Why is there no discussion of Schwab or Fidelity

Discussion in 'Retail Brokers' started by adityanm, Dec 30, 2005.

  1. Ebo

    Ebo

    #11     Dec 31, 2005
  2. nah...I use that for window tint...no one can see in.

    hey do you know where I can buy those hanging dice for the rear view mirror?

    Michael B.
    ElectricPimp


     
    #12     Dec 31, 2005
  3. fwiw-

    My Dad asked me to do some daytrading in his TDWaterhouse accout a few years ago. Reluctantly, I did and stopped after the third day.

    The reason was when I entered a short, I got a msg saying something to the effect that they were checking to see if the account was authorized to sell short. It took a few minutes for the trade to go through and I could not stop it either.

    I thought well maybe for the first short this was an ordeal they put you through, but it repeated each time I placed a short trade, so I gave up.

    I was trading SPY so liquidity,etc was not an issue.

    I don't know if Fid or the others are better, but TDW was the pits for trading.

    DS
     
    #13     Dec 31, 2005
  4. TDW sucks too
     
    #14     Dec 31, 2005
  5. Ebo

    Ebo

    Not a big fan of Schwab for a few reasons.

    I have no issues Swing Trading my IRA @ Fidelity.
    The commission is a little pricey if you are active.
     
    #15     Dec 31, 2005
  6. adityanm

    adityanm

    IB sucks too because they do not pay any interest on cash balance of $10000 and make it hard to withdraw cash more than once a month.
    How can one be always fully in stock?
     
    #16     Dec 31, 2005
  7. Schwab is on a par with Ameritrade, I'd say - reasonable for someone who trades a couple times a week and isn't really concerned about fill quality, but not for someone who trades volume or as his or her primary job.

    Orders tend to get routed to exchanges that they prefer, which may or may not be where the NBBO is. Your options orders at the NBBO can land at an exchange that's quoting outside the NBBO and won't get filled, resulting in a locked or even crossed market.

    I traded thousands of SPY option contracts there and never once got price improvement.

    If you fall below overnight buying power during the day (yet are still within your daytrading buying power), your orders are subject to manual approval, which can take up to 2 minutes.

    The platform is pretty good - a slightly stripped-down version of Cybertrader.
     
    #17     Jan 1, 2006
  8. RU KIDDING?

    Both are toy/ brokers for people who don't have a local casino. 10.00 a trade? for lame 2:1 margin? how ridiculous.

    Those commercials with that dude from law and order or NYPD blue whatever really make me laugh. That guy has NO IDEA what he is talking about, although they are lower than Merrill retain or scwabbie. I its almost like he is pleading ("You CAN do this"). Like all it takes in trading is that attidute and THEIR brokerage.

    When I started trading, I traded with Brown Co. because they had the lowest commissions and I made money scalping over a web browser...yes thats true. My comms were 5 bucks a side. I then got my 7 and joined the ranks of the other traders. Still, at that time, there were guys in orange county paying a ticket charge to MBtrading...like 15.00 a trade....and they were tradin 100 share lots. With my llc, i was paying 3.00 (yes even at .03 per share) and blowing that away.

    There are always suckers to play/prey on. Im not saying Ameritrade, TDwatersuck, and Eschwabbie are bad, cause for the longer term guy working 9 to 5 and learning to trade a long term timeframe system, they are great. BUT, their fees are so high compared to what you could get for the same level of service elsewhere (compare Brownco or the like)....so in that case its all about suckers.
     
    #18     Jan 1, 2006
  9. Having said that...in 1999 i traded a company called, damn now i forgot. Somehow got involved in a class action suit and I won like 120 shares.....they mailed me a stock certificate, I counldn't cashi it in at my B/D pro place, so I opened a TDwatersuck account and the next day sold it. The stock was worth about 1.75 per share when I got the certificate, so I put in in a file cause i never has a physical share certificate. When I was purging my files one day (2005), I found it and checked the share price,...I sold it 21.00 per share, now isnt' that a cool story? It cost me about 20 bucks to sell and get a check.....so I guess I stand corrected in my prior post.

    I guess thanks tdwaterhouse, thanks to my file cabinet and my curiousity about keeping stock certificates for fun.
     
    #19     Jan 1, 2006
  10. pairsarb knows who sucks :)


     
    #20     Jan 1, 2006