|
PureBytes Links
Trading Reference Links
|
It continues to amaze me that there really are people out there paying
$100.00 per round turn. That is ridiculous!! Regardless of the size of the
account, you should NEVER pay more than $25.00, and that is the very high
end!
The reasons given for such blatant rip-offs include:
"I'm doing extra things (watching your trades, giving suggestions, watching
to see if you are getting good fills, helping you to correctly enter
orders, etc., etc.) that a discount broker won't do or doesn't care about"
Translation: "I have to make a living off you and that living is in
substantial part the difference between what you could pay and what you are
paying."
If you need/want suggestions pay for an advisory service. Good fills are
not in any way related to the guy on some desk with whom you are entering
orders. That is much more an issue of the FCM (Futures Commission Merchant)
with whom your broker is affiliated. This IS important for a number of
reasons but is not the point of this post. If you are a brand new trader
and need/want help correctly entering your orders then it is worth a little
extra, in the $25.00 range, to be sure you are doing what you want to do.
The term "Discount Broker" is the most ubiquitous, misused,
nothing-but-marketing BS in the industry. You can get BETTER service, and
more EXPERIENCED brokers for a lot less than the average trader is probably
paying on this list.
Just remember this, "Discount Broker" is a marketing term, not in any way
close a complete description of what one is or is not getting or paying.
Regards,
Tom Alexander
|