Monday, June 16, 2008

Best online option trading firm?

Would anyone recommend a good online brokerage firm for option trading? I have been primarily using TD Ameritrade all these years, and when it comes to option trading, it is really rudimentary to say the least. I have just looked at OptionHouse and Fidelity (OptionTrader Pro), while both seem much more sophisticated than TD Ameritrade, I am not sure which one is better. My main criteria are:

1. Speedy execution with easy navigation within the system.
2. Pre-set order entry forms for all major option strategies.
3. Essential option analysis tools, especially for P/L analysis.
4. Automated generation of year-end tax form to be filed with income tax.
5. Low commissions and rates are plus.

Thanks in advance!

Have not got chance to review the charts yet, but if there is a gap up tomorrow morning I will actively look for short setups.

34 comments:

  1. First off I don't trade options but about two years ago I met(admittedly in a bar) a executive from OptionXpress in NYC and he was seemingly very sharp. They claim it's their forte so it might well be worth checking out. They are headquartered in Chicago.

    ReplyDelete
  2. Schwab StreetSmart Pro is good.

    Think or Swim in in between.

    Interactive Broker is cheap.

    I have had accounts with all 3, but don't have ThinkorSwim anymore.

    ReplyDelete
  3. I've always used Etrade pro. You have to make more then 30 trades per quarter before they let you use it, but once you qualify its free. Etrade keeps updating their software particularly in regards to option trading. I'm still going through everything they've recently added, so I'm not sure if they will meet all of you criteria but its free, which I like.

    ReplyDelete
  4. position update:
    back in aapl 178
    sold 50 drys (70.70) for 13 pts
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  5. doug, fortune8 and sean:
    thanks for your comments on the option trading firm.

    razor:
    13 pts again! man, am I pissed!

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