To all:
I seem to be the only one here concerned about this issue, but I am still seeking additional input/insight, so I am going to frame the issues based on my latest developing understanding.
As you may know, I use three online brokers: schwab, datek and etrade. I like the independence all three offer me, and the commission structure of the last two. However, with etrade and datek, I am becoming increasingly disenchanted with the multi-price/multi-transaction executions of 1k+ share market orders of low-float stocks in fast markets.
otoh, schwab's commissions begin to add up for trades of 1k+ shares. Their executions seem to be cleaner, however.
The difference may be due to the fact that schwab is a market maker (?), whereas datek and etrade (?) are not? Thus, schwab may have a ready pool of stock to add to or subtract from when executing orders, thus increasing the liklihood of single-price/single-transaction market executions of 1k+ orders.
For this reason, I am beginning to think that an account with a market maker makes the most sense. It appears that some who trade in larger amounts trade through market makers such as MS or PW. The disadvantage here is higher commissions and working with a broker. (I've yet to find one worth my while.)
Ideally, I would want to work online through a market maker with an attractive commission structure. I don't know if any exist. I am thinking that perhaps a service like DLJ Online provides the best of both worlds. I have no idea.
I guess I am asking for input (pm is fine) about experiences with 1k+ trades from various brokers, online or not, with info on commission structure if possible. I am hoping that any input I gather here will help me fruitfully focus further DD.
tia, Rob |
