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Strategies & Market Trends : Tech Stock Options
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To: Jerry Olson who wrote (42823)5/9/1998 6:43:00 PM
From: Tom Trader  Read Replies (1) of 58727
 
OJ, re commissions on trading futures

First, $80 is way too much to pay per round turn -- are you sure that it was not $40 round-turn?

Far more important than the amount of commission is the fills that one gets--and the higher the commission does not mean the better fill one gets.

I use a deep discount broker who charges me $16 per round-turn -- a rate that was agreed to when I used to day-trade as well as position trade. I used to trade about 300 contracts a month in various markets. When I stopped day trading the number of contracts went down but they have not raised the rate -- for whatever reason. The quality of fills that I get is not superlative -- but not bad either. This outfit also allows me to trade futures in one of my pension funds which is what caused me to choose them. BTW, it is a custom-tailored pension fund which permits futures trading--most pension plans will not let you do so.

There are several deep discount brokers -- Lind Waldock, Jack Carl and Ira Epstein come to mind. I have my accounts with one of these but at various times I have had accounts in each one.

Given that Patrick is happy with the service that he is getting, you may want to look at his outfit. I cannot emphasize enough that good fills are the most important thing -- as well as prompt notification when you are filled.

The other thing is that deep discount brokers will not do any hand-holding. As long as you have money in the account, they will let you establish positions and all that they do is take your order and let you know when it is filled. You will need to know the lingo for orders -- though that is easy enough to learn.

So keep this in mind as you decide where you want to open your account -- assuming that you finally decide to do so.

Have a good weekend
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