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What is the best brokerage firm for sophisticated stock option trading strategies?

It’s not Scottrade, IMO. I would like to hear only from those who have actually used the brokerage for things like spreads, straddles, condors, etc.

Please explain why you think it is the best? Is it order entry, cost, reputation, support, etc.?
Had E*Trade once and would not go back.

No, it’s not scottrade. And it’s definitely not Fidelity either!

OptionsXpress, ThinkorSwim, or Interactivebrokers are probably the top three choices. Each has their pros/cons depending on what’s important to you.

If it’s just for trade execution, etc, then Optionxpress is very good. They also have some decent rates (email me). They also match up to internal orders as well when they can. Additionally, they have some interesting scanning tools that can help you apply advanced strategies such as ratio spreads, etc to a stock.

Interactivebrokers is probably the cheapest. It’s software based and takes a while to get used to. They route most of their trades through themselves, so that’s one reason they are cheaper. You’ll have to look at how active you are to see what fits best for you. Of the three, IB has the least desirable search tools, etc.

TOS is relatively new. They have some amazing tools and are very hungry for business right now (again, email me and I can help you with this). They have some great routing tools and have scanners specific to spreads, etc.They also (currently) have some fantastic free training as well. Executions have been decent as well. And in the long run, your executions’ll be the most important.

With TOS and OXPS, I’ve been able to call their trading desk and they’ve been able to help with orders and/or take orders when I’ve not been at a computer to do the trade as well.

So, decide what’s important to you. You might also check out Barron’s annual article on brokerages that comes out in the spring.

If you have any further questions, I’ll be glad to assist where I can.

How to Trade Binary Options

Trading Futures For Dummies $9.43 Explore single-stock futures, ETFs, and alternative energy futuresProtect your assets and maximize your profits in this risky yet lucrative marketWant to take advantage of the futures market? This plain-English guide gives you the surefire strategies you need to be a successful trader, with up-to-the-minute advice on the various types of futures, conducting research, finding a broker, entering and…

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Adoption of electronic trading at the International Securities Exchange [An article from: Decision Support Systems] $10.95 This digital document is a journal article from Decision Support Systems, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.Description: Information technology is transforming financial trading, lowering costs, and increasing market transparency. Yet, new electron…

Trading Options For Dummies $14.99 Thinking of trading options, but not sure where to start? Trading Options For Dummies starts you from the beginning with clear, step-by-step advice on how to use top option strategies to reduce your risk while boosting your income and enlarging your retirement portfolio with index, equity, and ETF options. This plain-English guide explains the common types of options and helps you choose the right ones for your investing needs. You find out how to weigh option costs and benefits, combine options to reduce risk, and build a strategy that allows you to gain no matter what the market may bring. You’ll learn the basics of market and sector analysis and what to look for when trying out a new option strategy. You’ll also find what you need to know about options contract specifications and mechanics. Discover how to: Understand option contracts and orders Determine and manage your risk Guard your assets using options Trade options on securities exchanges Protect your rights and satisfy your contract obligations Target sectors using technical analysis Minimize potential losses and optimize rewards Map out your plan of attack Limit your downside when trading the trend Combine options to limit your position risk Benefit from exchange traded funds Key in on volatility for trading opportunities Capitalize on sideways movements Trading options is serious business. Trading Options For Dummies gives you the expert help you need to succeed.

An Introduction to Options Trading $43.99 Explaining the theory and practice of options from scratch, this book focuses on the practical side of options trading, and deals with hedging of options and how options traders earn money by doing so.  Common terms in option theory are explained and readers are shown how they relate to profit.  The book gives the necessary tools to deal with options in practice and it includes mathematical formulae to lift explanations from a superficial level.  Throughout the book real-life examples will illustrate why investors use option structures to satisfy their needs.

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Options and Options Trading by Ward, Robert Edition ILL, 1 $30.99 An introduction to the complex world of options that every investor can useToo many books on options trading make the mistake of assuming that readers can already tell a delta from a sigma summation. Options and Options Trading breaks the code that envelops the often-foreign language of options, providing an accessible introduction into how the options market works as it explains the rules that traders must understand if they hope to take part in this high-leverage, high-profit game. Author Robert Ward’s goal is simple–to demystify the tangled world of options trading without leaving readers too confused and frustrated to continue. The book to read before continuing on to the more detailed, and much higher-level, existing library of options trading guides, Options and Options Trading features:End-of-chapter material including Things to Think About and Key ConceptsSimplified explanations of complex mathematical equationsStep-by-step rationales to help readers move from basic to complex

Options Trading 101: From Theory to Application $8.59 Discover Powerful and Profitable Option Trading Strategies That Can Limit Your Risk While Multiplying Your Profits in Today’s Markets. Options Trading 101 was written as a complete introductory guide for investors and traders who want to understand the world of options. While it is labeled as an introductory book it is anything but a general overview. It starts by exploring the most fundamental concepts of options trading and ends with some basic strategies that traders will fully understand and be able to use immediately. In a clear concise way readers will be led through the most important topics that are necessary to master and advance with options trading. Options Trading 101 makes use of many fun examples including Gordon Gekko’s mistake in the hit movie "Wall Street" from not understanding put-call parity.A complete introductory guide for investors and traders who want to understand the world of options this comprehensive book explores the most fundamental concepts of options trading as well as providing practical applications. Discover Powerful and Profitable Option Trading Strategies That Can Limit Your Risk While Multiplying Your Profits in Today’s Markets. Options Trading 101 was written as a complete introductory guide for investors and traders who want to understand the world of options. While it is labeled as an introductory book it is anything but a general overview. It starts by exploring the most fundamental concepts of options trading and ends with some basic strategies that traders will fully understand and be able to use immediately. In a clear concise way readers will be led through the most important topics that are necessary to master and advance with options trading. Options Trading 101 makes use of many fun examples including Gordon Gekko’s mistake in the hit movie "Wall Street" from not understanding put-call parity.

Your Options Handbook: The Practical Reference and Strategy Guide to Trading Options $46.99 A comprehensive yet simplified guide to the complex world of options investing and risk management Before trading derivatives, one needs to understand the secrets and mechanics behind the options market. Your Options Handbook: The Practical Reference and Strategy Guide to Trading Options offers a straightforward, practical explanation of the options marketplace, including its origins, the mechanics of the market, and how to profit from trading options. Walks you through the stock and option markets from a professional’s perspective, but uses plain language and simple analogies Discusses different trading strategies based upon whether one’s opinion of the market is bullish, bearish, or neutral Details market players, useful tips, and trading psychology, and explains how options are priced Options are a versatile trading instrument that typically cost less and can have lower risk than stocks. They also offer investors a unique edge and lucrative opportunities that are not available to stock only traders. Your Options Handbook helps investors fully understand the options market, allowing them to enter the sector with greater ease.

Advanced Swing Trading $85 John Crane (Loveland, CO) is the founder of Traders Network, a firm providing brokerage service and educational training products for smart investors. His monthly columns have appeared in Futures Options magazine, and articles about his trading strategies have appeared in Barron’s, Consensus, and The Wall Street Journal.

Covered Calls and Naked Puts $83.68 Covered Calls and Naked Puts by Ronald Groenke. Finally a book unlocking the power of both Calls and Puts in an interesting novel format. One of the main characters, Jake Kimball, is getting desperate. Having retired to Marco Island, Florida with wife, Katie, he watches current expenses eat into the value of his portfolio as the market remains stagnant. What to do? Coming to the rescue is a chance meeting with his college finance professor from 30 years back. Professor Rob Graham has also retired to Marco Island and is doing surprisingly well for a retired teacher. Jake is impressed with the professor’s expensive auto and beach front penthouse condo. He must learn the secret. As the two renew friendships, the professor reveals a few secrets each week. In the first lesson Jake learns the meaning of covered calls . While owning stock is certainly not risk free and the options market in general is considered a big gamble, there is one type of options trade that is risk free. It is called a covered call and is even allowed in retirement accounts. To do a covered call you must own 100 shares of a stock on which calls can be bought and sold. For example consider 100 shares of Wal-Mart which has recently been trading for about $54.00. When you acquire the 100 shares you take the risk associated with owning stock. It can go down! The risk free transaction is to sell on the market the right for someone to buy your 100 shares for, say, $55.00 (the strike price) anytime up to some future date (the expiration date). The lower the strike price and the later the expiration date the higher the cash payment (premium) you receive. The volatility of the stock also affects the premium. The author explains how to decide which premium to select and provides software tools to easily evaluate and sort the data. The cash you receive for selling a covered call goes into your brokerage account immediately and is yours regardless of what happens next. What can happen? Actually

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On-Line Brokerage: Keeping Apace of Cyberspace $16.28 Used – Original publisher: [Washington, D.C.]: U.S. Securities and Exchange Commission, , [1999?] OCLC Number: (OCoLC)48859923 Subject: Day trading (Securities) — United States. Excerpt: …On-line trading accounts for an even higher percentage of overall equity and options trades by retail investors. Piper Jaffray estimates that on-line firms processed 37 percent of all 12 retail trades in equities and options in 1998. d. On-Line Market Share While over 160 firms offer on-line trading, a few p

On-Line Brokerage: Keeping Apace of Cyberspace $24.82 Used – Original publisher: [Washington, D.C.]: U.S. Securities and Exchange Commission, , [1999?] OCLC Number: (OCoLC)48859923 Subject: Day trading (Securities) — United States. Excerpt: …On-line trading accounts for an even higher percentage of overall equity and options trades by retail investors. Piper Jaffray estimates that on-line firms processed 37 percent of all 12 retail trades in equities and options in 1998. d. On-Line Market Share While over 160 firms offer on-line trading, a few p

On-Line Brokerage: Keeping Apace of Cyberspace $24.82 New – Original publisher: [Washington, D.C.]: U.S. Securities and Exchange Commission, , [1999?] OCLC Number: (OCoLC)48859923 Subject: Day trading (Securities) — United States. Excerpt: …On-line trading accounts for an even higher percentage of overall equity and options trades by retail investors. Piper Jaffray estimates that on-line firms processed 37 percent of all 12 retail trades in equities and options in 1998. d. On-Line Market Share While over 160 firms offer on-line trading, a few pl

On-Line Brokerage: Keeping Apace of Cyberspace $16.28 New – Original publisher: [Washington, D.C.]: U.S. Securities and Exchange Commission, , [1999?] OCLC Number: (OCoLC)48859923 Subject: Day trading (Securities) — United States. Excerpt: …On-line trading accounts for an even higher percentage of overall equity and options trades by retail investors. Piper Jaffray estimates that on-line firms processed 37 percent of all 12 retail trades in equities and options in 1998. d. On-Line Market Share While over 160 firms offer on-line trading, a few pl

Options on Futures Workbook: Step-By-Step Exercises and Tess to Help You Master Options on Futures $42.5 Increased marketplace volatility and the expanding size of capital markets have led to an explosion of interest in options on futures. What makes these instruments so attractive is that they allow traders to profit from movements in the markets using little up-front capital and plenty of leverage. At the same time, they provide an excellent hedge against the risks associated with capital market investments. This book demystifies these notoriously difficult-to-understand instruments and provides state-of-the-art strategies and tools for making the most of options on futures.John F. Summa (New Haven, CT) is a CTA and cofounder of OptionsNerd.com, an online service providing market commentary, trading advisories, and assistance with trading system development. Jonathan Lubow (Randolph, NJ) is cofounder and Vice President of Trader’’s Edge, a futures and options brokerage.

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Peter Najarian $51.6 New – Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Peter Najarian is an options trader, television personality, market analyst, and co-founder of optionMONSTER, a provider of market intelligence, commentary, and trading strategies. Along with his brother, Jon Najarian, he founded an online brokerage called tradeMONSTER in October 2008, during the worst financial turmoil in three-quarters of a century. tradeMONSTER

Peter Najarian $51.6 Used – Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Peter Najarian is an options trader, television personality, market analyst, and co-founder of optionMONSTER, a provider of market intelligence, commentary, and trading strategies. Along with his brother, Jon Najarian, he founded an online brokerage called tradeMONSTER in October 2008, during the worst financial turmoil in three-quarters of a century. tradeMONSTE

Peter Najarian $30.15 New – Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Peter Najarian is an options trader, television personality, market analyst, and co-founder of optionMONSTER, a provider of market intelligence, commentary, and trading strategies. Along with his brother, Jon Najarian, he founded an online brokerage called tradeMONSTER in October 2008, during the worst financial turmoil in three-quarters of a century. tradeMONSTER

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The Art of the Trade: What I Learned (and Lost) Trading the Chicago Futures Markets $42.54 New – “The Art of the Trade” is a searing portrait of the futures and options industry as seen through the eyes of someone who has participated in this arena for more than twenty years. On one level, it’s a brutally honest, no-punches-pulled look at the individuals and institutions that comprise this unique community. On another level, “The Art of the Trade” is a personal story of the challenges author Alan Jankovsky faced as he battled the markets, the brokerage industry, and his own early penc

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The Art of the Trade: What I Learned (and Lost) Trading the Chicago Futures Markets $17.97 New – An eye-opening account of the commodity brokerage industry and how to survive and thrive within it The Art of the Trade is a searing portrait of the futures and options brokerage industry as seen through the eyes of someone who has participated within this arena for over 20 years. On one level, it’s a brutally honest, no-punches-pulled rebuke of how the brokerage industry deceives the general public with the idea that they can make big money trading. On another level, The Art of the Trade

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The Index Trading Course $65 Praise for The Index Trading Course George and Tom apply their considerable options trading and teaching expertise to the arena of broad-based and sector indices. Index options traders will find the techniques, systems, and strategies invaluable and so will those who aren’t yet index traders, but want to learn to be. Larry McMillan, President, McMillan Analysis Corporation author, Profit with Options I’ve known both George and Tom for many years and have seen firsthand how they both can captivate a room with their knowledge of options trading and vibrant personalities. Now they have managed to capture that magic in this easy-to-understand how-to manual on trading index options. David Kalt, CEO, optionsXpress Holdings Inc., www.optionsXpress.com I traded?in the OEX pit for almost twenty years and I can’t believe how well George and Tom nailed the core strategies and trading intricacies of index products. Nice job! Tom Sosnoff, CEO, thinkorswim, Inc. Education has been a major factor in the explosive growth in the options markets. Once again, Fontanills and Gentile have delivered as leaders in options education with The Index Trading Course and The Index Trading Course Workbook. These books provide a disciplined approach to trading index and ETF options through risk management. Christopher Larkin, Vice President, U.S. Retail Brokerage E*TRADE Securities LLC (www.etrade.com/options) I found The Index Trading Course and The Index Trading Course Workbook to be filled with useful and practical information on options, ETFs, the market, and trading in general. They explain the unique characteristics of these instruments inunderstandable terms and should provide a good foundation to those interested in trading index options and options on ETFs. The quizzes and media assignments in the Workbook are wonderful learning tools that help reinforce the information and concepts presented in the main book.

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