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Originally Posted by bigdog
do you suggest etrade for daytraders?
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Yes, etrade is great, ameritrade is good too. Etrade has the Power Etrade Pro that gives you level 2 charts (which show you the trades that people have in place at certain price points) and most importantly, it is not browser based, its an actual application that you download, so its very fast. If you make 50 trades per month, it is free, so if your day trading, its a good way to go.
The advantage that Ameritrade has, and it could be a big one, is that if you trade OTC stocks (penny stocks), Ameritrade will cost $10.99 for unlimited amount of shares where as Etrade is $10 per each 5000 shares.
I am starting to get into some OTC stocks (they are very very risky, I don't recomment anyone that is starting out to touch OTC's) and I bought a stock with Etrade that was 45 cents a share, and I bought 50,000 shares, and I ended up paying $100 on the commison on that trade to Etrade where as it would have only cost me $10.99 at Ameritrade.
You have to realize that as a day trader, your biggest expense is commision, it is imperative that you keep that cost down as much as possible, so if I continue to play the OTC's, I may switch to Ameritrade, or have 2 accounts, one at Ameritrade for OTC's and another at Etrade for regular trades.