I traded stocks with CT until last year. My experience was the same. When you wanted to sell, UBSS would hold your order and drop the bid just for a moment, fill you at the low, and the stock would bounce right back. I set the software up to only execute on ECN's. So now, they are doing away with the ECN's. It is my opinion, they are doing this so you have to deal with UBSS. They are going to make bags of money.
Now they have taken manipulation to another level. Whenever you buy or sell through an ECN, UBSS is alerted and makes sure that you sell or cover at a loss through various tactics - some of which I alluded to above. I presume since they are only a month or so before integration they've become much more blatant and callous about their cheating.
wow, this has got to be one of the most eye opening posts ive seen... I currently trade w/ Schwab and though the platform was ok.. starting to realize they want the "whales" w/ the large accounts. http://www.schwab.com/public/schwab...es/order_routing_execution/order_routing.html ALMOST all orders routed through UBS and expect it to continur for the next 8 years
Yeah, and it shows what rotten bastards these MM firms are. 99.9% of all orders are non-directed. So, they are going through all this to get rid of the .1% who might have a chance of making some money. CT and Schwab don't appear to be as active advertising here any more either. Even this thread doesn't have any of their ads. They don't want our business! Bottom line, if you are an active trader, it's time to find a new broker.
The active advertising has stopped because CT and Schwab have realized that it is an exercise in futility. Most have already deserted ship and scurried for safety seeking shelter amongst more safe havens - comparatively speaking. No question about traders finding a new broker because if you don't your account will be zero in a very short time regardless of whether you're day or swing trading. Also realize that most short shares these days are borrowed from Schwab and much less from penson. More incentive to fleece you by forcing you to cover at a loss.
Has anyone noticed that Schwab/CT is not giving ANY preview of the final version of SS Pro until AFTER you have committed your account to Schwab? You need to tell them near the end of November if you don't want your account going to Schwab but they won't let you preview the software until December. I guess were supposed to "just relax" as Schwab's commercials told people to do in the past. Can anyone who trades for a living to support their family make a decision on something sight unseen? 2 other things to think about. (1) If no one else is being allowed into the CT version of SS Pro, how long will Schwab keep that version around? With no new customers entering & typical attrition occurring it makes no sense for them to continue it for any extended period of time. The user base will dissolve away. That seems to make sense to me anyway. (2) Where has the Schwab/CT employee named "CT Rep" been? He/she was around here until the questions started coming fast & furious. Best of luck with your trading everyone. I wasted a lot of time in this thread. I say "wasted" because nothing has been accomplished in keeping CT around. I'll post again only if something of extreme interest perks my curiosity. I'll leave the thread with one quote. A quote from CyberTrader CEO Vincent Phillips that he made several years ago. ---- CyberTrader supports cross-asset trading and basket trading as well. âThey want integration, transparency, and the ability to trade on any venue out there, and our platform is one of the few that offers all that,â Phillips said. Heâs optimistic about the business. âAs traders become more sophisticated they in turn demand a more sophisticated platform like CyberTrader.â ---- http://www.windowsfs.com/tabid/54/articleType/ArticleView/articleId/984/Default.aspx He's correct. We have become more sophisticated and he's correct we do demand "a more sophisticated platform". I couldn't have said it better myself. Good trading all.
I think some of you are being a bit conspiratorial. The CT platform will be gone. That's a shame but we have to deal with it. CT was never the best platform for scalping. Too expensive. If you don't like USB, you can always use an ECN. I think CT Rep will be back when he has solid information. From what I have seen, the new platform will be adequate for day trading, although it is probably more suited for active swing traders. You get the charting and data for free in return for doing a very small number of trades. I don't see a lot of downside to that. You can set up an account with another broker that caters to daytraders and use SSP as your charting app.
How would I go about using/setting up an ECN w/ the scwhab software? Regarding comment 2.. thats exactlywhat I was thinking about doing. I like the charting thx