Friday, March 11, 2011

Looking for a new broker...

I believe that I will most certainly switch accounts at the end of the month. Although the ThinkDesktop platform is great and I believe it is perfect for new traders I am not comfortable with the order entry capabilities of the platform and the data feed. The price alerts on stocks are often more than 30 seconds late causing you to miss your ideal entries and the order entry capabilities are way too limited. They do not have a pop up order entry window that allows you to adjust price and select routes quickly. Also the platform freezes very often. I have used Lightspeed for about three months and it never frooze once! I often got filled almost at the exact price I wanted and the commissions are very low. I do not have enough money to open a Light speed account so I am looking to the next best.

From my research, it seems the closest in line are SpeedTrader with the DASPro platform and MB Trader with the MB Pro Platform and I will be able to meet both of their minimum requirements to use their desktop platforms which looks to be about $2,000.00 for both. Now using either of their desktop platforms will introduce a monthly software fee for data feed but I do not mind this. SpeedTrader seems to be more expensive from this aspect though. The other major consideration is of course commissions. MB has lower low commissions but DAS has features that MB does not seem to have that will definitely give me an edge. All in all I think DAS is closest to my ideal platform and so I may switch to SpeedTrader.

As the end of the month approaches I will say definitely who I going to transfer to.

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