TDAmeritrade horror stories/crookedness?

[VanishingMediator]

I've read about some lawsuits and horror stories with this broker.

I've figured out a few ways in which the derivative market is rigged to try to stop exceptionally high returns, but I am partially wondering if TDAmeritrade (which apparently has a market making branch) is also using access to it's own retail clients to prevent large losses.

Most of the lawsuits and horror stories I have read involve them making unauthorized trades on people's accounts in ways that seem to make them money.

I personally made a large option purchase on expiration day and was contacted by one of their personnel that seemed to be sweating bullets about it. I first put a limit order for .02 cents, but it was cancelled and not by me. Immediately the price of those options went to .05 cents. This guy then proceeded to call me, and gave me bs about out of the money options having no value on expiration day. I have been trading a long time watching charts, and the value of such options do disappear completely until the end of friday or when extremely out of the money. It is quite possible to make a profit on them swinging around as they threaten to come in the money.

Apparently however, someone at TDAmeritrade did not want me doing this for some reason. He also asked if he should put a note on my account regarding large option purchases.

 

[TskTsk]

I know their customer service is clueless on options methodology.

And they have calculations error in their greek / IV figures.

Have no idea why people like TOS so much. I'll stick with IB for the time being, only true professionals around IMO.

 

[stock777]

I've read about some lawsuits and horror stories with this broker.

I've figured out a few ways in which the derivative market is rigged to try to stop exceptionally high returns, but I am partially wondering if TDAmeritrade (which apparently has a market making branch) is also using access to it's own retail clients to prevent large losses.

Most of the lawsuits and horror stories I have read involve them making unauthorized trades on people's accounts in ways that seem to make them money.

I personally made a large option purchase on expiration day and was contacted by one of their personnel that seemed to be sweating bullets about it. I first put a limit order for .02 cents, but it was cancelled and not by me. Immediately the price of those options went to .05 cents. This guy then proceeded to call me, and gave me bs about out of the money options having no value on expiration day. I have been trading a long time watching charts, and the value of such options do disappear completely until the end of friday or when extremely out of the money. It is quite possible to make a profit on them swinging around as they threaten to come in the money.

Apparently however, someone at TDAmeritrade did not want me doing this for some reason. He also asked if he should put a note on my account regarding large option purchases.

you sound clueless. get one before you blow up.

 

[VanishingMediator]

Every time I come on here some moron tries to tell me I'm the one who is clueless as they demonstrate a complete lack of math and logic skills.

Lawsuits against TD are easy to look up. Trading close to expiration is a whole different ball game, and greeks are useless for the most part. Just because you can't figure it out doesn't mean that I can't. Funny thing is, if you did it would make you a better conservative trader.

 

[tickmagnet]

With TD I always make money , cause I trade less

 

[zdreg]

Every time I come on here some moron tries to tell me I'm the one who is clueless as they demonstrate a complete lack of math and logic skills.

Lawsuits against TD are easy to look up. Trading close to expiration is a whole different ball game, and greeks are useless for the most part. Just because you can't figure it out doesn't mean that I can't. Funny thing is, if you did it would make you a better conservative trader.

'Lawsuits against TD are easy to look up. " that is not the way to talk to people. just post your links to support your statement.

"greeks are useless for the most part. "
correct. ask any german.

 

[zdreg]

you sound clueless. get one before you blow up.

vanishing mediator doesn't sound clueless. if it happened to him perhaps his complaint is legitimate.

 

[zdreg]

I know their customer service is clueless on options methodology.

And they have calculations error in their greek / IV figures.

Have no idea why people like TOS so much. I'll stick with IB for the time being, only true professionals around IMO.

+1

sosnoff's reputation. he sold them Tos for a few hundred million at the peak of the last bull market.

 

[zdreg]

I've read about some lawsuits and horror stories with this broker.

I've figured out a few ways in which the derivative market is rigged to try to stop exceptionally high returns, but I am partially wondering if TDAmeritrade (which apparently has a market making branch) is also using access to it's own retail clients to prevent large losses.

Most of the lawsuits and horror stories I have read involve them making unauthorized trades on people's accounts in ways that seem to make them money.

I personally made a large option purchase on expiration day and was contacted by one of their personnel that seemed to be sweating bullets about it. I first put a limit order for .02 cents, but it was cancelled and not by me. Immediately the price of those options went to .05 cents. This guy then proceeded to call me, and gave me bs about out of the money options having no value on expiration day. I have been trading a long time watching charts, and the value of such options do disappear completely until the end of friday or when extremely out of the money. It is quite possible to make a profit on them swinging around as they threaten to come in the money.

Apparently however, someone at TDAmeritrade did not want me doing this for some reason. He also asked if he should put a note on my account regarding large option purchases.

what was the note suppose to say?

 

[StarDust9182]

I've read about some lawsuits and horror stories with this broker.

I've figured out a few ways in which the derivative market is rigged to try to stop exceptionally high returns, but I am partially wondering if TDAmeritrade (which apparently has a market making branch) is also using access to it's own retail clients to prevent large losses.

Most of the lawsuits and horror stories I have read involve them making unauthorized trades on people's accounts in ways that seem to make them money.

I personally made a large option purchase on expiration day and was contacted by one of their personnel that seemed to be sweating bullets about it. I first put a limit order for .02 cents, but it was cancelled and not by me. Immediately the price of those options went to .05 cents. This guy then proceeded to call me, and gave me bs about out of the money options having no value on expiration day. I have been trading a long time watching charts, and the value of such options do disappear completely until the end of friday or when extremely out of the money. It is quite possible to make a profit on them swinging around as they threaten to come in the money.

Apparently however, someone at TDAmeritrade did not want me doing this for some reason. He also asked if he should put a note on my account regarding large option purchases.

To neither defend or attack TDAmeritrade since I don't know the details, but .... was it possible that you got a newbie on the phones or that they thought they were protecting you from an error or something else? If this happened a lot then you have a clear cut case, but if this is a one-of, perhaps there is another explanation?

I have had to explain option rules to the people on the help desk at times and have supplied rules to some of them who are licensed but have really no clue IMO. There are also some excellent help desk people which I usually ask for by name when I learn their names. I do know that brokerages get a lot of lawsuits on options and lose a lot of their cases and that in Canada anyways they have a duty to protect the client against clear errors.

If this happens frequently, then shame on them. Interesting that today's ET has thread complaints about IB and TD. I have not seen that before on either in years of reading it.