Saturday, March 15, 2008

Best Discount Brokers

( My Broker of Choice )


When I first discovered TOS, I was impressed as much as back in 1996 when I moved my account to DATEK. I think TOS is as cutting edge today as DATEK was before Ameritrade screwed it up.
Multiple fee schedules for every taste and they open for negotiation based on your trading volume.
Execution speed - if it is marketable order - I have not finished pushing "send order button" and message popping up confirming executed order. W O W
In addition when you place an order you SEE your order on level 2 ( based on your order ID)
The only broker I know who communicates REAL time any technical problem with traders over popup messages.
Desktop Trading software is on par with cockpit of space shuttle...and it WORKS...and it works so fast with such a huge amount of data transmitted that I keep wondering "how did they do that?". No delays, no hiccups, no problems.
( There is also Web Based trading, Cell Phone Trading, Pocket PC Trading - they got all covered )
Education they provide is THE BEST free education. PERIOD.

I still remember the time when there a lot of different choices for someone who wanted to save money and find a quality outfit for parking money and placing occasional trade without getting hit with hidden fees, inactivity fees, maintenance fees - you name it. The time has changed, consolidation is the name of the game now, discount brokers are getting bigger and, I cannot say "better".

But few month ago I discovered nice small outfit TradeKing and I might be wrong, but I think it is a best broker for occasional trader ( especially for options trader).

Low trade cost $4.95 no matter how many shares or how much it is
.65c per options contract

But what really set them apart from many other brokers is their "communities"
Free user blogs ( you don't even have to have an account, just be registered user)
Forums ( nice crowd there )

I've never seen so many free Quality research tools TradeKing has.
Free Options screeners by ( I think it is not free at Ivolatility itself, need to double check )

Technical analysis tools, with free access to Insignia chart patter recognition software
List goes on and on.
I'd highly recommend to check them out - just ask them first "If they fixed real time quotes issue with their provider Alpha Trade"

I am not an affiliate of any of these brokers, but if you decide to open an account with them - it would be a nice gesture to let them and me know about it - does not cost anything to you, but will add $50 to my kid's trading account :-)