Trader Dealer online broker

[new_trader1984]

hello this is my second post on asf and have found lots of the forums on this site very helpful.

I was wondering if someone maybe able to help me with a couple of questions about a new brokerage company.

I found this online brokerage company called trader dealer which started around may last year. They offer $33 dollar trades where you can buy and sell with upto 12 price levels which combined on one contract note. So could buy and sell the same stock several times in the one day. For short term or day trading with large amounts it looks like a good price compared to other brokerages that charge per buy and sell order. There is a negative where they will charge a new brokerage if an order isnt filled in the one day.

The website offers a lot of information too, a lot more than what i have available with the broker im with at the moment.

Has anyone used trader dealer before how do you find trading with that brokerage company? Also if someone hear does use trader dealer how do you find the cmt accounts do they pay good interest with the money that is in their bank account when not trading?

Are you able to have two brokerage accounts open, such as having one for longer term holdings and the other for short term trading?

Any advice would be appreciated.

Thanks.

[sails]

Hi New Trader,

There has been the occasional mention already re Trader Dealer on ASF. I just typed "trader dealer" into the advanced search box (quotes included) and this is what it came up with:
http://www.aussiestockforums.com/forums/search.php?searchid=148867

I traded with AOT before Commsec bought them out and they were great. Have heard that many of the old AOT staff are now working at Trader Dealer, so the great service should be the same!

Hope this helps!

[new_trader1984]

hi sails, ive read the morrison discussion where trader dealer has been mentioned. Was hoping maybe yourself and boggo might be able to share a bit more about trader dealer then what i have read on the morrison discussion. Ive never changed brokerage companies before and always been with bankwest for all my trades so far, ive had a look at macquarie bank but wasnt able to find out what interest they pay on their cmt accounts which is used by trader dealer. Would you be able to explain how the 12 price levels work please? It sounds like a good idea especially when trading smaller priced stocks and only after 2-3 cent increases and saves a lot in brokerage if can buy and sell in same day.

Would appreciate any advice on this brokerage firm.

Thanks.

[sails]

New Trader, I don't day trade with Trader Dealer, so haven't looked closely into their 12 price step policy, however, you've got the right idea where you can potentially buy and sell a few times on the same day and incur only one buy commission for the day and one sell commission for the day per share. Great deal for day trading. It was similar with AOT without the $200,000 cap.

The best thing to do is give them a call and ask them how it works- you will see how helpful they are! If not, ask for Karl - he has patiently answered many of my questions over the last few years!

Re Macquarie cmt interest - last quarterly statement to 29/10/06 was averaging a little over 5% annnualised. Otherwise suggest you give Macquarie a call to get more info.

[new_trader1984]

Thanks sails,

I will give them a call after the new year and find out more about how it works.

Thanks for your responses.

[opulence]

Does anyone have any experience using this service? Thoughts good or bad?

The pricing structure seems very reasonable. Am I right to understand that multiple round trips of the same share during a day are only charged once so long as all the order is filled that day?

Also, it mentions that there are no extra fees for more complex orders? Does this include trailing stoploss etc?

Is the charting and data they offer good?

How does the cash management accounts work? It seems to be outsourced to a number of external companies like Macquarie bank?

Cheers guys, I've been doing a lot of research on the trading side of things, still having trouble getting my head round the more admin side of which broker to choose etc.

[opulence]

So my thread got moved here and now i see that I was right about the fee setup.

Does anyone know if this service can be connected through to other software platforms such as ninja trader and amibroker?

[pixel]

Does anyone have any experience using this service? Thoughts good or bad?

The pricing structure seems very reasonable. Am I right to understand that multiple round trips of the same share during a day are only charged once so long as all the order is filled that day?

Also, it mentions that there are no extra fees for more complex orders? Does this include trailing stoploss etc?

Is the charting and data they offer good?

How does the cash management accounts work? It seems to be outsourced to a number of external companies like Macquarie bank?

Cheers guys, I've been doing a lot of research on the trading side of things, still having trouble getting my head round the more admin side of which broker to choose etc.

Go for the Market Analyser Platinum. IMHO, it's the best charting and T/A scanning software around. (I may be biased though, as I've been using it for over 10 years and seen it improve from humble beginnings.) They also let you trade via web browser with their new Rapid Trader application. That's rather no-frills, but great when you're on the move and want to check on your portfolio, maybe take quick action on some left-field event.

wrt CMA's, most online brokers let you link to a Macquarie Cash Management Account. Mac's pay RBA cash rate on account balance (some minimum balance may apply - check it out at their website (http://www.macquarie.com.au/mgl/au/personal/savings-accounts/cash).)
Online brokers require your authority to auto-debit and credit the amount of your trades. I have yet to find one occasion where their accounting hasn't matched my controls.

[opulence]

So do they let you feed their service through third party programs like ninjatrader or ameribroker? That said I haven't even had a play with their software yet so I might not even need it. Not at first anyway.