Will you stay with Cyber/Schwab if they only offer per trade pricing?

Quote from Dominic:

Does the below make any sense; I thought that Penson had one of the most fluent short shares available.

"Short Share Availability
Schwab has a more extensive stock inventory of both easy and hard to borrow stocks than what is currently available at CyberTrader. And although available short shares for a stock are not displayed in StreetSmart Pro’s Trading Window (Level II), the order will still be accepted when available shares exist."
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I had the same reaction. Penson has a good list. I don't know about Schwab or where they secure shorts.

Just in case there were any lingering doubts about the kind of crap platform they are transitioning CT users to:

"--------------------------------------------------------------------------------

Shorting at Schwab


--------------------------------------------------------------------------------

We are writing to advise you on how short sale executions are handled at Schwab. Upon the integration of Schwab and CyberTrader on December 10, short equity orders will follow these policies.

Trading Venues for Short equity orders in StreetSmart Pro, Schwab.com and StreetSmart.com
Short equity orders should be placed using the SmartEx venue. If you are placing the short order outside of market hours you should use the “Schwab Pre Market” or “Schwab After Hours” venues. StreetSmart Pro does not currently support placing short equity orders through any of the Direct Access venues. We are working to add this capability.

Pre/Post Market Short Trading
For pre-market trading, short equity orders can be placed beginning at 8:05 p.m. ET the previous business day until 9:25 a.m. ET of the current business day. Executions occur from 8:00 a.m. until 9:25 a.m. ET. For after hours trading, short equity orders can be placed between 4:05 p.m. and 8:00 p.m. ET. Executions occur from 4:15 p.m. until 8:00 p.m. ET. Unexecuted orders will not carry over to another session. (Long equity orders can be placed at any time via SmartEx or from 7:00 a.m. to 8:00 p.m. when using direct access.)

Short Share Availability
Schwab has a more extensive stock inventory of both easy and hard to borrow stocks than what is currently available at CyberTrader. And although available short shares for a stock are not displayed in StreetSmart Pro’s Trading Window (Level II), the order will still be accepted when available shares exist.

We appreciate your continued business. For updates on the integration, please visit the Integration Center on CyberTrader.com. If you have questions, please contact Client Services using the Live Help† tool in your software or by phone at 1-888-762-9237.

Sincerely,

CyberTrader Inc. "
 
I find it difficult to believe that Schwab has more hard to borrow and easy to borrow short shares than Penson.

Yet that is what CT is saying....
 
I got the email today as well. I am so freaking angry !

What a crock of crap this is. It wouldn't surprise me if UBS is making decisions on shorts depending on the agenda of their MM's for that security.

The 5 minute blackout period alone is enough to give up on these guys. Do they have any idea how many times earnings come in at 4:01 PM and things can move 20% in 3 minutes.

I opened an account at tradestation, but they won't let me see the platform until I fund the account. Anyone here ever use it?
 
Quote from metromotor:

I got the email today as well. I am so freaking angry !

What a crock of crap this is. It wouldn't surprise me if UBS is making decisions on shorts depending on the agenda of their MM's for that security.

The 5 minute blackout period alone is enough to give up on these guys. Do they have any idea how many times earnings come in at 4:01 PM and things can move 20% in 3 minutes.

I opened an account at tradestation, but they won't let me see the platform until I fund the account. Anyone here ever use it?
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I have seen TS and I am not impressed for 2 main reasons.
They always have data feed droping issues and their short list for stocks is laughable.

I am using Noble for they have Penson it is just like using cyber pretty much. It is a direct access platform too. Although I am keeping SSP just for the platform and found a way to link it to noble's level II order box somewhat.
 
I am moving my funds back to Cyber from Schwab tomorrow and will trade Cyber for it's 2 last weeks of service.

I am attending a SS Pro seminar at the end of the month and if there is any indication that Schwab will allow direct access shorting and 13 hour trading I will consider staying, otherwise I will be moving on.

Have any of you jumped ship yet or plan to, and who are you going with?
 
There will be no direct access shorting in SSP. Swab routes it all to UBS for they are contracted with them to do so. Also, you after hours trading capabilities will be painfully limited.

The Cyber people are well aware of this issue and have made it clear to Schwab, but Schwab has no current plans to address it.
 
Quote from metromotor:

I am moving my funds back to Cyber from Schwab tomorrow and will trade Cyber for it's 2 last weeks of service.

I am attending a SS Pro seminar at the end of the month and if there is any indication that Schwab will allow direct access shorting and 13 hour trading I will consider staying, otherwise I will be moving on.

Have any of you jumped ship yet or plan to, and who are you going with?
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Traded back with Cyber on Friday and immediately realized frofits again, in fact out of 12 trades had not one loser, not one slipped fill.

This is a No-Brainer
 
Still dont understand how CT can come out and say that Schwab will have a better hard to borrow/easy short list compared to Penson; I thought that Penson had one of the best available short lists.
 
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