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

CT pro provides a good integrated package combining charting, news, level II data and configuration along with features like Account detail and portfolio manager. This integration together with the various options available for routing your order through different venues and the type of routing choices have been invaluable in the past. It would be of immense benefit to have these features without any modifications available at schwab after the merge. Speaking for myself, I wouldn't mind paying the current software fees as long as the waiver of fees after trading X number of shares or trades is provided. As was mentioned earlier, most traders would easily meet the fees waiver requirements.
I have not seen any other direct access firm provide this combination of features in one package. To borrow from CT's terminology, it is a veritable trader's "cockpit". Modifying, eliminating or tinkering with the current features would sadly detract from CT's popularity effectively reducing it to the level of other run of the mill direct access firms prevalent in today's trading environment.
 
Quote from CyberTrader Rep:

I am currently a registered representative at CyberTrader and wanted to clear the air regarding the CyberTrader/Schwab integration situation-

Per share pricing will be available for CyberTrader clients through the end of the year. In addition, our current 'per share' clients that decide to move their account to Schwab will have their commission structure follow them. These grandfathered rates will allow for the $.006/share rate to be enjoyed at Schwab.
There are no data fees at Schwab and that would allow users to trade on our sophisticated platform with only commission costs to account for.

The software platform will remain virtually identical when the transition from CyberTrader to Schwab is made. Instead of the CyberTrader Pro platform, the StreetSmart Pro platform will be used as the primary trading system. Although the two are virtually identical, we are already addressing differences between the two. Level II features, charting, API trading and many other features are in the works, but of course, I don't expect a 100% transition rate of tools and features. The bottom line is that there is virtually no learning curve associated with learning Street Smart Pro when one is accustomed to trading with CyberTrader Pro.

As for client service, I assure you that we value each and every one of our clients and prospects. We are more than happy to explain the details of the integration and what it means to you.

Feel free to comment or send any questions my way.

Thanks for your time-
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I am troubled by your statement that Street Smart Pro is "virtually identical" with CT pro. While it looks the same, it's my understanding that it lacks virtually every feature important to daytraders. Perhaps it is a simple matter to turn them on, but any tinkering with the functionality of the trading windows on CT Pro would almost certainly be a terrible idea. Ditto on cutting back on the number of charts or windows available.
 
As providers of software for those who trade for a living, I understand completely your concern for those features that will/will not be integrated into the StreetSmart Pro platform.

Unfortunately, I don't have specific details as to which features will be available on the SS Pro platform, but I can assure you that we are aware of your concerns and, frankly, they are legitimate concerns that will directly affect our active client base.

As we begin the integration process, CyberTrader's approach will be to:

1) Identify all functionality that require integration from CT to SS Pro
2) Prioritize features/tools
3) Begin rollout of features that will allow for seamless integration for our existing/new traders using Schwab's trading platform

Currently, I don't have any updates as to the prioritization of the features that will be added. To address your concerns, the only 'tinkering' that will be done would be strictly to add to the list of tools and features that SS Pro would need to mirror those of CT Pro.

As for grandfathered commissions, the per share rate ($.006 up to 2000, $.003 thereafter) will be honored.

Thank you for your time,

CyberTrader Rep
 
I just keep thinking that if cybertrader were commited to keeping active traders, and really did understand our concerns, then why would they be changing to the schwab platform without having all the details worked out.
 
CyberTrader Rep,

Thank you for your post.

Please keep us all updated, as often as possible, to the progress that is being made during this transition. Communication, back & forth, is the best way to eliminate any incorrect assumptions & any unwarranted & possibly incorrect concerns that we may have. Hearing for the first time in December that a certain feature won't be available isn't acceptable.

Thank you again & please come back soon & often.
 
Quote from CyberTrader Rep:

As providers of software for those who trade for a living, I understand completely your concern for those features that will/will not be integrated into the StreetSmart Pro platform.

Unfortunately, I don't have specific details as to which features will be available on the SS Pro platform, but I can assure you that we are aware of your concerns and, frankly, they are legitimate concerns that will directly affect our active client base.

As we begin the integration process, CyberTrader's approach will be to:

1) Identify all functionality that require integration from CT to SS Pro
2) Prioritize features/tools
3) Begin rollout of features that will allow for seamless integration for our existing/new traders using Schwab's trading platform

Currently, I don't have any updates as to the prioritization of the features that will be added. To address your concerns, the only 'tinkering' that will be done would be strictly to add to the list of tools and features that SS Pro would need to mirror those of CT Pro.

As for grandfathered commissions, the per share rate ($.006 up to 2000, $.003 thereafter) will be honored.

Thank you for your time,

CyberTrader Rep
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Thanks for the information. I'm confident that if the Cyber people were handling this, it would be done flawlessly and the end product would be something we would love. Unfortunately, the way things have been handled so far has not been reassuring.

Please try to keep the lines of communication open and hopefully get whoever is behind this to appreciate that they are risking destroying a valuable asset.
 
Quote from target0:

I just keep thinking that if cybertrader were commited to keeping active traders, and really did understand our concerns, then why would they be changing to the schwab platform without having all the details worked out.
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I agree. Why not just roll out CT Pro as Street Smart Pro Premium if they are fixated on branding it as a Schwab product? It's not like they have to do anything, since the s/w is already in use and is basically bulletproof. Why kluge a bunch of extras on SST?
 
It would be ideal if the CT Pro Premium platform was left unchanged after the transition takes place. Needless to say, I am not privy to the logistics but how about having two platforms? CT Pro users can still be governed by the existing rules in place for software fees. To wit: $249/month for per share pricing with fees waived if 40,000 shares or 200 contracts are traded per month and $149/month for per trade pricing with fees waived if 40 equity trades or 200 options contracts are traded per month.
 
Quote from CyberTrader Rep:
...regarding the CyberTrader/Schwab integration ... the software platform will remain virtually identical ... Although ... we are addressing differences between the two ... [eg] API trading ....
... I don't expect a 100% transition rate of tools and features.
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Hi CyberTrader Rep,

Thanks for the post :)
Is there a schedule for a definitive decision about continued support for the trading API?

Thanks in advance,

Brent
http://pmd.esignal.com/quotetrader
trading@mail.esignal.com
 
Anyone can go to the schwab's site and download the SSP platform and run in in demo for free for 60 days.

I can tell you this its laughable at best. It is basically the Cyber Pro Platform dumbed down to the furthest extent.

You can only have 6 charts? That won't fly for current Cyber traders!

I can gaurantee this, if they don't have the same tools that cyber pro offers. They will see a massive rush for the exit for current Cybertrader users.

This just proves that the people at the top of the food chain over at Scwab have not the slightest clue!

If they were slightly smart the would just change the name on the Cyber Pro and keep the exact same platform.

If the worst case scenario does evolve atleast we know one stock we can short the hell out of.

Talk about producing a great product then shooting yourself in the foot.

This cheap attempt to save a few bucks will end up costing them more. I bet IB and TS are just laughing the arses off as the wait for the soon influx of new accounts being opened.

Whoever made this decision should be fired immediately if all the current tools for Cyber are not integrated into SSP.
 
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