Day Trading & Forex Forum

ZEPPO

Hello everybody,

I wonder if anybody has traded with Pacific Trader lately; I've looking on this site and don't seem to find anything about them.
Also could anybody advise on IG Markets; I am interested in day trading the Nasdaq100 stocks using Market Depth, so I would like to know about your experience with any of the above brokers on this subject.
Thank you all.

henry766

you need to open an account with interactive brokers

ZEPPO

I guess I would, as I have seen numerous posts where IB are recomended; unfortunately they do not offer CFD's which is what I am after.
Thank you for your help, henry766.

henry766

Hi Zeppo ,few cfd's have spreads /costs low enough to trade intraday( on stocks atleast ) , certainly not IG , by far the cheapest is cmc , I think pacific trader used the same platform as etrade saxo bank , and swissdirekt who i think maybe cheapest of these at around mkt spread and 0 .1% per side ( works out far more than cmc on average ). i'm sure you believe you can trade intraday and beat these costs , it's just that i know better. ( no offence meant) good luck !

pento1999

Hi Zeppo I have used Pacific Traders Australian branch and they seem very good with market depth also they seem to be offering the cheapest cfd deal at the moment in Oz

pento1999

Hi Zeppo , I have used Pacific Trader and they seem to be far cheaper than CMC and also they offer DMA, the commision is approx 0.075% at the moment so cheapest in Oz

henry766

Dear Pento , I take issue with your claim that Pacific Trader are "far cheaper" than cmc , U.S. stocks are basically 5cents worth of price ,spread ,including market spread with cmc . As you state yourself commission is 0.075% which I'm assuming is both ways ( as you stated as commission not spread ), which equals 0.15% round turn , which for example on a stock of $40 is 6 cents , when you add on market spread this hardly seems "far cheaper". Yes potentially on very cheap stocks well below 30$ they might be cheaper if mkt spread was very tight. I also would be circumspect on what they consider direct market access and the costs involved , interest rates or other costs can catch you out with many cfd firms .

ZEPPO

Hello henry766 and pento1999,

Please accept my apologies for the delay in the replies – I was away, and couldn’t read the posts until I came back to my desk.
First, to henry766: I do believe you, and do not intend to beat the spread, quite the contrary, I only want Market Depth to know who is the axe, and where the support/resistance lies; I am conscious that the guys at the other end of the trade are the smartest, most ruthless traders in the world at this game, and there is no way I am going to be able to beat them! I am intelligent, yes, but not that smart!
No, what I want is to take the afternoon session EST time, do some relative strength analysis, and hopefully catch a mini-trend for a couple of hours; I am not a scalper.
I would like to open an account with CMC, but they do not have Level II for the Nasdaq (that can be remedied, though), and also I am worried about their speed of execution, I understand that they are not the fastests. What is your experience with them?
Now, pento1999, I’d like to have a word with your dealer; did you say 0.075%? I have been told twice that, raising to 0.2% + $15.00 ticket…per side! Effectively, this makes me a money machine for them – I take the risk, they take the profits!
I guess that Down Under you are far smarter than we are up here! Maybe I should move to Sydney with my uncle and cousins…In any case, I’d like to thank you both for the feed back, but the more information I get about CFD charges, the harder I find to trade them profitably intra-day. And I haven’t taken into account the losses yet, which will inevitably happen.