Warrior Trading Review of Speedtrader
Speedtrader is a top notch direct access broker with excellent execution times. I have been using Speedtrader for several years and love the simplicity of Direct Access Software (DAS). It’s extremely straight forward, I’m able to customize my hotkeys to my liking, and I can route directly to a huge list of market makers. As many of you know I’m a quick trader and a broker with fast executions is a MUST. Speedtrader meets all my needs and is also one of the lowest price brokers out there. For traders that like going on the short side they have a great short list.
Pricing & Commission Structure
As an active trader there are a few things I look for in a broker. Quite simply, I need well priced commissions and excellent executions. I often execute 10-20 trades per day and at the rate of $9.99 that would be anywhere from $100-200 a day in commissions! Think about that over the course of a year, that would be $24k – 52k per year in commissions. That should be profit in your pocket! This is why it’s so important to make sure you have a broker that gives you a good commission structure. Speedtrader pricing starts at $4.49 per trade and they go as low as $2.95 per trade for active traders. That represents a 66% cost savings vs. full service brokers like TDAmeritrade or Etrade. When I say full service broker, I refer to brokers that offer bill pay, check writing from your broker account, etc. These types of accounts are great for a part time investor that only intends on executing a few trades a week at most. These aren’t practical for active day traders though.
Trade executions are critical for day traders. Our entire job is to profit from rapid moves in the market. Volatility is our friend, but only if we have the tools to trade properly. I require a broker that provides excellent fills, and that has a stable platform that doesn’t crash. A software crash in the middle of a big trade can result in a substantial loss. Speedtrader is a direct access broker meaning traders can route his or her orders directly to market makers. This increases execution speeds. Lets think about a broker that is fast enough to give you an extra 1 cent of profit per trade vs your old broker. If you trade an average monthly volume of 1 million shares, that extra 1 penny of profit (thanks to faster executions) will result in an increased profit of over 10k per month. Day traders must be very aware of his and her statistics. Small adjustments, as small as 1 penny per share, can result in substantial profits. I use Speedtrader as my broker to give me an edge as a trader.
Check out Speedtrader Today!
Hot Keys with Speedtrader Offer Full Customization
A breakdown of a few of my hotkeys is available here: How to Day Trade
Speedtrader Screen Shots