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
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.
"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
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
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
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
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
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
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
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
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 ! ...".
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
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
of MSFT at 10:12:02, when the current "ASK" is $22.31.
"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
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
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 !!!...
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
number of "day trades"
starting capital of only $7,500
here for more details
(in French only -
if you have questions in ENGLISH regarding this account please e-mail us at
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
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
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
Here is now what Pascal really
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
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)
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
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
(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
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
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.
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
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.
be engaged in business with
Information: (919) 490-0463 E-mail
us at: firstname.lastname@example.org
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
- 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
(All charts on this website courtesy of Quote.com. Our Thanks to
K. Swan for
his Java applets)