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NoBias
Registered: Jul 2012
Posts: 154 |
10-17-12 05:55 PM
Quote from JackDogII:
No,
As TradeStations oldest customer, I must say you have offered a very comprehensive solution. What Fool doesn't get is that his problem doesn't come from TradeStation but from his managment of the software and/or his enviornment.
That aside, I would like to know, if you please, what it is that you do not like about their brokerage.
cheers
Jack
Bad Experiences
[Strike one]
A few years back I experienced a phantom order, an order that I did not place or was not displayed on my platform [reason was never resolved]. I opened my platform saw my P&L moving against me. I immediately closed the position and contacted Customer Support to inquiry about the situation.
Long story short, I inquired about that position, and if I had any other open orders that I was not aware of. As I was trading AH's, their response was "That they did not know what my positions were, and I would need call back in the AM during regular business hours" I had 3-4 hours to wait to be able to determine my account status.
My Broker not knowing my position was and remains completely unacceptable to me.
[Strike two]
I withdrew my funds, only leaving sufficient balance to cover platform fee's
After these funds were exhausted, I then received a bill for ~ approximately $4K for past 18-months data fee's which they stated they neglected to charge me for. I was livid, I was of the understanding they had cancelled my data subscription's when I notified them of my intent to cease trading with them. [at which time I also requested the data cancellation of unneeded markets].
Checking my Monthly statements, there were no charges, had there been I would have cancelled them 18-months earlier at the time of the phantom order discrepancy. Needless to say, it was an accounting error on their part which they claimed I was still liable for.
Per the user agreement, I pointed out that after 30-days of non payment of platform/user fee's - Services would be no longer provided, not held in the rears. It took weeks of letters and phone conversations to get them to clear the charges. [It had become a matter of principle]
[Strike three]
In addition to that, assuming they had stellar Customer Service and brokerage services. The lack of a Global account is a large factor for me. Considering I trade multiple markets, Equity/Commodity Futures, Forex and Equities, Swing and Intra-day. Funding individual accounts and not being able to utilize my assets for margin across instruments was extremely inefficient.
With IB I have Portfolio Margin, 24-hr customer service, Asia, Swiss, US order desks, among numerous other benefits.
Not to mention, I often experienced excessive slippage and when Trading Forex wide spread's in addition to slippage, IB's tight spreads + commission is far better for my needs.
I like charting with TS, I do not trust TS charts in a fast market due to previous lag's and freezes. Nor do I trust their DOM in a fast market, lag is lag.
I found a rock solid reliable solution MC/IB data with ButtonTrader Front end which can not be accomplished with TS.
It is purely a personal decision not to trade with TS again. I will never forget that night I was told to wait 4-hours to see if I had the potential to unknowingly blow up an account.
Burn me once shame on you, Burn me twice shame on me.
Other than that they are great 
Cheers
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JackDogII
Registered: Mar 2012
Posts: 112 |
10-17-12 08:07 PM
NoBias,
Thank you very much for the detailed reply.
It is easy to understand your displeasure given the glitches. I have never had anything close.
Besides having over 3,000 code modules in Easy Language that I have writted over the years, I am pretty much chained to TS because all of my trading is in US Futures via automated systems written in house.
All of these bots operate on volume bar charts which are based on tick data and TS is the only vendor I know that offers a reasonable amount of tick data in continuous format.
Their database includes 6 mos of tick data on all symbols and I have been collecting and adding to my cache for all my symbols for some time so I have a reasonable base for system development.
BTW, if you will excused my ignorance, you mentioned "I was trading AH's" - what is an "AH?"
Of note is that I have noticed significant positive change since Nomura bought them out.
Thanks again for your reply.
cheers
Jack
Quote from NoBias:
Bad Experiences
[Strike one]
A few years back I experienced a phantom order, an order that I did not place or was not displayed on my platform [reason was never resolved]. I opened my platform saw my P&L moving against me. I immediately closed the position and contacted Customer Support to inquiry about the situation.
Long story short, I inquired about that position, and if I had any other open orders that I was not aware of. As I was trading AH's, their response was "That they did not know what my positions were, and I would need call back in the AM during regular business hours" I had 3-4 hours to wait to be able to determine my account status.
My Broker not knowing my position was and remains completely unacceptable to me.
[Strike two]
I withdrew my funds, only leaving sufficient balance to cover platform fee's
After these funds were exhausted, I then received a bill for ~ approximately $4K for past 18-months data fee's which they stated they neglected to charge me for. I was livid, I was of the understanding they had cancelled my data subscription's when I notified them of my intent to cease trading with them. [at which time I also requested the data cancellation of unneeded markets].
Checking my Monthly statements, there were no charges, had there been I would have cancelled them 18-months earlier at the time of the phantom order discrepancy. Needless to say, it was an accounting error on their part which they claimed I was still liable for.
Per the user agreement, I pointed out that after 30-days of non payment of platform/user fee's - Services would be no longer provided, not held in the rears. It took weeks of letters and phone conversations to get them to clear the charges. [It had become a matter of principle]
[Strike three]
In addition to that, assuming they had stellar Customer Service and brokerage services. The lack of a Global account is a large factor for me. Considering I trade multiple markets, Equity/Commodity Futures, Forex and Equities, Swing and Intra-day. Funding individual accounts and not being able to utilize my assets for margin across instruments was extremely inefficient.
With IB I have Portfolio Margin, 24-hr customer service, Asia, Swiss, US order desks, among numerous other benefits.
Not to mention, I often experienced excessive slippage and when Trading Forex wide spread's in addition to slippage, IB's tight spreads + commission is far better for my needs.
I like charting with TS, I do not trust TS charts in a fast market due to previous lag's and freezes. Nor do I trust their DOM in a fast market, lag is lag.
I found a rock solid reliable solution MC/IB data with ButtonTrader Front end which can not be accomplished with TS.
It is purely a personal decision not to trade with TS again. I will never forget that night I was told to wait 4-hours to see if I had the potential to unknowingly blow up an account.
Burn me once shame on you, Burn me twice shame on me.
Other than that they are great
Cheers
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NoBias
Registered: Jul 2012
Posts: 154 |
10-17-12 08:28 PM
Quote from JackDogII:
NoBias,
Thank you very much for the detailed reply.
It is easy to understand your displeasure given the glitches. I have never had anything close.
Besides having over 3,000 code modules in Easy Language that I have writted over the years, I am pretty much chained to TS because all of my trading is in US Futures via automated systems written in house.
All of these bots operate on volume bar charts which are based on tick data and TS is the only vendor I know that offers a reasonable amount of tick data in continuous format.
Their database includes 6 mos of tick data on all symbols and I have been collecting and adding to my cache for all my symbols for some time so I have a reasonable base for system development.
BTW, if you will excused my ignorance, you mentioned "I was trading AH's" - what is an "AH?"
Of note is that I have noticed significant positive change since Nomura bought them out.
Thanks again for your reply.
cheers
Jack
Jack,
Yes, personal experience gave me a bad taste. Only takes one individual in a firm to taint the firms reputation in a Customers eyes, in my case it was two. TS does offer good data and the platform has improved immensely with the 9.1.
I am purely a discretionary trader, no automation, so I am not qualified to remark on their automation, but do know of others that are happy with TS auto, so not all salt & vinegar.
I also use easy language [not on your level, very minor code] but nonetheless also somewhat chained to my .eld's, hence TS and MC [Multi-Charts], definitely no desire to learn a new language so Ninja is not an option
Apologize for my unexplained use of abbreviations.
AH merely means "After Hours", I reside in Europe and 80% of my trading day is outside of US regular trading hours.
Cheers.
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