rebel - either you need a level II subcription somewhere that supports pinks, or pick your price and bid based on the high/low and last sale. You can get 15 minutes delayed bid and ask at pinksheets.com
If you call a live Ameritrade broker you should be able to get the bid/ask on pinks.
Customer service too may do so. If you are about to buy, but demand it realy time, just call, get the spread, then do it online (to save the live broker fees).
u have to get level II pinks from either alphatrade.com or mytrack.com (i use ameritrade too - the problem i feel with calling to find out real time quotes is that on a really moving stock, you will miss the action)... its always good to watch level II imo while trading pinkies...they can easily make u a stuckholder... so if trading pinks...get level II imo:) cheers:)
Reb. Do this if you want to play pinks. This is even easier to do if you are already an Ameritrade client. Switch your account to Freetrade.
Currently you are paying $10.99 a trade with Ameritrade. Freetrade first 20 trades every month are free. After the 20 free trades the next 100 are $3.00 a trade. Next 100 are $2.00 a trade. Next 100 are $1.00 a trade.
So go to Alphatrade set it up. You get 12 L2 screens with T&S. You also get pink L2.
Lets look at cost. Alphatrade cost right around $33.00 for that.
At 10.99 a trade at Ameritrade by the time you have entered and exited 2 trades you have paid your alphatrade subscription price for the month with your first two trades in and out.
Everything else is more money in your pocket.
Now here is where being an Ameritrade client makes it easier. Once you have filled out Freetrade account aplication and they give you your account number stop there. Do not continue and transfer stock or your cash. If you do it will take the same amount of time as say someone with Etrade.
Call up Ameritrade and ask for their transfer department. Give them your Freetrade account number and say you want to do an internal transfer.
Since Freetrade is a division of Ameritrade this is made possible.
Remember if you just got out of some trades your cash needs to settle for 3 days. Same if you just bought stock.
Transfer what is settled in your account that adds up to 5k qualifying fee and you can transfer the rest later.
Do not trade pinks without L2 or any other stock for that matter. It is like going to the store and leaving your front door open, with a sign that says I'm ready to be robbed!
Calling for a quote is not the way to go. You need to be watching T&S while watching the action of the MMs. Who is doing what.
This game is tough enough without you missing the proper tools to trade. I'm currently in the process myself of doing the above. I'm one of those people who put things off. Ameritrade L2 only 3 screens and 1 T&S.
Rediculous!
No more will I put up with that.
Neither should anyone else imo. Obtain the tools you need in order to enhance your success ratio.
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