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Anyone using Scottrade?
- Thread starter Marck
- Start date
Quote from ess1096:
Gainskeeper is also good and I only found one error since they added it. Send them a note through the website and they will correct it.
If I could keep track of my trades enough so that I knew what errors GainsKeeper had, then I wouldn't need GainsKeeper. It's been around for a while, so you'd figure they'd have all the bugs worked out.
Quote from interdigital:
If I could keep track of my trades enough so that I knew what errors GainsKeeper had, then I wouldn't need GainsKeeper. It's been around for a while, so you'd figure they'd have all the bugs worked out.
I agree it would be an impossible task for scalpers and daytraders. But I only use this account to swing trade ITM options so it isn't difficult to make sure it shows my positions accurately.
Scottrade is horrible.
Everytime I use a limit order, they delay my execution by 5 seconds or so. So often I would see a sizeable block on level II, and enter an order to buy it. Right after I submit my offer, it does this stupid thing of showing my size at the bid price, instead of taking the offer right away. And somehow other people find out I have a big limit order to take out the large block coming through and steal some if not all the shares ahead of me??
I know what the poster who said "sheep in pack of wolves" really mean. That is how I feel when I'm trying to outgame these guys and their hidden orders and "100" share blocks that really could be 200 shares or 50000 shares. Try trading low vol small caps when the opposition knows how much you want to buy but you have no clue how much they want to sell.
I have been forced to use market orders in fast moving markets because I know scottrade is too slow.
Oh, never gotten a better fill.
Can't wait until I can get an account with IB.
Everytime I use a limit order, they delay my execution by 5 seconds or so. So often I would see a sizeable block on level II, and enter an order to buy it. Right after I submit my offer, it does this stupid thing of showing my size at the bid price, instead of taking the offer right away. And somehow other people find out I have a big limit order to take out the large block coming through and steal some if not all the shares ahead of me??
I know what the poster who said "sheep in pack of wolves" really mean. That is how I feel when I'm trying to outgame these guys and their hidden orders and "100" share blocks that really could be 200 shares or 50000 shares. Try trading low vol small caps when the opposition knows how much you want to buy but you have no clue how much they want to sell.
I have been forced to use market orders in fast moving markets because I know scottrade is too slow.
Oh, never gotten a better fill.
Can't wait until I can get an account with IB.
That happens because Scottrade doesn't transact via ECNs, they sell their order flow to Renaissance, Knight, etc. Years ago when I was silly enough to use them, I'd have to walk down to their office all the time, show them the T&S and how I was ripped off, and they'd rebate me. I doubt they've improved. They are terrible for active traders.Quote from dumbgai:
Scottrade is horrible.
Everytime I use a limit order, they delay my execution by 5 seconds or so. So often I would see a sizeable block on level II, and enter an order to buy it. Right after I submit my offer, it does this stupid thing of showing my size at the bid price, instead of taking the offer right away. And somehow other people find out I have a big limit order to take out the large block coming through and steal some if not all the shares ahead of me??
Quote from Trader KGB:
That happens because Scottrade doesn't transact via ECNs, they sell their order flow to Renaissance, Knight, etc. Years ago when I was silly enough to use them, I'd have to walk down to their office all the time, show them the T&S and how I was ripped off, and they'd rebate me. I doubt they've improved. They are terrible for active traders.
As a matter of fact there are hardly any out there for active traders. I'd avoid the direct access firms that have their own MMs like the plague.
The Scottrade elite platform has a quite DUBIOUS bug in their positions window. The system is supposed to give traders a running P+L on each position as well as for the entire account. The system gives faulty numbers especially when trades are done inter-day or trades in a single issue are from a previous day and the same issue is traded the following day. This can often have the effect of showing a trade to be a profit when in reality it is a loss!
I have elite and have no problems what so ever. Better than MB trading and interactive brokers imo.
i lost 30k this year using their platform they are not direct access they route all their orders thru their order desk computer-saw many times my order never hitting the trading floor-instead was filled in house or by one of their buddies who they have working arrangements with-they are owned by KNIGHT trading-conflict of interest? they front run their ordres all the time to make extra cash-they are so rich they are a private company that is starting their own bank as we speak-they have gotten bloody rich off of retail traders and the subrosa relationship with their market maker buddies-its all rigged-they will go long if you go short and short if you go long i saw shadowing of my order in the aftermarket several times-they have auto tracing robot programs that keep track of your orders and odds of success or failure and bet against you in order to get your money from you as fast as they can-i am not the only one out there this has happened to-thousands of folks fleeced by the market makers-how many times have you jumped into a trend and seen it reverse the second you enter the market- it is too convienent-the market makers can see you coming miles away-cannot sell short in the aftermarket-15 minute rule-crappy stops trailing stops no anonymity with the market-etc etc
they are crooks!!!!!!!!!!!!!!!!!!!!!
cyber trader pro was the way to go but retail was getting to froggy so schwab bought the rights this year and took control of the loose cannons in the retail market
scottrade you never have a chance if you are a daytrader on margin-they will screw you everyway they can!!!!!!!!
pretty platform though
they are crooks!!!!!!!!!!!!!!!!!!!!!
cyber trader pro was the way to go but retail was getting to froggy so schwab bought the rights this year and took control of the loose cannons in the retail market
scottrade you never have a chance if you are a daytrader on margin-they will screw you everyway they can!!!!!!!!
pretty platform though
Quote from hottpotat0:
i lost 30k this year using their platform they are not direct access they route all their orders thru their order desk computer-saw many times my order never hitting the trading floor-instead was filled in house or by one of their buddies who they have working arrangements with-they are owned by KNIGHT trading-conflict of interest? they front run their ordres all the time to make extra cash-they are so rich they are a private company that is starting their own bank as we speak-they have gotten bloody rich off of retail traders and the subrosa relationship with their market maker buddies-its all rigged-they will go long if you go short and short if you go long i saw shadowing of my order in the aftermarket several times-they have auto tracing robot programs that keep track of your orders and odds of success or failure and bet against you in order to get your money from you as fast as they can-i am not the only one out there this has happened to-thousands of folks fleeced by the market makers-how many times have you jumped into a trend and seen it reverse the second you enter the market- it is too convienent-the market makers can see you coming miles away-cannot sell short in the aftermarket-15 minute rule-crappy stops trailing stops no anonymity with the market-etc etc
they are crooks!!!!!!!!!!!!!!!!!!!!!
cyber trader pro was the way to go but retail was getting to froggy so schwab bought the rights this year and took control of the loose cannons in the retail market
scottrade you never have a chance if you are a daytrader on margin-they will screw you everyway they can!!!!!!!!
pretty platform though
You lost 30K before you figured it out? You are an idiot.
You make a trade and the entire market goes against you and you blame a broker? You are an idiot.
You write a complete paragraph with no periods to express a change of thought. You are an idiot.
You are an idiot.