|
PureBytes Links
Trading Reference Links
|
Brooke,
Most of my trades are initiated in the first 30 minutes of the day. This
is apparently the heaviest time of the day for submitting orders. Brown's
web site has been slower during this period for quite some time, but I was
able to circumvent this by using a live broker for no additional charge
($5/trade for market orders and $10 for stop/limit orders). That telephone
support was also slow but tolerable. Others were apparently using this
option as well when online support was poor, resulting in a heavier than
normal load to the 800 number. I recall one especially bad day within the
past month when all trades had to be done by phone, and each one took an
average of 10 minutes to get a broker!
Lately, lack of timely online order execution (and all other online
services) has started to extend to a longer period (up to 90 minutes). (I
have been out of the market for about three weeks working on my system, and
it may have improved during that period, but I doubt it.) Anyway, the slow
response, coupled with increasing live broker commission rates, effective
February 1 (now $12 for market orders and $17 for stop/limit orders), has
led me to switch over to Datek, again based on the recommendations on this
list and some other research. Their rates are very competitive ($10/trade
for market/limit/stop orders, and they charge no commission if the order
takes more than a minute to execute. My application is still being
processed so I haven't started using them yet, but I expect better order
turnaround from what I've heard.
A note of clarification on the above. I've been generally very pleased
with speed of order execution at Brown once the order was in the system. I
think their fundamental problem is lack of web site computing power, not
speed of order execution, per se.
Regards,
Bill
----------
> From: brookelise@xxxxxxxxxxxxxx
> To: metastock@xxxxxxxxxxxxx
> Subject: Re: Daytrading from home setup
> Date: Sunday, February 07, 1999 9:04 AM
>
> Bill: I'd be interested to know more about Brown. Do you find the 800
number
> slow, as well as the Website? By slow, do you mean a slow Website, or
slow
> confirmations and executions?
>
> Thanks.
>
> Brooke
> -----Original Message-----
> From: Bill Coward <wrcoward@xxxxxxxxx>
> To: metastock@xxxxxxxxxxxxx <metastock@xxxxxxxxxxxxx>
> Date: Saturday, February 06, 1999 6:30 PM
> Subject: Re: Daytrading from home setup
>
>
> >Winthorpe,
> >
> >You might consider Q-Charts from Quote.com for charting and monitoring.
> >The latest version (still might be in beta) supports Level 2 as well as
the
> >other items you mentioned. I've been impressed with the product. I'ts
> >about $90/month, including stock exchange fees. If you are planning a
low
> >volume of trading, a regular online broker may be sufficient. I'm a
low
> >volume day trader myself (< 10/day) and in the process of switching from
> >Brown to Datek. Datek has been highly recommended on this list and in a
> >daytrading book I recently bought, and Brown has gotten too slow.. If
> >you're planning on a high volume of trades each day, then you'll
probably
> >need a dedicated trade station. I haven't researched this area but have
> >run across WATCHER at Broadway Trading LLC and ULTIMATE TRADER at A. B.
> >Watley. (WATCHER supports only NASDAQ.) You may also want to check out
> >the following two books on daytrading, both of which I found
interesting:
> >
> > THE ELECTRONIC DAY TRADER, by Marc Friedfertig and George West
> > STOCK PATTERNS FOR DAY TRADING, by Barry Rudd
> >
> >Regards,
> >Bill
> >
> >
> >
> >----------
> >> From: winthorp@xxxxxxxxxxxxx
> >> To: metastock@xxxxxxxxxxxxx
> >> Subject: Daytrading from home setup
> >> Date: Saturday, February 06, 1999 12:39 PM
> >>
> >> A little help from you daytraders trading from your homes. Currently I
> >> am looking into different vendors and trade stations with the
objective
> >> of trading from my home and trying to level the field against the NYSE
> >> AMEX specialists and the OTC market-makers. I am very actively
searching
> >> for an efficent package which is fairly easy to use, fast
instantaneous
> >> trading capabilities and cost effective. Some of the things I would
like
> >> to monitor before pulling the trigger on the trade are:
> >> (1) would like to see the Level 2 screen displaying the OTC market
maker
> >> bids and offers
> >> with their sizes displayed
> >> (2) would like to have a real time minute by minute chart that I can
> >> monitor of XYZ stock
> >> so that I can monitor momentum intra-day
> >> (3) a ticker flying across the screen would be helpful for getting a
> >> feel of the pulse of
> >> the market
> >> (4) the ability to monitor say 20 other stocks shoved up in the corner
> >> somewhere
> >> *** (1) and (2) top prioity ***
> >> These are the most basic bases I hope to cover and any input would be
> >> deeply appreciated.Would curious to know if this could be all be done
on
> >> one computer alone or
> >> whether two computers would probably be more practicable. Would two
> >> internet connections lend itself to this setup or one can do it alone
> >> with one internet connection. It seems to me that one internet
> >> connection would be needed to be always live and ready to make the
trade
> >> and one internet connection open to recieve the "Push" technology for
> >> stock quotes etc.etc. So far I've spoken to DBC Signal and Equis
> >> Professional Software(for generating realtime charts). I also intend
to
> >> contact Tradestation to see what they have to offer. One of the
factors
> >> to consider is the ability to incorporate a e-brokerage( with timely
and
> >> reliable instantaneous
> >> executions and of course cost of clearing trade) with the trade
station
> >> package that you're trying to create. Could anyone shed some light on
> >> this matter and possibly give me an idea of the relative costs they
> >> incur to support the trade stations that they are currently using.
> >> Thanks for taking the time to read this message.
> >>
> >> Regards,
> >>
> >> Winthorpe
> >>
>
>
|