Is Charles Schwab day trading friendly?

[Overnight]

I'm not thrilled with them.

- I like how they have free trades; that's nice.
- I like their help system. Their chat gives you quick access to a service rep if you need it.
- I don't like their margin rates; they are quite high (6-7%) vs IB at about 2%
- Same for Shorting fees.
- I find their UX to be a little unintuitive. Maybe I'm just not used it but I find it to be rather clumsy.
--- For example, I can't quickly see and browse through my current open positions and charts. With IB I can just arrow key up and down.
--- They also have separate Account and Trade windows. I have to flip around a lot
--- Important things are buried a bit: behind tree widgets, on different screens. Seems it was designed by someone who didn't have that experience in the trenches.
- They don't have an API.

Kmi, man, you didn't answer the most important question he had.

Does Schwab limit the number of stock orders you can place per day?

 

[freeman311122]

Kmi, man, you didn't answer the most important question he had.

Does Schwab limit the number of stock orders you can place per day?

LOL, but you were so right!

 

[FSU]

direct link:

https://www.reddit.com/r/path%3D%252Fr%252FDaytrading%252Fcomments%252Fhveq7b%252F

by the way, this guy said he made $1 million within a year!

When you go to this Reddit post, the actual rule is correctly explained in the comments

 

[terr]

When you go to this Reddit post, the actual rule is correctly explained in the comments

Whose rule? It seems to be an Ameritrade rule, not an exchange rule. Exchanges have a 390 trades rule for options. Ameritrade rule apparently pertains to stock trades.

 

[freeman311122]

Whose rule? It seems to be an Ameritrade rule, not an exchange rule. Exchanges have a 390 trades rule for options. Ameritrade rule apparently pertains to stock trades.

Yes, you are right, it is TD Ameritrade internal rule.

 

[FSU]

Yes, you are right, it is TD Ameritrade internal rule.

So you are saying that TD restricts trading of stock (and not just options) to less then 390 orders a day? What about futures?

 

[freeman311122]

So you are saying that TD restricts trading of stock (and not just options) to less then 390 orders a day? What about futures?

I don’t know

 

[eastern_warrior]

So you are saying that TD restricts trading of stock (and not just options) to less then 390 orders a day? What about futures?

Doubtful since order flow is not sold for futures and you pay a commission.

 

[KCalhoun]

I can't imagine 300+ trades in a day, I feel busy when I do 60ish.

I hope this zero commission environment lasts with some brokers.

 

[terr]

I can't imagine 300+ trades in a day, I feel busy when I do 60ish.

That's manually. I can see algos doing that.