Advantages of a Full Service Broker over a Discounter & Misc - Paul Diehl
I love your newsletter and wish I had found it a long time ago. Maybe misery loves company. I find great value in reading the comments of traders just like myself that have nothing to sell and no axe to grind.
I wanted to comment on Fred Montgomery's problems with a discount broker. I have traded with both full service and discount brokers. A full service broker will give you a discount if you trade enough and ask for it, but you will never get it without asking. I have had my own problems with discounters calling back with fills and have solved the problem by using a live quote machine (QuoTrek) and mental stops. This way you can call in a market order and have it filled while still on the phone. Live quotes are expensive so you have to find another system if you don't trade enough to make it worth your while. Yesterday I called to place an order in the S&P 500 futures market just after the market had dropped 1.20 in fast market conditions. The broker's quote machine was still showing the last trade at 455.15, while my machine showed 453.95. If you had been depending on the quotes from the broker, you would have either lost money with a bad fill or never have gotten into the market in the first place.
I have never had this problem with my full service broker, but each trade costs $50.00 or more. It all depends on where you want to spend your money and how much you trade.
I have been considering the Pocket Quote Pro to replace my Quotrek. The PQP is a lot cheaper, but I'm a little afraid to make the switch since the Quotrek has given me such good service. I'd like to hear from anyone out there that has used PQP.
I am also the owner of the Right-Time Index Program for trading futures and options on futures. So far, I have had little or no luck with trading this program, even though the vendor makes heavy claims about profits. I would like to hear from someone that has had success and get some ideas on how its done. The manual seems incomplete.
I also use the AIQ Trading Expert and find it to be very helpful, but I also find that you still have to use some judgement in taking the signals. I have begun to believe that there's no perfect program out there, because it would ruin the markets since everyone would own it and we would all be trying to trade the same way.
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