How To Electronically Trade Stock.
Q: Can anyone tell me what's out there for trading stocks electronically? In other words, what software is out there, who offers the service, are real-time prices available as well, how quickly are orders exec-ed, and so on...
A:
Your question is a bit backwards - rather than there being electronic ways
to trade stocks, various brokerages provide some means of computer interface
to their order entry/quotation services. Each of these systems is currently
unique, though you can divide them up betwen those that are effectively dumb
serial interfaces and those that tak
portfolio tracking or other functions.
You really need to define what kind of brokerage you are looking for and
what sort of trading you are considering before you can pick one.
I'm currently using two: Schwab and E-Trade - Schwab does a lot of work
on your PC using "Equalizer" or "Street Smart" software. With E-Trade, you could
be using a teletype for a terminal. Order execution for NASDAQ stock is
often near real-time, you can enter an order, do something else for a few
minutes, and then get the order confirmation. Exchange traded stocks and
options generally take longer, check back in 15-minutes or so - I think
Schwab is faster here, but have no complaints either way. Schwab provides
real-time quotes crediting so many quotes per trade execution, E-trade
charges a monthly fee for real-time quotes.
Some well known brokerages with electronic trading:
Charles Schwab
Fidelity (Fox)
E-trade
Accu-trade
There are more - consult the discount brokerage advertisments in the Wall
Street Journal or even more in Investors Business Daily. The FAQ also has
a rudimentary table of brokerage services.
P.C.Finacial Network on Prodigy, Div of Donaldson, Lufkin & Jenrette.
Place an order anytime. Will be taken care of during market hours.
Has about anything you wish available.
Costs a Prodigy account, $ 14.95 /month. Time is free while in PCFN.
Check your account anytime.
I have seen something about after hours trading. Where you can bid the
last price. If the stock is traded you would get it. I have not tried
this yet. But I saw something about it. Not all stocks are traded after
regular hours.