Am I right in assuming that one cannot buy less than 100 of any NYSE listed stock using Interactive Broker.Nev
From what I've read, smaller trades are allowed...just a $1 minimum commission.Sandy
Am I right in assuming that one cannot buy less than 100 of any NYSE listed stock using Interactive Broker.Yep!
From what I've read, smaller trades are allowed...just a $1 minimum commission.Sandy Sandy..NYSE stocks limited to 100 shares. the other exchanges are $1.00 min with fewer shares. I did a on-line chat help directly with IB to get this answer. I copied it but can't find it now...<g>Jean
Sorry...my mistake. I've never used IB...just read the comments here on the board. Seems, though, to be a pretty bare bones platform. Can't help but wonder if folks aren't being penny wise and pound foolish in selecting it...just an opinion.Sandy
Sandy,You could be right...but what alternative would you suggest? It is certainly better than Ameritrade or rjt, IMHO. I'm not a full time trader yet...so a Direct Access broker is really too expensive. Does that make sense?BTW Here's the info about odd lot orders...direct from the sourcehttp://www.interactivebrokers.com/html/tws/odd_lots.htmlODD LOT ORDERS In response to NYSE rulings regarding odd lot orders (less than 100 shares), Interactive Brokers will no longer allow customers to submit odd lot orders in NYSE listed stocks except to close out an existing odd lot position.There are no restrictions regarding odd lot trading for Nasdaq stocks, and Interactive Brokers will allow both opening and closing odd lot orders in all Nasdaq stocks.
Does that mean that I'll have to round my BRK.A order down to just one lot? I'm shy a couple of mil' for two lots. ;)
I guess so......sorry. :(
Hi Sandy, yes Ive made a few trades with lots of over 100 but when I tried to make a trade with less than 100 on an NYSE stock I was not allowed.Nev
Jean...It's not my intention to second-guess anyone's broker decision since we all have different situations to consider. The reason for expressing my opinion on the subject was merely to inspire more thought on the subject. Sure, some bells and whistles incur additional cost, but if they make better trades possible, thay can more than pay for themselves in a very few trades. For example, a couple of years ago I subscribed to DJN (@ $95/mo.) in order to focus on news trading, and one of my earliest news trades netted me ~ $500...a single trade (which I would not have made at all w/out DJN) that paid for 5 months of the service! If additional tools can improve trade entries and exits by .25 each, it all adds up to better nets and a healthier income despite (or, because of) the higher overhead...the ol' "gotta spend money to make money". Just something to mull over.Sandy
Sandy...I'm inspired cause you certainly are right about the cost justification...L2 taught me that! Jean
I'm inspired...Jean...I hope you've had a chance to review the FAQ in The Den...lots of broker options covered there.Sandy
IB has the fastest executions I've seen. And their order entry is also many times faster then TFC. I've never tried direct access brokers, so I can't compare it to that. But from everything I've read IB is faster at executions then copanies like Datek that offer a 60 second guarantee. The above comments are for stock order entry & stock executions. IB's option execution has taken me about 5 to 10 minutes on average for executing a limit order at the current best bid or ask. I have had option orders execute faster on TFC then at IB.Eddie G
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