Beware CyberTrader PDT jail! I'm in it...

Thanks for the replies.

I setup the account as margin originally, then fell into this PDT hole, and they told me to take it off Margin. Now they told me I also have to take it off PDT and watch out for holes! :)

Have had this account open for over a year, and now my funds are tied up because of unknown rules. So perhaps they will let me use my money now that it's non-margin and non-PDT - not that I ever wanted Margin or PDT.

So although I would rather not go public with any of this, by the time they "changed the requirements" one more time it seemed warning those who could be in this situation seemed appropriate.

--

Regarding *why* this isn't as simple as changing brokers, I already have accounts with other brokers. They have less of my money and have given me zero problems of this nature.


My access to accounts is all programmatic, so there are a limited number of players who offer this approach. Spent a lot of time trying to get CyberTrader "Elite" software functioning correctly and would like to continue using it, even with the warts. I only run CyberTrader Pro to monitor trades occasionally.

Also after being with Schwab for twentyish years would like to know that my money is under that umbrella. But it sounds like Ross Perots' aunt moved into their approval department from the basement... no idea if she brought her umbrella or just a fireplace poker for customers. (typing using remaining good eye...) :)
 
Mr. Becker,

You obviously are a man of "means" and you efforts to post the "holes" here are appreciated.

You time horizons seem to be that of a position trader or longer term trader/investor.

Apparantly compliance does not look at your past and simply does what a compliance department does.

Thank you Again and Good Trading to You...in this world of idiots...

Michael B.


Quote from JimBecker17:

Thanks for the replies.

I setup the account as margin originally, then fell into this PDT hole, and they told me to take it off Margin. Now they told me I also have to take it off PDT and watch out for holes! :)

Have had this account open for over a year, and now my funds are tied up because of unknown rules. So perhaps they will let me use my money now that it's non-margin and not-PDT - not that I ever wanted Margin or PDT.

So although I would rather not go public with any of this by the time they "changed the requirements" one more time it seemed warning those whould could be in this situation seemed appropriate.

--

Regarding *why* this isn't as simple as changing brokers, I already have accounts with other brokers. They have less of my money and have given me zero problems of this nature.


My access to accounts is all programmatic, so there are a limited number of players who offer this approach. Spent a lot of time trying to get CyberTrader "Elite" software functioning correctly and would like to continue using it, even with the warts.

Also after being with Schwab for twentyish years would like to know that my money is under that umbrella. But it sounds like Ross Perots' aunt moved into their approval department from the basement... no idea if she brought her umbrella or just a fireplace poker for customers.
More...
 
I remember trying to open an account at schwab pre-internet days. They wanted almost 300 dollars in commissions per trade.

I wanted to open an account to trade commodities there too and they said you have to deposit a minimum of 200k and their is only one guy in the office with his series 3 and he only comes in 3 days a week.

Just thought i would share that story.
 
Quote from peilthetraveler:

I remember trying to open an account at schwab pre-internet days. They wanted almost 300 dollars in commissions per trade.

I wanted to open an account to trade commodities there too and they said you have to deposit a minimum of 200k and their is only one guy in the office with his series 3 and he only comes in 3 days a week.

Just thought i would share that story.
More...

I bet now he comes in 0 days a week.
:D
 
Ah sorry - this is the bash CyberTrader thread! :)

If we are going to suggest other brokers - here is my take. My background is the computer software side.

In the interest of fairness, I would rate IB tops in terms of execution, scope and capabilities. The have the backend experience and Worldly knowledge for all comers.

In terms of software and customer support, MB Trader gets the nod. They are the little guy working hard and giving great service. MB Trader is also writing pretty darn clean software and interfaces, and they *USE* the software they write for their user application.

In terms of CyberTrader they are professional and polished, but must be a much different company since Schwab bought them. Not sure there is much spark internal to the company, seems all rules/regulations/lawyers constraining any original thought have taken hold.

I'd like to see 10% of the advertising budget for IB and CyberTrader be spent on R&D though, it's obvious they have technically stalled and need fresh ideas to blossom.

IB has stalled because they went down the Java path and now are trying to build big apps with this flawed approach. They cannot be convinced by their customers to deviate from this direction. When their users brag "I can switch back to the working TWS in 30 seconds" you know they have strayed. Or "PM me for the version xxx that works". Or large discussions go into the paramedic support software such as TWSStart to keep them running.... It is also pretty clear no matter what they can't QA releases correctly before putting them on the website. This is partially a function of Java itself, IMHO.

[the sad thing is this could be cleaned up easily for API users, but they will not listen.]

CyberTrader apparently stalled sometime after Schwab paid the big bucks for them back in '98. I suspect their prime programmers retired shortly thereafter. This is pretty common, and little progress is made on the software after that point. For anyone wanting to use the "Elite" version of the software I would highly recommend looking elsewhere. Not that it is bad, just that they are further behind the software curve than IB in terms of Release and QA process. On a positive note their interfaces are functional and work correctly once you get them running.


So the perfect broker is MB Trader software and support, IB execution and commissions, and Schwab parent company and backdrop.

On that note....

-Jim
 
Jim, if you get an explanation from them as to what they are doing, perhaps you will remember to post it here?

I heard of similar things from Ameritrade from a friend that used them. They treated him like a kindergartener once, had his funds tied up and would not let him trade for 2 weeks. That was before the PDT rule even. He had done something that their software would not have allowed if they had good software, then they penalized him for it, purely ridiculous.
 
Quote from JimBecker17:

IB has stalled because they went down the Java path and now are trying to build big apps with this flawed approach.... It is also pretty clear no matter what they can't QA releases correctly before putting them on the website. This is partially a function of Java itself, IMHO.
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I'm not sure it's any easier with C++. I'm several releases back on StreetSmartPro (which is based on Cybertrader) because of flaws in the more recent versions (incomplete charts, mostly).
 
Quote from JimBecker17:

This is partially a function of Java itself, IMHO.
More...

LMAO. I'm afraid software release managment has nothing to do with Java. Partially or otherwise.

Furthermore, using Java does not preclude producing excellent software. For example, the plaform developed by thinkorswim is 100% pure Java. I suggest you will find it hard to fault their release managment, functionality, usability and stability.

Your statements are tantamount to the following logical fallacy:

- IB has sub-standard software development.
- IB uses Java.
- Therefore using Java will result in sub-standard software.

Anyway, all OT from the original intent of the thread.

MoMoney.
 
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