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Firstrade and SPX/RUT Commissions

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4 replies, 3 voices Last updated by Sherri Locke 1 month, 3 weeks ago
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    • #17719

      John Locke
      Keymaster
      @john-locke
      Going to The Trading Triangle LIVE 2016Locke In Your Success CoachAPM2Trade JournalsUltimate Income Trader Workshop

      Jeremy,

      To each his own, but in my opinion commissions (within reason) are much less a concern than multiple other factors such as:

      1. The time it takes to set up orders. This can cause you to miss trade and/or execution opportunities.
      2. The clarity in setting up orders. One mistake can cost much more than higher commission rates
      3. Methods in order routing. Some brokers don’t play nice with complex orders in a way that drastically affects execution prices.
      4. Mobile friendly
      5. The ability to put in contingent and cascading orders

      I’d personally stick with TOS for those reasons with our type of trading.

      • #17721

        Jeremy Malli
        Participant
        @jsm9153@gmail.com
        Points: 160
        Rank: Newbie

        Appreciate your input John.  I’ll test out Firstrade with a 1 lot SuperBull at some point to see how their execution is.  Their web interface needs a lot of love though; definitely not quick or simple.  The phone interface is pretty sparse as well.  Certainly not promising in the usability space.  Might be ok for something simple like the Bull or SuperBull but trying to manage an M3/M3.4u doesn’t look like it would be much fun on the platform at all.

        Thanks,

        Jeremy

      • #17722

        John Locke
        Keymaster
        @john-locke
        Going to The Trading Triangle LIVE 2016Locke In Your Success CoachAPM2Trade JournalsUltimate Income Trader Workshop

        I feel the same way. A Super Bull rarely ever is urgent and requires minimal management so something like First Trade may be OK. But I wouldn’t try and do anything complex there nor something I might need fast execution with.

      • #17729

        Sherri Locke
        Keymaster
        @KDAKSj4ux
        Going to The Trading Triangle LIVE 2016Ultimate Income Trader Workshop

        Just as a side note, you could get reduced commissions on TOS based on your activity by calling our representative Bridgett at 603-263-2027 and telling her you are a student of John Locke.

    • #17715

      Jeremy Malli
      Participant
      @jsm9153@gmail.com
      Points: 160
      Rank: Newbie

      I’ve been using ToS for some time and am always on the lookout for a better deal in terms of fees when trading RUT/SPX index options.

      Tastyworks caps their options fees per leg but not if you’re trading RUT/SPX/NDX index options.  If they were to cap fees per leg on index options, I would probably just stick with Tasty.

      I’ve been looking at Firstrade and was wondering if anybody here has experience with them.  They trade SPX, RUT, NDX index options and they claim $0/contract fees.  I’m going to transfer some funds over into the account and place a test trade on SPX to find out for myself, but I was hoping somebody here might have more experience with them to share.

      Jeremy

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