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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (7688)9/21/1999 2:40:00 PM
From: Dan Clark  Read Replies (1) of 12617
 
There is one "catch" in this - cost of the trade.
Each ticket varies from $19 to $24 based on volume.
Here is a comparison between ABWatley UltimateTrader Free
and CyberX+QCharts (my choice).

# Trades CyberX + Qcharts ABWatley
Low High Fixed Comm. Total Fixed Comm. Total
1 9 $140 $15 $155 $0 $24 $24
10 24 $140 $15 $290 $0 $23 $230
25 49 $140 $15 $515 $0 $21 $524
50 99 $140 $15 $890 $0 $20 $998
100 199 $140 $15 $1,640 $0 $19 $1,895

The breakeven comes at about 25 tickets per month or about
1 round trip trade (two tickets) every two days. Not much
for a modestly active trade, but probably adequate for the
beginner. Note that my breakeven analysis does NOT take
into account the additional monies lost by not having the
money in a money market sweep with ABWatley Ultimate Trader
Free.

Regarding the charting and Order entry. IMO, QCharts
provides better data and charting than ABWatley. CyberX
order entry is very easy-to-use, flexible and smooth.
ABWatley's order entry is probably somewhat more flexible
at the cost of some ease-of-use. For true scalpers
(average 10-60 second trades), ABWatley's integrated (with
Level II) order entry probably is worthwhile. For short-term
and longer position traders (average 60+ second trades)
trades), integrated order entry may be a toss up.

Disregarding the specific numbers, one thing that I don't
like about any scaled commission structure (regardless of
vendor) is that I'm afraid that I will overtrade. I.e.,
execute extra trades to try for the next lower commission
level.

Watley's new product and the CyberX/QCharts, IMO, are a
preview of more aggressive marketing by many brokers. The
next twelve months should be interesting.

Regards,

Dan
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