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Eric:
For CDNX stocks, I would suggest one of the Vancouver "boutique" firms. The
national bank-owned brokers are like bulls in a china shop when it comes to
CDNX, and in my opinion, online trading is not suited for CDNX. The delays
are terrible and they'll almost always miss the "special terms" bids and
offers. You also can't access bid or offer depth (which is critical
information for thinly traded stocks) so your order might get filled at
horrible prices. The Vancouver brokers are quite sharp and they're fast --
they can give you your fills pretty much as you finish your sentence.
I have limited knowledge on TSE executions, but Canadian online systems are
still too slow and expensive because of the archaic manual verification rules.
I've bumped into your stop order problem, too -- what a pain. You might
want to see if you can set up an account in the U.S. to trade back into Canada
(or to access the Canadian stocks' NYSE/NASDAQ cross listing) for better speed
and cost.
For what it's worth, I think TD Waterhouse earned pretty good marks in a Globe
and Mail survey late last year, and I seem to recall E*Trade Canada did pretty
well, too.
Hope this helps.
----- Original Message -----
From: Eric Porcher
To: metastock@xxxxxxxxxxxxx
Sent: Sunday, April 09, 2000 9:35 PM
Subject: Canadian broker recommendation
I would appreciate an online broker recommendation for Canadian residents.
I'm currently trading CDNX and TSE stocks through accounts at Bank of Montreal
Investorline, which does not offer stop orders online - an impossible
situation for this technical trader.
I'm hearing that Schwab may be a good alternative, but haven't investigated
any others yet.
I'm also wondering if there's a Canadian online broker that stands out in
their catering to day traders, ie one-click ordering, dynamically-updating
position sheet, direct market access. Is there such a thing in Canada?
Thanks.
Eric Porcher
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