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I don't mean in any way to be disrespectful of those who earn their living
taking orders from traders, however I want no part of them. I make my own
trading decisions based on my own charts and I don't want opinions. I set
and watch my own stops and orders and don't wish to delegate that
responsibility. Pulling the trigger is difficult enough without dealing with
people who may be overworked, harassed, have personal problems, or are not
suited to deal with the public (at least half of the staff on most order
desks). It is most unfortunate that those of us who want no part of the old
system remain saddled with less than state of the art electronic systems and
outmoded commission schedules. When I sit at my electronic order system and
wait 30-60 minutes for fill notices from some of the pits (e.g. cattle), I
get hacked enough to move my account and I've been through a few brokers.
Those trying to get into the market for $5-$10 are generally those day
trading the e-mini which is electronic end to end with negligible costs to
the brokerage firm. It is the low commissions and slippage reducing instant
fills which make the e-mini competitive with the full S&P.
Earl
----- Original Message -----
From: <Jdonato98@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Sent: Thursday, May 27, 1999 10:36 AM
Subject: On-Line Trading & Commissions
> It never ceases to amaze me, we as traders, especially Future and options,
> that we spend thousands of dollars on books, magazines, day-trading
> subscriptions, trading systems, software, real time and delayed quotes,
and a
> host of other services to help us find the "Magic Trade", but we won't
spend
> $20 to $30 to place a trade directly with a broker.
> Everyone is trying to get into the market for $5 to $10 and then complain
> about bad fills, delays in execution, and a loss of money because of it.
> Do you realize we are talking about less than 1 tick on the bonds or crude
> oil or any of the other commodities?
> A good broker with a reputable firm will save you more than that and give
you
> your fill while you are on the phone and watch your trades and stops. Plus
he
> will normally assist you with his own view of the markets.
>
> All the Best,
> Jerry Donato
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