It sure would be nice if you had integrated checking accounts. Then people can sell some stocks to pay some bills.
I woke up at 10am this morning (California time). Let's see what the market is doing?? Oh, down quite a bit...Cool. Yeah, I lost $15-20,000. on paper today...But those covered calls probably won't get called away (Apple, Coke, Micron). If I don't look at the market for a week, I am fine with it...Investor here. Sort of looking at buying NVDA below $95. Then do a covered call for the June 25 $95. Maybe I'll get $25.00 for the option...Just grab the option money and not worry about if it gets called away (diddly/squat in profit). I sleep better not having to worry about brokers being down this way...
I'm sure they could but you don't understand how ignorant those finance people are they think IT is a " cost center " and they don't pay any attention to it even if they're entire business depends on it. Just look how many brainless bumble f**** from hell were using Microsoft and lost hundreds of millions of dollars in inconvenienced untold numbers of people and probably even killed people due to their incompetence and resulting nonsense from that
The TOS-Elite app was fine on Linux and iPad all day. I also remoted into my 365 cloud PC and it was running 5x5.
I think they skimp on server capacity to some degree in order to keep costs down, especially if they use a web-based front-end. They estimate the average number of people logged on during the trading day to be, say x, probably add a little to it for safety (and under "normal" conditions this works well), and configure server capacity to handle that. Of course, things get a little "dicey" when virtually everyone tries to log on at the same time, and due to capacity constraints they can't.
•they tried to screw the margin account holders or limit orders (those traders who have the limit order in the back of their mind (bringing it down too far to get out now). •where's SEC? •I heard in an interview on chatwithtraders retail orders rarely made to the exchanges nowadays. you're trading against your broker
It's been that way for quite some time. I used to work at one of the brokers whose order flow came from all the retail shops so it's a big daisy chain they called the "the wheel". Throw it on the wheel they said. Very regulated they were just sit there in the office on their asses and then make rudimentary programs to keep them in compliance with whatever risk limits and they programmed one machine to show a picture of Joe pesci cussing to indicate to a trader that they needed to do something or the other or else risk being fined " millions of dollars". I was like wtf? We don't have to compete? They said no of course not if we get in trouble the government will just bail us out. Crazy well anyway I'm glad I left the gig behind because the pay was good but it all came down to these guys catering to their whims of the richest guy on the floor
My E-Trade (Morgan Stanley) account had no problems. My Interactive Brokers account had no problems. Schwab took almost 2 hours after the open to log in successfully so my conclusion is Schwab doesn't a fuck whether their backend systems work or not. Not even an apology that their systems were down for 2 hours. Schwab is a trash company. No wonder their stock only goes down.