I placed a few trades with SS Pro today. Now I remember why I stopped using it. It's confusing trying to see what your cost basis is, there's too long of a delay for rapid trading between execution & reporting (which is instantaneous with CT), the screen showed me SHORT, even though I was flat, and it required a switch to another symbol & a switch back to the symbol in order to show I wasn't short. It's both the software & the slower execution/reporting that's the problem. Funneling rapid fire trading (active trading) thru the regular schwab investor systems is a disservice to active traders. I used SS Pro for the last time today. I'm pulling multiple sizeable accounts, including a sizeable IRA account, when CT Pro goes away. Active Trading thru Schwab is like trying to use needlenose pliers to get the lug nuts off the wheels of your car. It's possible but there's better tools for getting the job done. (One of those tools is the current CyberTrader.)
This is why I kept the execution files for all the updates. After late last year when the updates just made things worse. I just went back to the older versions and ignore the persistent upgrade prompts at logon. It seems like every new update just makes thing more screwed up. Also for those who are looking to bail on Schwab's soon to be sabatage of Cyber. I have been looking for the closest thing to a Cyber replacement. I have found Noble trading to be the closest without a CyberQuant equivilient which sucks and IB. I can't really get a good grasp on the whole IB set-up though. If there was a decent stock screener similar to CyberQuant I would just go to noble, unfortunately most stock screeners are just not flexible enough. Would like to have Radarscreen. but not willing to go with TS that has crap for short shares. If I find anything more helpul I will update you guys/gals.
The integration of Cyber Trader into Schwab is not going to benefit anyone other then Schwab. Higher commission rates, less desirable routing and fills. Schwab is great for just parking money, buying CDâs, an Ira , etc . Looking at what they will offer and the rates they will charge I can not see anyone who is serious about day trading using them. If Cyber Corp was never purchased by Schwab in the first place you would have seen a better platform and even more competitive rates then they have now. Fortunately I am no longer a Cyber Client, if I was I am sure I would close out my account and look for a better trading broker.
Mb Trading offers great sweep rates on cash. Last month I got 4.4 % Their navigator platform is good. Only issue I have with MB is they do have quote lag in fast moving markets. It is either the ARCA or INET books that freeze up . There are also occasional trading issues. I believe they do not get their quote feed direct rather it comes from a second party.
I closed my Cybertrader account and moved everything to IB. I use Button Trader for the front end and everything has worked out very well. I find it interesting that Schwab still has not come out with the "details" it promised. If you read the latest newsletter, it once again trumps up how great the merger will be and not to worry, but fails to provide any substance. Why not put a chart of all the features of Cybertrader (present) versus all the features of Cybertrader after the "merger"? Simple and straightforward.
Cyber Trader rep said: âKeep in mind that CyberTraderâs last day to accept any new account applications will be August 31, 2007. If youâre thinking about opening a new account, the deadline is firm.â Why would anyone want to open an account now knowing that it is totally downhill from here ? Who cares if you will grandfather in your current Cyber Rates , they are still to high to begin with. I am not sure how long you have been with Cyber but they were a lot better before Schwab took over.
I'd like to address the money market issue: For clients transitioning from Cyber to Schwab, they will have their MMF swept to a similar Sch fund. For those traders worried about 1% vs 4.5% yields, I hope this addresses those concerns. Thanks,
CyberTrader Rep, I've asked questions in 2 posts that you've ignored followed by a post asking you to please respond to the posts. What should I make of the skipping over of the questions & concernes?
CyberRep, The IB and ESig reps tend to reply immediately to any questions or serious concerns about their products, and we have become used to that. Perhaps you have limitations on your ability to respond here, but it does seem to me that a number of legitimate issues are being ignored, and in the current environment, that only fuels speculation. I am still ticked off about the latest CT upgrade which eliminated the ability to have a default max floor. Can we expect more degradation of the CT platform prior to the changeover?