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I have Spartan account, too (not for daytrading) and I thought commissions were $14.95 minmum per trade ($29.90 roundtrip). How do you get $14.00 commission for roundtrip, and does that include SEC fees?
Bill,
1. The first buy of the day, when dealing with a real person, costs $17.50. The first sell of the day, when dealing with a real person, costs $17.50 + SEC fee (which, for 500 shares of INTC, is about $1.30)
2. (Had I bought/sold instead thru the web-site, the cost would have been $14.95 for the buy and $14.95 + $1.30 for the sale).
3. After the first trade, it costs 1.4 cents per share for the next trade. I'm trading in 500 share blocks recently, so that costs 500 x .014 = $7 for the buy and $7 + about $1.30 for the sale.
4. As the buy/sale costs about $15 total (including SEC fee), a 500 share trade that makes 1/16th nets: 1/16 x 500 = $31.25 minus $15 (commission/SEC fee) = $16.25.
5. At the rate set forth in 4 above, I'm willing to go in and then get out quickly if the position seems like a loser, then go in again (then out again quickly), etc., until a winning trend develops.
Gary Korn |
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