Apprenez comment TRADER efficacement et GAGNER DE L'ARGENT dans TOUS TYPES DE MARCHÉS, à la HAUSSE comme à la BAISSE - Cliquez sur le drapeau Français pour plus d'informations !

 

 
 

 
 

 

HOME

MEMBERS
click here to enter




Pour des informations en FRANÇAIS 
sur le choix d'un courtier cliquer ici


   


Welcome to our "BROKER" page which will help you 
to define and select which broker is going to be 
the "best broker for you"...

    Many of our Members and visitors have repeatedly been requesting detailed information on how to select a broker which will indeed fit their specific and personal needs, and this is the reason why we have decided to create for you that new section to our Website.

    Please feel free to return to that section regularly as we will keep adding more information to it.

    We sincerely hope that the information here under will indeed help you in your search for the "best broker for you".  Chosing the best broker that you can find will be a critical part of the success (or lack of) of your Trading journey and activity.

    Chosing the "wrong" broker or chosing a particular broker for the "wrong" reasons, without knowing what is really essential and critical to expect from a really great broker, can be the source of very poor trading results or even, in some situations, of major losses.  
   
If, for example, the trading platform/software of your broker is too complex to use or too unreliable, if their service is lousy, if their customer service representatives are poorly trained or inefficient, if their phone access is unreliable or if it takes too long to get someone on the line who will be well trained to work under pressure, if it takes too long to get someone to help you close a losing position as your home Internet access will have just went down (and believe me, when this happens (and it will!), every second passing by might cost you hundreds or even thousands of dollars and you will so wish at that time, if you did not do it before as you should have, that you had indeed spent all the neccessary time and education chosing the best and "right" broker for you and most importantly, having done so for all the "right" and intelligent reasons !

    As you can easily guess, we are often asked the question "Which on-line broker(s) does Pascal MONMOINE use in his own Trading ?... "

    From an ethical standpoint, unlike most other Trading public figures, Pascal Monmoine has always refused to "endorse" or strongly recommend any particular broker as she so strongly feel and believe that it should really be up to YOU to do your own research and to decide which company/broker you should ultimately trust with your money and with your Trading.

   
However, in order to still be able to help you somehow with that question and that very critical choice that our Members and visitors ask so frequently about, but yet without "recommending" per say any particular broker more than another, we will limit our answer to simply sharing with you the name of the brokers that Pascal Monmoine is currently using in his own trading.  Also, in the spirit of helping you as much as possible from an educational standpoint (which is always Pascal Monmoine's primary goal), we will also share with you a suggestion of a basic list of questions to ask any broker who you are considering and that you might want to add to your own personal list of selection criteria in your search for the best broker for you.

    But once again, please make sure that you really understand that we are sharing that information with you only for "INFORMATIONAL" purpose.  
    Please do NOT read or perceive that information as a "recommendation" or as an "endorsement" in any way and by any means, as it is not.  
    As long as you clearly understand and accept our position about that, please feel free to keep on reading.  If you have already browsed through our Website, you already know how "ethical" we want to be with everything that we do, unlike too many other "purely commercial" Websites...

The decision to select an on line broker must ultimately be
YOUR OWN and please note that neither 
PM Traders, Inc. nor Pascal MONMOINE are ENDORSING or RECOMMENDING ANY BROKER IN ANY WAY
- - - - - -

    We STRONGLY ADVISE YOU TO DO YOUR OWN RESEARCH AND TO DECIDE ON YOUR OWN WHICH BROKER WILL BE THE BEST FOR YOUR SPECIFIC NEEDS, BASED ON YOUR OWN SELECTION CRITERIA

    
    With that being said as clearly as we could, let's now discuss some of the brokers which Pascal Monmoine is currently using and what he likes and dislikes about them.
    He is currently mainly using 2 brokers for his Trading/Day Trading (he also has other accounts with other brokers which he uses to practice and research other styles of trading/investing). 

    His main trading accounts are currently with a European broker, WH Self Invest (click here if you want to go to our "broker" page in French and read more information about that broker) and with an American broker, CyberTrader
.

    Each of these brokers offer several trading platforms, each of them providing various features and various commission and "software" costs.
    
    One ot the very first things that you need to realize in your research for the "ideal" broker to fit your specific needs is that you should never judge or select a broker mainly based on the amount of the Trading COMMISSIONS that they charge.  
   
This would really be a major mistake, as you are quickly going to realize after we explain to you a few things about that, and eventhough most people will so often and so wrongfully make a broker's "low commissions" their primary selection criteria !
 
    There are so many other much more critical criterias to consider when searching for a great broker such as the speed of execution of your orders by this broker, the quality of their technical support and customer service, the speed at which you can cancel and modify your orders with their software, the reliability of your STOP LOSS orders and whether they are saved on their servers or not etc... (more detailed information about all these criteria is available in our Day Trading Course).

    Let's talk a little bit more 1for example about one of these criteria: let's pick the SPEED of execution of your orders...
    Pascal Monmoine is usually very much into the spirit of " I love to squeeze every cents that I can from any personal purchase or business expense that I do and I am always doing my very best to always pay LESS for the same product or service ... NOT MORE ! ...".
    But when it comes down to "business" (and you should indeed approach Day Trading as a "business", even if it is the most interesting and exciting one that we know of...), Pascal Monmoine also knows what does make sense and what does not in that spirit of "keeping your costs down" ... but only when it is indeed intelligent to do so! 
    And in the spirit of our present discussion, Pascal Monmoine actually know that in that particular case, things can actually be very different from what they seem... and, unlike what most people would think, paying a few dollars "more" per trade in commissions could actually end up SAVING him tens or even hundreds of dollars per trade (which could then translate into tens of thousands of dollars every year) simply because of the enormous gain in the efficiency and speed of his trading entries and exits being made using a highly efficient broker ... instead of a less efficient and slower one heavily advertising their "low commissions" !...

    If, for example, you use a broker offering you "dirt cheap" commissions but that this broker, due to an inefficient order routing or trading software makes you "waste" a few precious seconds in executing your order, this could then very well potentially cost you a lot of money in terms of the inefficiency of the entry or exit of your trade...   
    Let's say for example that you want to enter an order to buy 2,000 shares of MSFT at 10:12:02, when the current "ASK" is $22.31.  
    The "efficient" broker might get you in on that stock at a price of $22.32 for example, costing you a "slippage" of only $0.01 because they were able to "route" and execute your order very efficiently in less than 2 seconds.

    On the other hand, the "cheap commission" broker who might have a less efficient "routing" system and software might very well end up, for example, taking 8 seconds to execute your same order but the major problem is that during these extra 7 seconds, the price of MSFT might have already run to $22.38 for example !!!  
    Your "cheap broker" might have supposedly "saved" you for example $5 in commissions (as compared with another broker with higher commissions) and this might apparently look like a great deal for you...  but your actual "hidden cost" of using that broker would actually be of $120 !!!!  (($22.38 - $22.32) x 2,000).  You were convinced that you had made the most intelligent choice by chosing that broker and you were so proud to save these $5 per trade ... when the harsch reality, unknown to you, is that you might be totally wasting $115 or so on so many of your trades !!! (if we use the figures of our example) ... we will let you think about all that... 

    And that example is only one of the many "hidden cost" which hundreds of thousands of Traders and investors are being subjected to every day, simply due to their limited education and to their lack of knowledge about how things really work in our trading World.  They just do not know which selection criteria they should be really looking at and that often translates into, at best, many losses that could have been avoided or at worse, in the total failure of teir trading career.

    Also, as a last note about that example, please do not forget that what we just explained and demonstrated to you only applies to ... your ENTRY of the Trade !.  It does not include your money wasted on your EXIT of that same trade !!!... 
    If you are also being subjected to the same costly "lack of efficiency" from your broker when you close that same Trade, you might indeed be victim of an ADDITIONAL extra "hidden cost".  If we consider the "waste" on the exit to be similar to the one on your entry, by the time your trade is totally over, you might very well have wasted 2 x $115 which amounts to a very substantial $230 of potential purely wasted money !!!! ... 
    Remember how you were so convinced that the "cheap commission" broker seemed like such a great bargain to you ?... maybe you are starting to think and perceive things quite differently by now?...
  Quite interesting to learn how things REALLY work in our trading World isn't it ?...

    And once again, please be aware that this is only one example out of the many criteria which are so important to consider in your research process and which are also usually totally unknown to the general public and to beginners...
    
    So please do not make anymore the mistake of only comparing the "direct" and "visible" costs of your Trades.  The selection process of finding the "best" broker for you is much more complex than that... 

 


  A new type of brokerage account has been created by a direct access broker in Europe.  
This "mini" account allows you to make an 
unlimited number of "day trades"
 
with a 
starting capital of only $7,500

Click here for more details
(in French only - if you have questions in ENGLISH regarding this account please e-mail us at pm@pmtraders.com)

( Important: due to specific regulations, this type 
of account is not available to US and Canadian citizens)

 

 



Let's now read what Pascal has to say about the American broker, CyberTrader, who he is using for his own trading...
(please MAKE SURE that you always verify directly with CyberTrader at the time at which you will be reading that page, if the information mentioned here under is still valid and current as any part of it might of course have been changed by that broker)


Here is what Pascal does not really like about CyberTrader's trading platform ...

  • Their system is not really optimum for "overnight/swing trading" as if I buy a stock, hold it overnight and then sell it the next day, I won't be able to use the funds from that sale until the following day...
        At first, this was quite surprising and frustrating to me but I also decided to actually approach it as a great way to force me to REALLY CLOSE ALL MY POSITIONS by the end of each day... AS WE ALL KNOW THAT WE REALLY SHOULD ANYWAY !!!... This "forced" discipline might not be for everyone but I have decided to use it as an advantage.  Also, it seems that this "problem" is the same for almost every broker as that delay in having the funds available again is only the application of official governmental accounting rules... 

  • Something else that I wish that they would do differenty is the fact that the real time PROFIT/LOSS figure that they display for each trade on their software is shown "net of commissions".... it does not reflect (and subtract) the cost of the commissions (and any extra fees) on each Trade...  I hope that they will change that soon as that would be a nice way to track our net trading results...

 


Here is now what Pascal really likes about CyberTrader's trading platform ...

  • A major advantage and strength of their trading software is that EVERYTHING that I do happens on ONE SAME SCREEN!!!  (and this is really a DREAM compared to all those brokers where you need to move and refresh through 2 or 3 pages just to know where your orders are...)
    I DO NOT NEED anymore to keep "refreshing" my screen to find out if one of my orders has been executed or canceled or not… no more "chocking" of my internet browser with 100 "refresh" a day… 
    EVERYTHING IS "LIVE" on ONE SCREEN and is UPDATED "LIVE" without having to do anything!!!!  A dream!… 

  • They offer a full 10 1/2 hours of trading every market day including the "pre" and "after" hours trading… ( 8 am to 6.30 pm New York time)

  • Their clearing firm, PENSON, also provides additional insurance of your funds (please contact them for all details about that, to ask them the current "insurance" value and cap and also to make sure that your funds will be indeed protected under conditions which are acceptable to you)

  • I can enter ALERTS in AFTER HOURS TRADING (this is really great!) 

  • They are Members of NASD and SIPC (of course please verify that on your own at the time of opening your account)

  • They regularly send a great and very informative free newsletter by e-mail with many useful tips and new ideas…

  • They were acquired, a few years ago, by the Worldwide known financial firm "Charles Schwab Corp." which, at least to me, should be a confirmation of their professionalism … (I don't think the Schwab people would throw away half a billion dollars without doing their homework! but that's only my personal opinion of course...)

  • They have a MAXIMUM amount of 20,000 shares which can be traded in one single trade (this is very nice as it is much higher than the 5,000 limit of many brokers)

  • They have a GREAT DEMO that I played with for a while in "simulated real time" before opening an account with them (you can download it directly from their Website and it will allow you to test, with pre-recorded streaming data from a previous day, how convenient and how practical their system really is...)

  • It is incredibly fast to start/boot up their order screen compared to other brokers… There is no need anymore to wait for the Internet to download each page, which often just takes "forever" (or even crash my computer!)

  • I only need to enter my password ONCE at the beginning of each trading day and I don't have to re-enter it ever again for the rest of the day ... quite a change from typing it 30 times a day with my previous broker!

  • The fact of being able to CANCEL and CHANGE ORDERS on THE SAME SCREEN and SEEING ALL CONFIRMATIONS OF TRADES and CANCELLATIONS within a FRACTION OF A SECOND without having to refresh or reload any page IS JUST AN INCREDIBLE PLUS!!!!  I REALLY LOVE THAT !!!!!!

  • They have a great TUTORIAL (which is downloaded with their software) that explained to me all the details, tricks and shortcuts to really trade more efficiently, to optimize the full power offered by their system and to take full advantage of the incredible speed of their order entry

  • I can see in REAL TIME, the changes of my PROFIT/LOSS on each of my open positions, as the price of the stocks which I am trading keeps changing

  • I can combine ALERTS with AUTOMATIC ORDER EXECUTIONS 
    (I can tell their system to FIRST ALERT ME if MICROSOFT reaches $104,2 but ALSO to enter an ORDER TO AUTOMATICALLY BUY THAT STOCK FOR ME when, for example, that price is reached)

  • Their CUSTOMER SERVICE is AMAZINGLY knowledgeable and friendly ... which is a dramatic change from what I was used to with other brokers... (even my questions by e-mails are usually answered very quickly)

  • I have the option to SELECT different ECNs (Electronic Communications Networks) to route my orders...

 

 

VERY IMPORTANT: official RULES of stock Trading as well as those governing the operation of BROKERS do CHANGE quite frequently (too frequently !...) so please ALWAYS VERIFY with the regulating and official authorities (as well as with the NASD http://www.nasd.com for the USA) that the information (and questions) which we share with you in this section are still valid and suitable at the time at which you will read them.  Also make sure that you always ask them which are the most recent and current rules to be followed and which will apply to your own situation and trading. 

 

    If you are interested in learning more about CyberTrader you can simply go to their Website to learn everything that you can about them and so that you can ultimately make your own decision as to which broker will really be the best for you.

    As always we wish you the best with your trading... and please make sure that you always use the best performing trading tools available !

   PM Traders, Inc.

 


  We are very happy to announce that CyberTrader is making 
a VERY SPECIAL OFFER to PM Traders' Members and Visitors !

Simply click on the logo here under to visit CyberTrader's website 
and to learn all the details about that very special offer...





Cybertrader's "special offer" can sometimes vary
so please simply visit their Website to read all details 
about their most recent one which might very well

SAVE YOU a lot of money !!!


 

 

Pascal MONMOINE or PM Traders, Inc. are NOT recommending in any way that you use the brokers mentioned on our Website.
The information provided on our Website on some brokers is only meant to be INFORMATIVE and does not constitute an endorsement or recommendation of these brokers in any way.
Any losses or damages incurred by you and associated with your use of these broker's services or products are NOT in any way the responsibility of Pascal MONMOINE or PM Traders, Inc..  
PM Traders, Inc. might be engaged in business with some of the brokers mentioned on our Website / PM Traders Inc. a des relations commerciales avec certains des courtiers mentionnés sur notre site Web.

 

 

HOME

Advertise with us Contact us

Copyright © 1998 PM Traders, Inc.      All Rights Reserved.   Tous droits Réservés.   
All pictures published and viewed on this site are copyrighted
and cannot be reproduced without written permission from PM Traders, Inc.

Website design by P. Monmoine

Information: (919) 490-0463       E-mail us at: pm@pmtraders.com
This is not an offer to buy or sell investments or securities in any jurisdiction. 
Do not make any investment/trading decision without first doing your own due diligence. 

- Trading can be VERY RISKY -
ONLY trade money which you can afford to LOSE totally
PM Traders, Inc. does not offer brokerage services.   Our website is best viewed using Internet Explorer
(All charts on this website courtesy of Quote.com.  Our Thanks to K. Swan for his Java applets)