One other way to avoid getting ripped off by brokers who sell order flow as is detailed in this article is to use a direct access firm like MB Trading (who I use), Cybertrader, Castle Securities, etc. or even Datek (although with them, you're limited to using Island, an ECN). With those firms, you have access to the various ECNs (REDI, BRUT, ISLD, ARCA, etc.) as well as the ability to use Selectnet with these aggregators. You end up with a much fairer playing field. These firms are basically daytrading firms, though, and charge data access fees in addition to commissions, but I maintain that if a person is trading fairly actively, you save the data fee in spades by not being ripped off by having your order clipped by outfits like NITE, MASH, etc.
I remember someone buying a block of 75,000 shares of this stock using Schwab (MASH) a few weeks ago and seeing their order executed at one price and printed at 1/16 higher so MASH could take their cut, along with the commission. It really starts to add up after awhile.
>> One other way to avoid getting ripped off >> by brokers who sell order flow as is >> detailed in this article is to use a direct >> access firm like MB Trading (who I use), >> Cybertrader, Castle Securities, etc. or >> even Datek . . .
What do you know about AB Watley? They offer free level 2 when you open an acocunt with $10k.
Watley is also a Realtick firm. There are a lot of them out there. I haven't heard anything negative about them. More often than not with these firms, the problems you have are with the clearing house more than anything else. I think Watley does their own. Others use Penson Financial, Southwest Securities, JB Oxford, Spear Leeds, etc. All have their idiosyncrasies, some more annoying than others.