While their commissions are higher, I get brilliant executions, with the best prices you could imagine on both day or good-till-cancelled orders. I invest mainly for the long term, so the commission per order is much less important to me than the price I get.
Art, I'm sure you won't believe a word I say, but I'm going to say it anyway. Your statement about brilliant executions and best prices couldn't be farther from the truth.
I day trade at a local Detroit firm with Level II screens. We also have internet access. Consequently, when I put my limit order into Brown & Co. on the internet, I can see my limit order "pop up" at the bid (for a buy) or ask (for a sale) on my Level II screen at the day trading house. It takes less than 5 seconds. When I put in a market order, it executes instaneously.
No full-service brokers executions are better; in fact, none even comes close. When you call your guy, he writes down your order, then walks it down to someone who transmits it someplace else. By the time he gets out of his chair, my order is filled. Oops, I'm wrong, by the time you get him on the phone, my order is filled.
The full-service brokers want you to believe differntly, but it just isn't so.
In your subsequent post, you said,
I also get 100% accurate monthly statements
I never had a problem with my Brown statement.
Jay |
