For example, I almost always use market orders when trading my “pre-leader longs” strategy. On fast-moving liquid stocks where my order is not even enough to exhaust the NBBO I might use a market order. That ensures that 95% of the time I will get filled if it drops too rapidly I won’t get filled but I wouldn’t want such a bad execution anyway. For example, if I want to short XXXX when it breaks $4 and it is up from $1 in two days, I will likely put my limit at $3.93 and wait until XXXX breaks below $4 and right when it does that I will send my order. If I really want a fill I will set my limit such that even if the stock moves away from me I will get filled. Q: For what stocks or volume level do you use market orders, and when do you use limit orders?Ī: 95% of the time I use limit orders. Q: How do we know that you aren’t making up your trades?Ī: Almost all my trades are verified on Profit.ly I post all my trades there (although at any one time I may not be up to date in my posted trades). I wrote a post on my favorite StockFetcher scan, Scanning for Supernovae. It is only $25 per quarter and is invaluable because it is so easy to customize scans for whatever you might be searching. Due to the high resolution of my main monitors I use Malgun Gothic 18 point font for IB TWS.Ī: I use.
#Trade the ticker tim grittani windows
I have IB’s TWS and booktrader up on my middle-right monitor (with Sterling Trader minimized) the Scottrade Market Movers (hod list), quote box, linked chart (1-minute or 5-minute candlesticks) two browser windows and my third brokerage’s program on my middle-left monitor and a browser window with my email open, the TimAlerts chat, Tweetdeck, and time and sales for Interactive Brokers on my left-most monitor. Q: How do you scan for pre-market gainers (stocks up in pre-market trading) at Interactive Brokers?Ī: You can see pictures and a description of my trading computer on this post. Simply put, I would be a much worse trader with any broker other than IB. Furthermore, Interactive brokers has all sorts of complex order types that other brokers do not, such as iceberg orders (the ability to hide the size of a trade), discretionary orders, and IB has a great record of getting very good, quick fills. So that cheap commission may cost you a lot more than you think. For a fast-moving stock, a delay of even a second or two can result in the stock moving a few cents. This means that execution will be slower. So that trade for 10,000 shares will first be matched with other orders at the broker and then be sent to the market. Almost all brokers that have a flat-fee commission do not grant the trader direct market access. Q: But isn’t that costly to pay per share commissions? Why not use a broker that allows per-trade commissions?Ī: While I pay much more in commissions on large orders than those with per-trade commission structures (such as $10 per trade at Thinkorswim), it is still cheaper for me to use a per-share commission structure, because along with that I get direct market access.
I recommend paying $15 per month for Nasdaq Totalview, but I have Level2 through other brokers so I do not subscribe to that. I pay $2.50 per month for Pink Sheets level 1. If you pay over $30 per month in commissions the fees for level 1 data feeds are waved. Q: How much does Interactive Brokers cost?Ī: Commissions are $0.005 per share. I have a small account at Etrade that I have not yet used. My second broker is Centerpoint Securities and they are by far the best broker for shorting stocks although they have high fees. My only complaint is that Interactive Brokers has horrid customer service. Furthermore, IB allows me to short more stocks that I want to short than any other broker, including penny stocks and OTC BB and Pink Sheet stocks. Their platform is great, their commissions are cheap, and fills on trades are fast. 70% of my trades are with Interactive Brokers.
#Trade the ticker tim grittani software
The software I use at IB (what you see on all my trade recaps) is Traders Workstation or TWS. If you wish to support this site, I suggest using my affiliate link to buy Tim Grittani’s Trading Tickers DVD.Ī: My main broker is Interactive Brokers (often shortened to IB or its ticker IBKR). I will occasionally use Twitter (I am on Twitter) to alert my trades in real time. Q: Your blog is awesome! Do you have anything to sell?Ī: I do not offer any pay services. See also my Q&A Index for my video Q&A and try searching my blog using the search box in the upper-right corner.
The most frequently asked (and easily answered) questions are below.
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