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Had a question regarding Interactive Brokers commission structure...
1. If I buy a basket of 10 stocks, 50 shares each, how much is my
commission?
Is it
(a) 10 stocks * 0.005/share * 50 shares = $2.5 ? or
(b) 10 stocks * $1 min. = $10.00 ?
I guess the answer will be same for if I sell 10 stocks 50 shares each.
2. Now if in the same basket I buy 10 stocks, 50 shares each and sell
another 10 stocks 50 shares each, how much would be my commission?
Are the buy side and sell side commission computed differently, or do
they just combine the total number of shares and charge 0.001.share.
Thanks.
--- In amibroker@xxxxxxxxxxxxxxx, "Mike" <sfclimbers@xxx> wrote:
>
> Pete,
>
> Thanks for the update.
>
> Mike
>
> --- In amibroker@xxxxxxxxxxxxxxx, "Pete" <dryheat3@> wrote:
> >
> > Update for Mike on MB Traders:
> > I spent some time on their demo software and so far the only import
> > function they support for basket orders is to import from your open
> > positions. I chatted online with one of their staff and was informed
> > that they had recently removed that feature but plan to add it back
> in
> > to some future version. So, I guess they are trying to work out some
> > bugs from their first implementation of this feature. But they do
> > offer several options for integrating with other charting apps so
> > perhaps one of them enables uploading of basket orders???
> > For now my volume of orders is not going to benefit from this
> feature
> > so it's not a deal breaker for me.
> >
> > Pete :-)
> >
> > --- In amibroker@xxxxxxxxxxxxxxx, "Pete" <dryheat3@> wrote:
> > >
> > > 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@> 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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