Ticket charges/aggressive trading/JPR Capital?,
<One question though, if I am not a daytrader, why in the world would I not want to pay Datek $9.99 for a trade versus the $22.95 at MB Trading? >
That was in response to a previous post from a fanatic MB Trading supporter named Mack who was pushing MB for traders who only do a few trades a week. Not active daytraders. Maybe you do not have the aggressive trading background like I do, where one's focus was always on getting the lowest commission rate with acceptable service. When I mean aggressive background, I recall a year where I would trade anywhere from a few thousand to maybe on a busy day up to 7500 OEX contracts. In raw volume I recall in my floor broker days, filling (not trading for my own account) one day my all time record, 25,000 contracts. What is the point of this. I think as far as active day traders, that ticket charges and any additional brokerage costs are very important if you trade aggressively and generate a lot of trades.
No, I am not pushing Cyberbroker, I just pointed out that their ticket charge was $3. less and they give you a credit for adding liquidity if you use Island. MB Trading should match their rates, but would probably be unable to match the rates of the firm I mention below. I have received a number of private posts since yesterday, and one of them was fascinating. It brought up that there is a daytrading firm where the ticket charge is only $10. trade and a dollar for the Island ECN and they use Real Tick software. What have you heard about
trading.jprcapital.com
Are they a branch office of Terra Nova? It does not appear so, because the other branch offices of Terra Nova disclose it on their web site home page. Another question, are you bothered at all that Townsend owns half of the Archipelago ECN with Terra Nova, but tries to keep that ownership a big secret? On another post I will discuss in detail the feedback I received from some of the world's largest hedge funds when I put Real Tick in their offices with SCANSHIFT on it back in late 1994 and early to mid 1995. |
