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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Eric P who wrote (46)	6/6/1999 10:24:00 AM
From: LPS5	Respond to of 18137

It really depends where you are. In heavily populated areas where daytrading firms w/office locations have flourished (NY metro, Houston, Chicago) and competition is maniacal, the average ticket price is far, far lower than $18 to $25 per ticket - at least for high volume traders. In fact, I've recently seen the beginning of commissions which top off in the high, but single digits ($8, $9) for (very) high volume traders. I agree with Eric - do not equate a place that charges a single digit - or, for that matter, three cents per share - to be "right." Base your assessment on the range of technology available, the customer service, and any number of other factors I'm sure Eric will get to eventually. Some places also seek to give a low ticket charge, but assess a seat charge for volume under a certain number of tix per day. Like $10 bucks per tick, but if you do less than (some often absurdly high number), there's an added fee of $100-$250 per day. One thing not to forget is that many places charge a ticket fee, and then add-ons determined by volume, exchange/ECN per share chgs, pass-through fees, etc...so even the top volume trader who hits a cheap bracket (say theoretically $8.00 for above 150 tix) will be paying, for a 1000 share order on a penny-per-share ECN, $8.00 + $10.00. With ECN's being more and more of the share of overall order routing and execution for daytraders, it really means that your average ticket is not $8.00, but probably winds up there in the $13-$15 area - when averaged in with the occasional, but increasingly rare SOES or SelectNet order. Great thread, fellas. Happy trading, LPS5

To: Eric P who wrote (46)	6/7/1999 12:47:00 PM
From: Robert O	Respond to of 18137

I think people on this thread are getting confused between 'direct access daytrading' and what they are used to which is the 'typical' retail account for like a Schwab or Fidelity e.g. $10-15 a trade. Many don't even realize there is more going on than the PATHETIC service Fidelity offers over the 'Net. But I'm not bitter or anything '-) RO ps I believe I personally was able to change an amazing omission on Fidelity's site. We were in a dispute regarding a limit order GTC sell order I made one minute before the market close. They claimed it came in one minute after the close and filled me the next day. At that time, no time stamp was on the order on the web page for trading!!! Incredible, they will always win the argument since only they know what the time stamp really was... time stamp finally was added. The idiot at Fidelity actually said 'well if you wanted out of the stock does it really matter if it's end of day or next day?' Unreal, I said are you shitting me? Turns out that 'trade' was profitable for me but I would have waited to see a downturn during next day's session which never came. Lost point and a half upside from gap up in morning. Great site and info. thanks!