Is Merrill Lynch unlimited advantage account good for daytraders?

Question

I am looking for a broker that will give me good rates for
trading electronically in real time as a day trader
Stocks mainly

Answer 1

TerraNova is the only one that you can trade everything -- stocks, commodities, futures, forex, options -- real time, online, direct access. A lot of online brokerages claim to give you direct access, but if they take more than a second to execute your trade, it aint direct.

Find the articles online that have evaluated and compared online brokerages. I found a good one online in Barron's, but you'll find others in the trading magazines.

This is worth putting a little time and effort into, because it's a pain to switch, so once you choose, you're kinda stuck with it.

Townsend Electronics, the Parent company of TerraNova, is the one that digitized and electronified the Nasdaq. They are technological industry leaders and have a powerful and well built trading system.

I use RealTick at TerraNovaOnline, but it costs $275/mo. I think the Investor package is free to use, and just uses one screen.

What you should try is a free trial of their Investor demo. Their rates are good also, but of course, it depends on how often you trade. It will take you months to learn all the bells and whistles of what this program can do.

The other top-of-the line program is TradeStation, but it costs big bucks to join and operate. Some people consider it the Cadillac of trading and technical analysis.

TerraNova is the home of the Day Trader, so they think nothing of you making several hundred trades a day. You don't have to do that, but it's okay here if you do.

Answer 2

No, Merrill is geared towards the buy and hold. They are looking for big $ accounts and people who want advice. Try Scottrade or eTrade for cheap commissions, but no advice.

Answer 3

sure day trading is good 24 hrs a day