Discussion in 'Retail Brokers' started by white17, Feb 22, 2001.

  1. white17


    Be advised; Yesterday I downloaded my trade history from Preferred into an Excel spreadsheet and compared it to another spreadsheet in which I have entered each trade as I received the confirmation. There was a difference of several thousand dollars. After much tedious searching, I found that some trades for which I have confirmations, are not listed in the trade history.
    My point is, be on the alert for similar stuff when you begin tax preparation. The trades that were missing were in April 2000.

  2. I have always kept an eye out for my records in challenge to their records. Their's being which ever clearing firm my account went through at that moment in time.

    This is such an important lesson in watching your money. As a company within the SRO structure, you as a trader do have immediate recourse without incurring significant disruption to your way of trading or your balances. Simply put, you can get these discrepancies resolved. Please do so. Please let us know how things turned out.

  3. ron2368


    How do you get it into excel. I have downloaded it but have trouble putting it into a spreadsheet. Also if they do a trade for 1000 shares and it goes thru 100 shares at a time thats the way it appears on the trade history. Do you do anything to fix that?

    Preferred has always given me the worst service when it comes to getting tax info. They are always very late with lots of excuses.

  4. I traded with Preferred for the first 5 months of 2001. I can't
    even access my old trade records. I did print all trades I did
    with them and have my confirmations that they mailed me.

    I wish I had downloaded my trades into Excel. I have heard
    that they are always late sending out 1099 forms. Just great...

  5. BSAM


    Preferred Trade has little regard for their customers, other than their willingness to collect commissions from them. In short, Preferred Trade stinks. Can't figure out why anyone would use them with Interactive Brokers around. Make the switch. There's no comparison.

  6. Uh oh. We are in trouble now. Preferred is one of 3 brokers
    that are advertising on the broker page on EliteTrader. All I
    remember is, if you use the $7.50 trade fee it will take forever
    to get your fill because whoever they sell their order flow to
    waits untill the price ticks up at least an eighth before you get
    your fill. And it could even be a partial fill on a big stock like
    WCOM as you watch literally a million shares trade at your
    price on time and sales.

    With decimals now, it might only be 2 cents instead of an eighth.
    Still, it doesn't pay to use their highly touted $7.50 flat fee. It
    costs you double that easily.

  7. ron2368


    Their flat fee brokers are nite and hrzg. I have called Preferred several times about this and they really dont care. Penny uptick off your price is a given. Last week I had a buy for 1k CYMI market order. I got filled 100 sh at a time over a 30 cent range and it was not at all active when my order went in. Simply screwed. Hope IB surprises me:eek:
  8. Nite And Herzog heh? I believe they are two of the biggest out
    there aren't they? No wonder they don't give a hoot.

    I can't wait untill my check clears at IB. I should be able to
    start trading on the 19th with IB. I am sure IB will be better
    than Preferred. They can't be any worse.

    Hard to believe your CYMI order was broken into 10 pieces!
    That's incredible. With Preferred, I had a lot of orders that
    went like that. They were the worst I had ever seen. I never
    did use a market order with them. Glad I didn't. They were
    bad enough with limit orders...