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Non-Tech : Best & Worst Daytrading Broker? -- Ignore unavailable to you. Want to Upgrade?

To: Cash who wrote (61)	5/4/1999 10:48:00 PM
From: Daniel Miller	Read Replies (2) \| Respond to of 126

Best daytrading broker: ABWatley Executioneer Worst: Etrade Ameritrade Webstreet The list just keeps going...

To: Cash who wrote (61)	5/5/1999 6:29:00 AM
From: Mike Devour	Read Replies (1) \| Respond to of 126

Cash wrote: "I'd rather get out of 5000 shares of EBAY with a 1/4 loss in a few minutes intraday that 5000 shares of EBAY with a position that's gone against me 20 points overnight." I'm trading options. Trying to use them to scalp a quick 1/4 here or there is too risky for me. Not only do you have to make up the 1/4 to 3/8 spread, but also put up with a delta less than one just to get even. It can take over a point move in the stock to beat the costs of the trade. So I'm not day trading. I've got to wait for fairly large moves in the underlying stock to get my money back out of a trade. So most of the movements I'm working with span a couple of days to a week or more (if I miss the timing). If I can close a position in less than a day it's just luck! "Must be nice to have enough equity to not worry about margin costs." I've got no choice. Options are not marginable. That, and I'm not grown up enough yet to have the room in my account to hold equities, unless I wanted to play with pennies. So, as I mentioned earlier, I just use my little bit of cash to "practice" trading, trying to get in and out without loss, and work for the occasional profit. So far I'm about even and haven't blown it really big. And my brokerage is happy. <GRIN> Thanks for defining the different trading styles for me. Mike