TD Ameritrade and Day Trading

[InTheZone]

I want to Day Trade US equities and am trying to select a broker.

Among other things I want one that is partnered with 3rd party software products, has a software API so I can write my own software, and will not expect me to be an experienced trader with no questions or problems.

TD Ameritrade has these features plus others and appears to be well reviewed. It also provides streaming Level 2 quotes for free. I have no personal experience with the firm but I am concerned about the $9.99 fee and mixed things I have read on various web sites about day trading at this site.

Comments would be most welcome.

 

[forexsys2]

I have no personal experience with the firm

Thnx, do you have experience with others maybe ?

 

[InTheZone]

Ready to get started

Thnx, do you have experience with others maybe ?

I have not traded online before but have had accounts with Fidelity and Morgan Stanley. I Now have some stocks and bonds with UBS but they do not seem interested in active online traders.

I have been doing much reading, which I intend to continue, but am at a stage where I want to to see how I do trading online for real money. There are so many brokers, approaches and software packages that it seems overwhelming. Like many others I want to make a lot of money but I am not in a hurry to lose.

I think one main point I am look for guidance with is whether a fee of $10/trade be too much to overcome with active trading (say minutes to weeks) or should I start with a deep discount broker who may expect me to be more experienced and less willing to give me phone support.

 

[jeeba]

If you want cheap commisions, take a look ath interactivebrokers.com

Their interface is a bit clunky, but they do have programmable API so you can build your own.

IMHO, $10 per trade is very expensive, unless your orders are very large, in which case TDAmaeritrade's flat fee might be better than services like IB that charge on a per share basis