broker which supports this.
> > Someone else recommended MB trading. They don't support orders from
> > Amibroker but they do support a trading interface with several data
> > providers. Since you are using a separate data provider you might
> > check them out.
> > http://www.mbtrading.com/default.asp
> > So far, thanks to the recommendations and opinions of others, they
> are
> > at the top of my list.
> >
> > Pete :-)
> >
> > --- In amibroker@xxxxxxxxxxxxxxx, "Mike" <sfclimbers@> wrote:
> > >
> > > I've used TradeStation, eTrade, Scottrade and Interactive Brokers.
> > >
> > > I complete well over a thousand round trip trades a year using
> EOD
> > > data. I typicaly place anywhere from a dozen to a couple of
> hundred
> > > limit orders each night, only about 10-20% of which ever get
> filled.
> > > I plan to continue working full time for at least the next year.
> > >
> > > As such, the most important features for me are:
> > >
> > > - Low commissions
> > > - Ability to upload basket orders
> > > - Web access from behind a firewall (while I'm at work)
> > > - Easy reporting, exportable to GainsKeeper or TradeLog for the
> > > accountant
> > >
> > > TradeStation
> > > - Honestly, I don't recall if these guys supported my
> requirements. I
> > > only started with them because they seemed more professional than
> > > AmiBroker and I needed a backtesting tool. However, I soon found
> out
> > > that they had fixed limits with respect to not being able to scan
> > > more than 1000 symbols (or somewhere around there), so they were
> > > useless to me since I scan 8000+ each night. Their comissions
> were OK
> > > (penny a share), but if you ever made fewer than some number of
> > > trades you got hit with a $100 monthly platform fee. With my
> volume
> > > that was not an issue, but it irked me anyway.
> > >
> > > eTrade
> > > - Again, I only went with these guys because my employer
> > > automatically opened an account for me when I joined the employee
> > > stock purchase plan (ESPP). Even with active trader status, they
> were
> > > too expensive ($9.99 each way), did not support basket orders,
> and
> > > required special permission and a whole lot of phone calls to
> open
> > > more than one margin account. Customer support was VERY slow with
> > > LONG wait times, but helpfull once you finally got through.
> Trying to
> > > connect using the web client during fast trading would sometimes
> > > fail.
> > >
> > > Scottrade
> > > - These guys had excellent customer support, I was happy with
> their
> > > desktop platform and the web based access from behind a firewall.
> > > Depending on your order size, their comissions are higher than IB
> > > (for stock orders of fewer than 1400 shares, they're better than
> IB
> > > above that point i.e. $7 each way vs. .005/share). They suffer
> from
> > > the same charting problem as IB in that they do not show the
> correct
> > > EOD Close and so can screw up an EOD trader (
> > > http://finance.groups.yahoo.com/group/amibroker/message/116777 ).
> I
> > > use a separate data provider because of this. However, the
> biggest
> > > problem for me was that they did not have support for uploading a
> > > basket order. Trying to type in dozens or hundreds of orders each
> > > night is just too time consuming and error prone. My request for
> this
> > > feature went unfulfilled. Had they offered basket trading, I
> probably
> > > would have stayed with them.
> > >
> > > Interactive Brokers
> > > - It's a mixed bag with these guys. They have been awful. They
> update
> > > their software constantly and introduce new bugs every time as a
> > > result. Complaints go unaddressed for weeks and months if ever
> > > addressed at all. Support tickets get closed after a period of
> > > inactivity, even when the ball is in their court! You have to
> keep
> > > pinging your ticket just to keep it alive. However, feature-wise
> they
> > > are one of the best games in town. They offer everything I need.
> An
> > > AmiBroker exploration can be written to output the format of an
> IB
> > > basket order such that 1 click import and you're done.
> Alternatively,
> > > the IB plugin from AmiBroker can be used to place the trades
> > > directly. Their web portal is satisfactory. They support
> GainsKeeper
> > > and TradeLog, including Mark To Market accounting. Despite the
> above
> > > negatives, they recently did a complete overhaul of their
> software
> > > that fixed all my outstanding issues (over a year later for
> some).
> > > So, for the moment, they are the perfect setup for me. But, once
> > > burned, twice shy. If they can stay stable for a period of time,
> I'll
> > > feel better about recommending them.
> > >
> > > Mike
> > >
> > > --- In amibroker@xxxxxxxxxxxxxxx, "Pete" <dryheat3@> wrote:
> > > >
> > > > I've been with Scottrade for several years and now that I've
> become
> > > > more educated about the different types of markets out there to
> > > trade
> > > > in I have realized Scottrade does not offer much. Just low
> > > commissions
> > > > and a nice, user friendly trading platform.
> > > >
> > > > It would also be great if you were willing to share the name of
> the
> > > > brokerage but I understand privacy is top priority. But that's
> the
> > > > whole point here. I'm trying to save time searching for the one
> with
> > > > the features I want. I'm hoping you all can provide some helpful
> > > > advise by describing what features you find most important and
> why.
> > > >
> > > > Here are some thoughts I've been tossing around as features I
> would
> > > > like to see in a single brokerage:
> > > > 1. Reasonable commission structure
> > > > 2. Trading available on Forex, Commodities, Equities, and
> Options
> > > > 3. Ability to trade on Asian and European markets
> > > > 4. RT Data feed which can be easily linked to Amibroker
> > > > 5. Reasonably priced RT streaming quotes and charts available
> for
> > > > smart phone/Pocket PC's.
> > > >
> > > > Thanks for taking the time. Looking forward your responses.
> > > >
> > > > Pete :-)
> > > >
> > >
> >
>
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