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Brokers Begin to Support Auto Trading
Through tradeMONSTER and OptionsXpress Xecute, broker clients can automate trades from popular investment newsletters. Both services are free for current clients less the cost of commissions for placing trades and having a subscription with the newsletter service to be auto traded.
tradeMONSTER’s auto trading service started up in August 2010 and supports both stocks and options trades. At the moment they offer the service for 23 different newsletter services and will be expanding to include other partners in the near future.
OptionsXpress on the other hand is tying more technology into their offering by patenting the backend functionality. They too support both stocks and options trades alongside boasting a larger partner base of close to 50 financial newsletters at this time.
How successful these services are for these two brokers will be determined with time. Overall though the goal is to offer clients more choices in investment products which in turn means more trades per client on average. Offering clients the ability to auto trade their favorite newsletters is a win-win-win all around so it should be interesting long term.
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