$tacks Upon $tacks Of Moolah

[DAVE_007]

Capt..re:Freetrade..cut and paste from another unamed board..
just FYI..

Author Topic: Question on Brokers
ChrisE
Member posted October 27, 2003 11:54
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On OTC stocks that trade in the pennies, does anyone know of brokers that fill orders in fraction of cents. I tried placing such an order with my brokers and they won't do it.
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Chris

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Norman
Member posted October 27, 2003 12:19
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I use Freetrade.com: http://www.freetrade.com/
Good Luck

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ChrisE
Member posted October 27, 2003 17:54
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Thank you Norman for the recommendation. I will look into it. The commissions sure look good.
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Dave
Moderator posted October 27, 2003 20:32
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I use Freetrade.com also.
Dave

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adrenalix
Member posted October 28, 2003 18:22
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is there a monthly fee for freetrade?
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Dave
Moderator posted October 28, 2003 19:56
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no..but it is not for those that need a 'live broker'..no "live" brokers here..everything is done electronically/or thru the internet I guess you could say..
you need to know what you're doing..
I love it..Scottrade was eating me up on fees, especially trading OTC's..like 12.50+ in, 12.50+ out..but now with FreeTrade it virtually cost me nothing to do a little trading. So therefore, I have bailed rather quickly on some stocks with as little as a $40, $50 gain if I didn't like the way they were acting..
but key word here is GAIN..
and with FreeTrade..you virtually get to keep all the profit money..hey, all those little bitty profitable trades really add up..

NOT TO MENTION..If I make a bad buy and decide to bail for a $50~$100 loss, I now don't have Scottrade adding their $40~$50 worth of salt to the wound..dig it?

You're going to have to cough up $5K though for them to open an account for you though..

Not bad..they told me it used to be $25K to get this type comissions..they alluded they are trying this $5k to get this type account on a trial basis..I hurried up and joined up..sure glad I did.

Dave


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adrenalix
Member posted October 28, 2003 20:11
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Thanks Dave. I can't see anything about maintaining a minimum. Do you have to keep a 5K value in the account? Or just 5K to open?
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wang
Member posted October 28, 2003 21:10
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are they fast ? filling your orders?

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Dave
Moderator posted October 28, 2003 21:13
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Just 5K to initially open..
I asked them via e-mail what if account falls below 5K and they said "no problem". You still get the free/cheap comissions.
dave
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Dave
Moderator posted October 28, 2003 21:27
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Wang..seems pretty fast to me..real fast with what few market orders I've entered at FreeTrade..
what I do is after entering an order I keep refreshing the 'positions' page and see if it's been filled..
OK, if and when you do get the stock..you'll get an e-mail confirmation within a minute or two..(but the buy or sell will show up first on your positions page..sometimes a few minutes before you get their actual e-mail).

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Dave
Moderator posted October 28, 2003 21:33
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Wang..needless to say..but wondering, and waiting those seconds/couple of minutes at most, seem like an eternity sometime..LOL..
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Dave
Moderator posted October 28, 2003 21:39
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Tell you what surprised me..I put in limit order to sell XYNY for 10¢ this morning at 5am before going to work..it opened at 12¢ on some news..and I got the 12¢!..
I kinda figured they might try to rip me off or something..perhaps saying my order filled at .10 or .105..but they treated me right.
I give'em credit for that!
dave

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wang
Member posted October 28, 2003 22:15
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Dave, I thank you very much~~~
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ChrisE
Member posted October 29, 2003 13:04
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Dave,
I agree with you on the OTC stocks. I am getting killed on commissions. The little profits do add up over time. To have them wiped out by commissions is no fun. I certainly don't need a lot of the support and hand holding that many of the on-line brokers provide. Good executions of my trades is all I ask for or need. I am going to switch real soon.

Thanks to all for your input.

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Chris

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Norman
Member posted October 29, 2003 20:44
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Chris, I transfered my Scottrade to Freetrade two weeks ago. It took eight business days (I guess the time is different from case to case. Some may take three weeks). During the transfer days, I cannot trade. If you transfer an account, you may want to close some short term positions.
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trader2
Member posted October 30, 2003 07:35
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I also use Freetrade. I'm amazed more people don't use it. It's so cheap I don't even think about the fees anymore. I would suggest paying the extra 15 bucks for level 2 and streamer.
It seems as good as anything else as far as getting orders filled. Customer service seems ok. I've emailed them a few times and they've been responsive.

Good luck...

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T2

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breakout
Member posted October 30, 2003 18:30
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Dave, members, thanks for the tip; I have been meaning to go with a discount broker for
some time now, as Schwab is killing me with commissions, and the post about getting the limit order filled at the higher pps sounds good [I don't think Schwab goes the extra mile to do this from my experience].
Good luck all !!!
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"Humor. Don't leave home without it" !

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