Brokerages

fundjunkie

Member
56 0
Hi,
I am in the process of researching, testing and paper trading prior to starting EOD trading of UK and US stocks. Things are developing slowly but surely.

However, I've found no clear information on what are the best brokers to use. I know that flat fee brokers are the cheapest for trades over a certain size. This won't be suitable for me as I'll be starting out with small trades of a few hundred pounds. Can anyone recommend a good broker with a decent value for money charge rate and decent service?

And while we're on this subject I've been wondering about the mechanics of EOD trading. If I decide on a couple of orders I want to submit the following morning is there a way of automating the process of submitting those orders? Or will I have to ring the broker in the morning (assuming they're open prior to the market opening time)?

All advice will be greatly appreciated:)


Thanx,
D
 

Jerry Medved

Active member
184 1
Interactive Brokers is probably the cheapest broker with per share pricing.

As for order placement, if you place an order after the market is closed on the given day, it will execute when the market opens the next day.
 

Trader333

Moderator
8,655 981
This will depend on whether you use GTC orders or day only. Also you could get filled when the markets are closed by an ECN either post or pre-market.


Paul
 

fundjunkie

Member
56 0
Trader333 said:
This will depend on whether you use GTC orders or day only. Also you could get filled when the markets are closed by an ECN either post or pre-market.


Paul

Can you explain a bit more? You've lost me a bit there;)
 

Trader333

Moderator
8,655 981
With Interactive Brokers you can set the default order to be for just the day or good until cancelled (GTC). This means that if you place an order today with (GTC), then it will still be there until you cancel it or it is executed by your broker.

If your default setting is "Day" then if the order has not been executed at the end of the day it is automatically cancelled.

For US stocks outside of market hours it is still possible for orders to be executed by ECNs. But I would caution against doing this as the prices can be all over the place.


Paul
 
 
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