Looking for good broker/platform/data feed for day trading

• 25 March 2009

• #1

D

dkoleary

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I need some suggestions for:

• Broker
• Platform
• Data feed

Obviously I need a broker who is fast with filling orders and as for the platform and data feed I just need a cheap but flexible one.
With day-trading in mind I need speed but also low cost.
And also if possible, a place that does margin lending

Could anyone please give me some good suggestions.
Thanks!

EDIT:
I also should mention that I would like it if custom indicators and programmable trades were included with the platform.

 

• 31 March 2009

• #2

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ivanchuk

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I think direct access is standard nowadays...

try the following:

-belldirect
-interactivebrokers
-thincminc
-morrisonsecurities
-amscot

also some banks (Wpac, Commsec)

 

• 1 April 2009

• #3

wonderrman

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There's all ready stacks of info on this a guy asked about it only yesterday. The broker of choice is obviously IB though because of their cheap brokerage. wonder.

 

• 1 April 2009

• #4

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rw6579

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Hi there,

How about ETRADE?

Cheers

 

• 1 April 2009

• #5

CanOz

Home runs feel good, but base hits pay bills!

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rw6579 said:

Hi there,

How about ETRADE?

Cheers

Click to expand...

Depends on your time frame and frequency of trades but Etrade is expensive. IB is cheap, fast and has a professional platform.

Better for shorter time frames and more frequent trading IMO.

Etrade is ok for those buy and hold types, or infrequent swing traders.

Cheers,


CanOz

 

• 1 April 2009

• #6

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rw6579

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Actually, i did some research this morning, all broker will charge you if you dont do trade every month...this is not on their web, you have to ring and ask, they will tell you.

However, i think we are only begginner and not familiar with all trades, it is better not to trade so frequently until we reckon we are pro...

It is quite expensive trade shares,tax, brokerage, dont know stamp duty??

I will have a look again.
Thank you
Michelle

 

• 1 April 2009

• #7

skyQuake

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Agree with Etrade being expensive. IB is only $6 a trade i think; Do some research, many many discount brokers don't charge any inactivity fees nor monthly fees.

 

• 2 April 2009

• #8

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dkoleary

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THanks everyone for the replies..

1. Also wondering what kind of leverage you can get with IB for stocks? anyone have any experience with this?

2. And I also know that you need a minimum US$25k to be a pattern day trader on the NYSE.. is there a similar limit on the ASX?

3. is there any advantage of day trading the NYSE over the ASX?

4. Living in Australia, which would you prefer, considering the costs, speed and reliability (disregarding the market trading times.)??

Thanks again guys!

 

• 2 April 2009

• #9

beamstas

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rw6579 said:

Actually, i did some research this morning, all broker will charge you if you dont do trade every month

Click to expand...

This is wrong!
MF Global for one do not charge if you don't trade for the calendar month!

Brad

 

• 2 April 2009

• #10

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rw6579

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The point is you will give hard earned money to this broker which we only can trade online, so if their charges are so cheap ( i mean much difference with normal price $33 as far as i know),and also wont charge monthly fee if you dont trade within a month. WHY is so much difference?

ETRADE doesnt charge first 6 months, after that will charge $ 20 a quarter.

I will look at IB & MF Global.

Anywhere we can find those small broker are registered with financial association?

Thank you