I have the direct number to their Active Trader Desk since the normal staff are tuned into mutual funds and even the traders seem to be fixated on just standard equities. They have a smaller active traders office in Salt Lake where the real traders hang out and can talk turkey about options. Its ironic that they have pretty nice trading platforms for free (at gold level) and are a large mega-billion dollar company but are not really well tuned for "active trading". They guys in Salt Lake told me not to waste my time calling in the general brokerage number since they rarely deal with options at the main service center. Their commission structure is good though at gold level ($8 per order plus $.75 per contract). I am pre-authorized to do directed trading to any market center for anything (stock, options etc.) but I always take the default FAST order router since the prices all seem to be unitized now. I wish they would also integrate an international trading desk feature so we can swivel right into Canada, Germany, Brazil, UK etc. exchanges directly instead of having to hold ADRs and OTC pink sheet equivalents in the US. A lot of the good Canadian Trusts are replicated in the OTC on the pink sheets but no graphing/trend history is maintained at Fidelity for these. I do LOVE however that I can integrate all my accounts (trading, long term investing, 401K, rollovers, corporate etc. in one place and even get good credit card deals (feeding profit share to my account) and bill pay etc. I never thought I would be a person to be "Branded" into one service but I have been with them a LONG time and am very comfortable with them. Since they have deep pockets and lots of liability insurance I don't worry about a major melt down scenario or scandal etc. like I would at the smaller brokerages. TS
I used to be a Fidelity Active Trader user too. I got fed up with all the restrictions and delays and moved my retail account to ThinkorSwim. I pulled my IRA account from Fidelity and moved that to OptionsXpress. IMO, either OX or ToS are better brokerages than Fidelity. I'd drop Fidelity completely if my 401K and company stock and options plans weren't there--not by my choice Cru
This may be true in flipping coins, and traders who are unable to learn from their mistakes. A trader may be able to avoid the mistakes of the previous two months to improve trading so that the third month is successful. For example, he has two months of losing trades which are bearish, contra-trend trades. Perhaps, he may finally get the message that the market is in a long term bullish trend. In that case, there is a link between losing and winning months.
TS, As active trader, I have the same commission structure as yours. Being an active trader in Fidelity has nothing to do with the routing speed, better fills, or better support. Period. I agree that Fidelity is a good company for "investors", but not for "active option traders". BTW I still have an active trader account with Fidelity, but haven't used it for active trading for a long time. LOL.
lol - the SPX is attempting another little bear run down and I am tyring to stretch the credit on a spread to the put side. Some joker MM gave me 1 spread at my net credit limit and left the other 34 contract orders incomplete/unexecuted and waiting. So fun to see a little lone ranger $68 contract possible win get attrited by the $8.75 commission if the others don't execute. I so desperately need a "minimum number of contracts" order criteria rather than risking getting perma-frozen on an "all or none order" verses this single "lone ranger" phenomena that comes up now and then. Out of principal I just HATE incurring the overhead of yet another $8 order fee on a cancel and replace and an adjustment on the limit after the order starts to execute... TS
If you switch to any of the preferred options trading brokers on this thread you will be able to negotiate a rate that has no order fees, and is between $0.75 and $1.25/contract.
Beat me to it. Just move some money over to OX, ToS or IB to trade spreads. Fidelity is for long-term investors not for month to month traders.
TS, I think I have tried them all... Etrade, Fid, TradeKing, OX, IB, Brown... etc. From experience and from everyone else here... move your money to IB or ToS. I would avoid OX. You'll be kicking yourself tomorrow for what you didn't do yesterday. Move up to the Option experts. Both IB and Tos have advantages, and maybe others could chime in here... but if you're interested in Options on Futures, or trading SPAN margin right now... then it's IB. ToS is supposed to be offering this in January. But if it's customer service with a smile... and/or direct floor access with large orders... or good fills... with nice software... then it's ToS. Hands Down. I personally prefer ToS over IB. Customer service at IB is lacking.... but fills and comissions are good. M~
If we get down that far in the near future, I'll collect an extra $20K spending money for Christmas, so I'm cheering for you.