Schoonie,
My personal approach to any investment, be it buying a house, car, position stock, long term investment or a day trade is to save and keep every possible dollar in my pocket.
Whether it be for a long term investment or a day trade, an 1/8 or 1/4 on 1000 shares is good money, regardless of your time frame.
As for outperfoming online firms, we could spend days talking about this and it would my pleasure to entertain this if you wish.
The best way to explain this would be to BEGIN with looking at the document on our Yamner Library called Quality Executions...http://www.yamner.com. As well, there are several other documents up there regarding execution systems and how our firms works your order.
As for SOES shops, etc., yes I am including those in the following manner, least plausible to most:
1. These firms still face flaws in internet technology. While it does not happen regularly, problematic volume such as on the day after our 550 plunge, can cost traders thousands of dollars...we have all heard thehorry story. (please don't take this as me being prudish about internet technology, we are not. We just simply know its limitations and thus are hesitant to become too reliant (and these soes online firms are 100%) on it
2. These firms will not work your order on selectnet, having soes prepared and ready to go, cancel your order and in the same motion instantaneously execute a soes trade. They also don't let you go to phone based systems and some dont let your preference mm's on snet, rather some only let you broadcast snet orders. Some I have heard only let preferential snet and not broadcast.
My point is that they all have their place in adding up to a quality execution and price improvement.
3. Many of these firms do not offer listed trading, access to superdot, bulletin boards, options, futures, commoditites, which, while they might not be in the roundhouse of most traders who are used to otc trading, they are areas that should not be overlooked.
And if you are exclusively at a firm that offers SOES and nothing more, you can't not overlook it because it is not offered.
4. As well, there is such a thing as experience and exposure to markets andmarket action. While many online investors are experienced and have and understanding of the marketplace, speaking to a trader who deals withhundreds of stocks and trades each day, asking for suggestions, ideas for the day, strategies for getting abetter price, etc. is usually beneficial.
I do not have any desire to turn this thread into a "our firm is better than theirs because"....because we all know that our firm is suited to a particular client base and does a great job there and that online firms suite clients with other needs/objectives, etc. Yet from a performance standpoint, I still standby my confidence with our firm's execution quality.
(lightheartedly) For those who have been following this thread and my posting comments elsewhere, you know that I always tell it like it is. I have spent much time with various technologies, demoing and testing other's offerings. My comments are based upon my experience (intimate) with our firm and how well WE perform, and my LIMITED exposure to every else. Yet, they are my feelings. I am not trying to sleight anyone, yet these are my opinions.
Regards,
Steve@yamner.com |
