A Game Changer In The Brokerage Industry
A Game Changer In The Brokerage Industry Hello Smart Option Sellers! As the stock market sells off, I'm keeping a close watch on our current positions, and on the look-out for new trades. I have nothing for today, so we'll just sit tight for now. But I do want to pass on some game-changing news in the brokerage industry. If you haven't heard by now, Charles Schwab (SCHW) has announced that they are eliminating all commissions for stocks, ETFs and options contracts. There will be zero $0 commissions for those three categories except for a $.65 per contract fee for options. Previously, they all held a $4.95 commission rate. This is just fantastic and game-changing news. Schwab is a major full-service broker that now will basically offer trading for free. And with options contracts just $.65 per, it is the lowest in the industry, even lower than Interactive Brokers (IBKR). The new rates go into effect on Monday October 7. And not to be outdone, TD Ameritrade (AMTD) has already matched those rates and will go into effect tomorrow, Thursday October 3. This is incredible! I have to seriously consider doing my trading at Schwab now. Plus the fact that these brokers don't charge any commission when closing out an option trade if its price is $.05 per contract or less, means that our option trades will be close to free as possible. Gotta love that. I would highly recommend that if you don't have an account at either Schwab or TD Ameritrade, you should seriously consider it now. Good? Ok, that's all for now. Continue to hold all other open positions as-is. Contact us here with fills, comments, questions or concerns. Regards,
Lee Let's Grab That Cash!