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Rose Lee:
I was going to just send this reply privately, but a broker spammed the list
right after your message with incorrect and misleading information about
brokerage rates, and so I think all of us deserve equal time.
I trade all of my furtures through Chicago Corporation [or ABN-AMRO]. That being
said, they do not take personal accounts any longer, they have grown too large.
But I do execute overnight exchange for physical currency trades with Rosenthal
Collins, because I know several of their cash currency desk traders from trading
in the cash markets. I never have any problems with Rosenthal Collins executing
my trades, EFP, Globex or otherwise and they are always helpful and
professional. Their back office is very good--and that means alot in these
volatile markets. When I traded on the floor of the MERC, I knew several larger
floor traders that cleared through them and they have a good reputation.
I would also look into Lind-Waldock. They have been around forever and their
reputation is good, especially when it comes to individual accounts. At one time
in the 80's, I arbed cash currencies with Lind, before they became Lind Waldock.
For individual accounts, they seem worth investigating. And I know some people
on this list trade at both places.
How about Manning Stoller? He's a very well educated guy, he's on the list here
and he also has been in the market for quite a long time. Try reaching him at:
Mstoller@xxxxxxxxxxxxx
And then, hans's last part, about being willing to pay a decent broker more than
he charges, is great advice. A good broker will save you more money than you can
imagine, even if it is just peace of mind. Once you find one, stay with him or
her. I won't wax poetic on my relationships with my floor brokers...but suffice
it to say I spend much more on gifts for my floor brokers than I do on presents
for all of my extended family. I respect them and they give me great service.
I hope that helped some. If you don't understand costs, just ask on the list and
we'll drag out the exact cost per contract, per item, on Monday, when we can
quote someone verbatim from the exchanges--just to be fair if anyone wants to
try to sell a $12.50 clearing fee again!!
Best,
Tim Morge
Rose Lee wrote:
>
> Interested in your comments Hans on brokers ....
> Thinking of opening an account with keystone.
> Do you, or anyone else have any comments on them.
> Even better do you have any specific suggestions.
> As per item 10 re commission a private reply would be welcome.
> Rosalind 8-)
>
> -----Original Message-----
> From: hans esser Subject: Re: futures brokerage commission
>
> > 3 things determine commission.
> >
> > 1) Volume.
> > 2) Broker assistance.
> > 3) Account size.
>
>
> 10 things determine a GOOD broker
>
> 1) !!! HONESTY !!!
> 2) fills
> 3)....
> 4)....
> 5...
> ...
> ...
>
> 10) comish !
>
> I know brokers I would not trade with FOR FREE - I use brokers I would pay
> double of my current rate (but dont tell them :-))
>
> rgds hans
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