Swisstrader,
Another alternative might be CyberX (I use and like it).
The upside is that CyberX is a direct entry system like MBTrading and CyberTrader, the commissions are a flat $14.95/trade with no data fees and no fees for cancellations or multiple fills, and it is very easy to use.
There are two potential downsides. First, unlike other direct entry systems, CyberX has virtually no charting capabilities except for a rudimentary tick chart. You may want to get a charting service like QCharts (I use and like it) or Quotes-Plus. This adds the to the cost, but I think both are reasonable. Second, it will take you another 2-5 seconds to enter an order versus CyberTrader or a RealTick III-based system (like MBTrading). If you were a high-speed scalper with 50+ trades per *DAY*, this would make a difference.
I do about 1-5 roundtrips a day. I find the combination of CyberX and QCharts works well for me and it's cheaper.
You might want to go to the various sites and do a spreadsheet to figure out your costs for a given number of trades per month. For example, the cost could jump around a bit depending on whether you did 49 trades per month or 50 trades per month.
Sites:
www.mbtrading.com
www.abwatley.com
www.cybercorp.com (CyberX)
www.quote.com (QCharts)
Regarding direct entry, speed of fills is certainly a key benefit, but (for me anyway) speed of cancellations is far more critical. If your broker has poor cancellations, you spend a lot of time trying to figure out how to hit the correct entry price. For example, with Datek I lost $300 on a small position simply because it took Datek 2-3 MINUTES to cancel a sell. With CyberX and other Direct Entry brokers you should get cancellations on the order of 2-5 seconds. It allows you to get much more aggressive and move into and out of positions when you want to. Nothing will replace a trader's skills and knowledge, but an on-line broker can limit your options.
Regards,
Dan. |
