Ever since I found thinkorswim, I've been in love. First, they have some of the lowest commissions in the business. There are lower, but only a few of those seem even remotely worthwhile (Interactive Brokers and Scottrade under the right circumstances).
The desktop trading software is really first-class. It lets you perform complex option spreads with ease, and provides so many analysis tools that you will never feel like you don't have the tools you need to trade effectively. Compare this to some other brokers who require a certain account size or trading volume to get access to "advanced" tools, and you'll see one reason I love these guys. Also, their trading platform works on both my Windows machine at work, and my Linux machine at home.
They also have a number of trader-friendly features. First, you can buy back short options (priced $0.05 or less) for no commissions. That's because they believe a good risk management practice is when 99% of the value of an options contract is gone, and you are short that contract, it is prudent to buy it back to remove risk -- and they encourage that with their fee structure. They also have NO ADDITIONAL CHARGE for placing a trade over the phone. This is a big one. If I am away from a computer and my account is tanking, or if I find myself in a bind and want to talk to someone who has the experience to know how to turn a position I have into the position I want, I love that I can call them up and pay the same commissions I would if I traded online.
They also provide a lot of educational opportunities, from live RedOption classes to online chats with traders after the close.
Oh, and they sent me a stuffed monkey, which I display proudly by my computer.
After being with thinkorswim, the only other broker I've seen that is even a consideration is Interactive Brokers. If I was doing enough trading to benefit from their complicated (but generally cheaper) commissions structure, or if I wanted to trade more foreign markets, IB would be a real consideration. But the customer-friendliness clearly isn't there, and that's a big part of what keeps me with thinkorswim.
|
