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SuperD
Cacti junky



Registered: 10/05/03
Posts: 6,648
Loc: The bridgesii bridge
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Fastest transaction trading website?
#9950561 - 03/11/09 09:09 AM (14 years, 11 months ago) |
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Morning fellow shroomerite investors. I'm looking to sign up with a trading site that has the quickest order execution times. Do near-instant or instant transaction times exist at all? I'm not wanting to invest for the long run, but instead buy, and possibly sell just minutes later, but I'm reading up on things and it appears some trading sites can take 20 minutes or more just to execute a buy order. By the time that's done, I may have wanted OUT already to either accumulate quick gains or cut losses fast. What is your recommendation?
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   D Manoa said: I need to stop spending all my money on plants and take up a cheaper hobby, like heroin. Looking for Rauhocereus riosaniensis seeds or live specimen(s), me if you have any for trade
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geokills
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Registered: 05/08/01
Posts: 23,437
Loc: city of angels
Last seen: 1 hour, 34 minutes
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Re: Fastest transaction trading website? [Re: SuperD]
#9951204 - 03/11/09 11:43 AM (14 years, 11 months ago) |
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I've never heard of an online broker taking 20 minutes to clear a trade, UNLESS you've placed a limit order and your target price is not within the current spread.
Say a stock is trading at $10 but you want to bid $9.80 to purchase. If you place a limit order for $9.80, the stock may never get to that level or it will take some time to work its way down there to clear the trade. To trade instantly, you'll want to place your bid or ask within the current spread OR execute a market order. I would not recommend market orders however, as they will match your purchase or sale with the first available bid/ask request, which can get you royally screwed by paying way more or getting way less than you anticipated on a stock with thin volume and wide spreads.
I've used TDAmeritrade for years and my orders execute immediately if my bid or ask is within the active bid/ask spread. Likewise, the same will hold true for any of the majors.. Etrade, Scottrade, Fidelity, InteractiveBrokers, etc. Sometimes, if you are using your deposit bank (like a Wells Fargo for example), they may let you trade for free with your account, but will only allow for trades to be executed at the close of market.
Note that if you buy and sell shares of the same stock in a single day, more than 3 times in any 5 day period, you will be flagged as a Pattern Day Trader and will be required to maintain a minimum equity of $25,000 in your account. If you do not have that amount of equity, your account will be restricted to closing positions only for at least 30 days, or until your equity is brought above the minimum requirement.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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Stonehenge
Alt Center

Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Re: Fastest transaction trading website? [Re: geokills]
#9951319 - 03/11/09 12:04 PM (14 years, 11 months ago) |
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Sounds like my experience with scottrade. The order goes right through though if there is a lot of heavy volume, it might take longer. It's never taken longer for me but that's what I was told. Check around on commissions because that does vary. I heard so many horror stories about etrade that I kept away from it. I've heard from those who like it too. They have a lot of hidden fees and charge more per trade. I pay $7 no matter the size of the trade and no inactivity fees, annual or monthly fees, etc.
-------------------- “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835) Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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SuperD
Cacti junky



Registered: 10/05/03
Posts: 6,648
Loc: The bridgesii bridge
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Re: Fastest transaction trading website? [Re: Stonehenge]
#9952002 - 03/11/09 02:23 PM (14 years, 11 months ago) |
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Very helpful info, thanks to both of you!
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   D Manoa said: I need to stop spending all my money on plants and take up a cheaper hobby, like heroin. Looking for Rauhocereus riosaniensis seeds or live specimen(s), me if you have any for trade
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Chespirito
Stranger


Registered: 02/13/09
Posts: 3,259
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Re: Fastest transaction trading website? [Re: geokills]
#9984894 - 03/16/09 08:39 PM (14 years, 10 months ago) |
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Did you have problems last year when TDAmeritrade wasn't letting people access their accounts? Jan. 22 many people lost money because they couldn't get into their accounts to sell. Also most online sites have a 15 minute delay on their quotes. I'm actually in the process of trying to find a new online trading site that has real time quotes without it requiring me to be a heavy trader.
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geokills
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Registered: 05/08/01
Posts: 23,437
Loc: city of angels
Last seen: 1 hour, 34 minutes
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Re: Fastest transaction trading website? [Re: Chespirito]
#9985238 - 03/16/09 09:19 PM (14 years, 10 months ago) |
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I have never heard of a major online broker displaying delayed quotes. Even the free quotes at CNBC.com are in real time without delay. All of your questions can of course be answered by visiting the broker's websites that you are interested in and asking them directly. You might also try: this. I haven't had any significant trouble with TDAmeritrade, downtime or otherwise. Though to be sure, you can always call 'em up and execute your trades through the phone if you can't get on the website.
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-------------------- ┼ ··∙ long live the shroomery ∙·· ┼ ...╬π╥ ╥π╬...
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Chespirito
Stranger


Registered: 02/13/09
Posts: 3,259
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Re: Fastest transaction trading website? [Re: geokills]
#9985326 - 03/16/09 09:29 PM (14 years, 10 months ago) |
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http://online.barrons.com/article/SB120554254483438485.html?page=4
According to barrons the TDAmeritrade site has "quotes [that] are delayed for most customers."
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Chespirito
Stranger


Registered: 02/13/09
Posts: 3,259
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Re: Fastest transaction trading website? [Re: geokills]
#9985364 - 03/16/09 09:33 PM (14 years, 10 months ago) |
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Also while checking out the fine print for etrade, it says that their quotes are 20 minutes delayed. They do offer real time quotes for their power users for free. If you arent a power user you can still get real time quotes, but it doesnt display automatically and you have to manually view it, i.e it isnt conveniently located
Edit: By the way if anyone is interested I found Barrons 2009 rating list, http://online.barrons.com/article/SB123698734062425763.html?mod=gartner
Edited by Chespirito (03/16/09 09:44 PM)
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Stonehenge
Alt Center

Registered: 06/20/04
Posts: 14,850
Loc: S.E.
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Re: Fastest transaction trading website? [Re: Chespirito]
#9988011 - 03/17/09 11:26 AM (14 years, 10 months ago) |
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I haven't had any problems with delayed quotes. I've gone back and forth between the free ones and the broker ones and never noticed a difference. I use scottrade which works very well and executes within seconds. So far at least. A thinly traded stock might take longer. I'm thinking about opening an account with zecco because they are cheaper with free trades and only 4.50 for the paid trades.
-------------------- “A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship.” (attributed to Alexis de Tocqueville political philosopher Circa 1835) Trade list http://www.shroomery.org/forums/showflat.php/Number/18047755
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