Like they say, all good things must come to an end. I’ve been with CyberTrader since I started trading full time back in 1999. I can’t even imagine how much I’ve spent in commissions with them. That first year I spent about $30,000. It’s certainly dropped over the years, especially when I switched to per-share commissions, but it’s still got to be at least an order of magnitude more than the average Schwab client. Which makes it so astounding that Schwab would push all of CyberTrader’s clients away.
This was the week when Schwab turned off the lights at CyberTrader and moved Cyber’s traders to Street Smart Pro. I haven’t even had the energy nor motivation to even install the damn thing yet because I knew it was gonna be a mess. Looks like I was right. — Dave has a post which details the major issues with Street Smart(?) Pro. I’ve been emailed by at least 4 other people complaining about Street Smart Pro and asking about other options for brokers.
I’ve now come full circle from when I made this post in summer of 2006 asking for broker/platform suggestions. My requirements are basically the same:
- A direct access, non-browser based platform.
- Server-held stops. (This is critical!)
- The ability to set a timed stop, e.g. close this position at 3:58 PM
- Per-share pricing — less than $0.01/share
- A good shortable stocks list (one of my favorite things about CyberTrader)
- Reliability & execution speed
I’m already considering Interactive Brokers and TradeStation. Does anybody have any other suggestions?
I also want to move my long term accounts from eTrade for obvious reasons. For that I’m fine with a more typical online brokerage like Ameritrade. Any recommendations besides Ameritrade?