Online Trading account

zlm

I have a question, I would like to open an online trading account, can I ask which one is better? or which one are you using?

I usually trade about 20 to 40 time a month, I like to have a low cost account of course.

Any suggestions?

Please advise, thanks.

superxy

I am using optionshouse. My trading experience is very pleasant. First, trading fee is low, only $3.95 for stock; Second, execution is fast and there is steaming quote; Third, they have a tax tool which is easy  to use for tax reporting; last but not the least, I can refer you and both of us can get 100 free trades.

zlm

superxy 发表于 2013-9-13 11:38 PM
I am using optionshouse. My trading experience is very pleasant. First, trading fee is low, only $3. ...

Thank you, I finally got some time to sit down, it was a busy weekend.
$4 a trade to me is still too high, because I plan to make $10 a trip, then after $8 I will only have $2 left, does not make sense.
I don't want to increase my bet yet, so I will look around to find a better deal.
Thank you for reply, you are the only one replied.

mitwkwk

Ib

zlm

mitwkwk 发表于 2013-9-15 09:30 PM
Ib

One question, Mitwkwk Laoda,

In IB can I place an order like this?

Say current price is $100, I want to set a trigger, when the price drop to $98 trigger a buy trailing order with trailing amount, say $0.5

So when mark drop to $98, a order will be entered automatically, the worst case for the order to fill would be $98.5 (assuming this order can be filled the same day, meaning the price bounce back in the same day to fill this order), but if price drop further, say $97, before bouncing back then the fill price would be $97.5.

When sell, if I set a trigger price at $102, with a trailing of $0.5.  After price hits $102, an order would be automatically entered, so the worst fill price would be $101.50 (same assumption), if the market keeps going up, say hits $105.00 then drop, then the fill price would be $104.50.

Does IB have this type of order? if yes, what is this?

Thanks in advance.

mitwkwk

with IB, you can set stop order to buy or sell. that is similar to the trigger you talked. if you want to have a specific price to set for such case, ib provide stop limit order. once the threshold is triggered, a limited price order is generated. If you set stop limit order as: stop=$98, limit=$98.5, once the price drop to $98, you may have your order filled at $98.5

you may not be able to set a trailing sell order before your buy order gets filled.

jamesmith

Take a look at Merrill Edge. It's platform might not be as advanced as other broker but it offers 30 free trades a month. It's good to grandfather an account with free trades before they change their policy.

lilitulip

jamesmith 发表于 2013-9-16 10:01 AM
Take a look at Merrill Edge. It's platform might not be as advanced as other broker but it offers 30 ...

but it require minimum deposit keep in the account each day, which i think lock up the cash.

jamesmith

lilitulip 发表于 2013-9-16 11:38 AM
but it require minimum deposit keep in the account each day, which i think lock up the cash.

BofA deposit account + investment account balance (not cash) > $25,000

It's very good option for investors.
Why would cash be locked up? you can invest the cash in investment account. Once you got the free trade, they don't take it away even they changed the rule for new accounts.

disclosure, I have accounts with BofA. I have no other relations with them...

lilitulip

jamesmith 发表于 2013-9-16 11:25 AM
BofA deposit account + investment account balance (not cash) > $25,000

It's very good option f ...

To qualify for $0 equity and ETF trades, you must meet one of these criteria:

    Maintain total combined balances of $25,000 or more in your Bank of America, N.A. deposit accounts: checking, savings, FDIC-insured CDs or FDIC-insured IRAs
    Maintain total combined balances of $25,000 or more in cash balances in your Merrill Edge self-directed account(s): Bank Deposit Accounts sweep option with your Cash Management Account (CMA) or Retirement Assets Savings Program (RASP) sweep with your IRA
    Qualify for the Platinum Privileges® program, which requires that you have an active Bank of America personal checking account and maintain at least $50,000 as a combined balance in your Bank of America deposit accounts and/or your Merrill Edge brokerage accounts.

jamesmith

lilitulip 发表于 2013-9-16 12:52 PM
To qualify for $0 equity and ETF trades, you must meet one of these criteria:

    Maintain tota ...

At first I think it was $25,000 cash in deposit account and investment account. Then they changed it to $50,000 (don't have to be cash) in all of your accounts with BofA. They might have changed it again.

But once you got the free trade status, you continue to get it no matter how they change it for new accounts. So I think its a good idea to get it now. I got it for my family because join account counts, they are still getting free trades every month after I draw money out of join account. In my opinion, its good to grandfather in an account with benefit.
It is not for everyone, it's platform might not be sufficient for short term traders, and of course they have the rights to change the benefit even for grandfathered in accounts. There are similar comments on the internet for Wells Trade. They provide 100 free trades a year for a while, then they cancelled it, but old accounts still get the free trades.

zlm

jamesmith 发表于 2013-9-16 01:09 PM
At first I think it was $25,000 cash in deposit account and investment account. Then they changed  ...

Thank you Laoda,

I like you signature.  

I took the advantage of BoA account already, I used it as a lab to test out ideals. 30 times free a month is really good.  To be honest, 30 times is enough.  However, in reality we could not combine IRA and regular investment account together, that is the reason for me to look some other online broker, of course a relative cost effective one.

zlm

mitwkwk 发表于 2013-9-16 07:50 AM
with IB, you can set stop order to buy or sell. that is similar to the trigger you talked. if you wa ...

Thank you Laoda,

I will use a demo account to see how to work with trigger with trailing order.

I know how to work with trigger with stop or trigger with limit order, but did not find out how to set a trigger with trailing order yet.

TD has this type of order, but the cost is too high for each trade ($10), till I have sufficient amount to invest each time, it is hard to just buy lunch for someone every time.