Problems with a company like freetrade:
The reason they exist is they get paid for orderflow meaning nite PAYS them to route orders to nite , now why does nite do this are nite stupid? No the reason nite does this is if they have a monopoly on all the "dumb money " order flow and YES we are considered the dumb money in this game , If nite has tons of orders coming from daytraders every single day they will scalp your orders directly and make a fortune.
Now here is a question to all of you with free trade.
How many times on news have you tried filling .03 cents above the ask only to not even come close to filling , how come someone else got it ? OR how about when you put in a sell @ .145 on a .14 x .15 spread and you see that the market maker is filling .15s and only then filling your .145 meaning you were getting screwed on .005 per each share. Now you guys are all in an illusion that 2$ commissions are great but if you think at how many times you are missing on much better fills commissions are non issues.
This is how it works. On EVERY single order that you place through Freetrade / AMeritrade / ETRADE the market maker will only execute your order if he is making money on that EXACT trade.
My broker has direct lines to NITE CRWN and BAMM and when i place an order to nite he doest screw around with me and wait for a sell so he can scalp .005 he fills the order immediately.
I mean freetrade is great for some but I am just saying that if you are serious about daytrading commissions are really not an issue , I make 20k$ in commissions a month but I am saving 50k$ in fills.
HAve a great weekend,
kd
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