What do you think of Schwab as a broker? I've been using Ameritrade mostly as a data feed for Quotetracker on one computer and IB where I do most of my trading on another. IB doesn't have backfill where Ameritrade does. But even though Ameritrade's data feeds suck I had figured they are good enough for live charting. That is until a couple of days ago when I saw something that had me doing a double take. They don't send all the data, just a composite of some sort, and anybody who's watching their streamer tick for tick, don't bother, you're wasting your time. But now I'm even wondering where they get their data from.
I looked in Quotetracker to see what the choices were for backfill and I noticed Cybertrader was one. Didn't Cybertrader use to be more than $9.95 a trade? I didn't realize they also have futures. I don't understand their exchange "fees" though. Apparently depending on where the trade takes place you might have to pay an additional 1/2 cent PER SHARE extra?? So a 1,000 share trade could be $9.95 or $14.95. I called them to verify that and it's apparently so. But he mentioned I might want to look at Schwab's Trader CT which is something new they have and only $9.95 a month with no exchange fees. I heard Schwab was getting agressive in some of their offerings, but I didn't realize they had anything for only $9.95 a trade. No futures at Schwab though.
The guy said Schwab's Trader CT is in between Cybertrader X2 and Cybertrader Pro and is provided by Cybertrader. It looks interesting and I'm going to try and play with the simulators this weekend. I also noticed Cybertrader has their own ticker plant. Camp isn't to keen on the idea, "CyberTrader 2.0...onto the internet five? Who's data is it? And from a stockbroker?", but I figure it can't be any worse then Ameritrade.
So what do you think of Schwab/Cybertrader? And I see at Schwab all you have to do is 5 trades a month to get the $20 a month data fees waived. I think at Cybertrader it was 10, 20 and 50 depending on the platform used. I see Schwab wants $10,000 just to open a margin account. Maybe if I like it, I could make it my QQQ trading account. So dumping $26,000 in and aggressively using daytrading margin, could do about 2,500 share trades to start. So on the 3 cents an hour scalps or the 4 for 4 (four 4 cent trades a day) that would be $330 or $320 or about $1600 a week. Not bad to start.
Schwab wants to give me 25 free trades, so $250 to switch. Cybertrader is offering $2 off on 175 trades or $350. Rummaging around their site, I'm not seeing anything that looks like a show stopper. Certainly can't be any worse than stupid Ameriturd. Maybe I can finally kiss Ameriturd adios. Hm .... I don't know about kissing them. Maybe just give them the old boot. <g>
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Please note that all accounts must meet the minimum equity requirements to open the following accounts: $2,000 for IRA accounts, $5,000 for cash accounts, $10,000 for non-day trading margin accounts and $25,000 for day trading margin accounts.
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