Will you stay with Cyber/Schwab if they only offer per trade pricing?
- Thread starter Chetnik
- Start date
I'm disappointed in the new platform, but I have been using it satisfactorily. I do see is a loss in convenience. It doesn't give you the information you need in a convenient way like Cyber did. The main problem I anticipated was the inability to short using ECNs. I shorted the OIH today using Smartex and my limit offers were posted instantaneously, so maybe that is not as big an issue as i thought it would be.
It is VERY annoying however that all the MM boxes default every time you open the platform to Smartex. I was advised you could save a default to Nasdaq but it doesn't work. Doubly annoying that the reps don't know basic facts about the platform.
It is VERY annoying however that all the MM boxes default every time you open the platform to Smartex. I was advised you could save a default to Nasdaq but it doesn't work. Doubly annoying that the reps don't know basic facts about the platform.
I had several conversations with people at Schwab.
From my experience, in order to have a S/W released by February, it should be already in testing by mid January. Testing S/W thoroughly takes a lot of time and resources.
Therefore, the list of improvements (if any) must have been closed quite some time ago. Schwab knows what they will change - their policy is just not to tell us.
Regarding the shorting policy, they are very proud their policy is much more conservative than CT and I inferred they will not change it soon.
My short orders appeared to have been posted immediately. However, from the moment I sent them until the fill, took over one minute (longest) and 20 secs (shortest). Many times it took so long that the share tanked away without waiting for me. And for the record, it was not an esoteric stock - there is no problem finding buyers when shorting AAPL, so the only explanation for the delays is Schwab's handling of the order.
From the changes I expect to see from those conversations is that you'll see if there are shortable shares or not and some other minor improvements.
Another thing that came in my conversations was that CT support people were not aware not prepared to all the changes the transition brought, that some speed problems are attributed to the fact CT used a bunch of servers for their system, while Schwab uses a slower Main Frame. I offered to sell them faster servers or upgrade the M/F - and make on the side a few millions, but they loughed and refused...
Conclusion: Don't expect Schwab to turn to be CT. Don't expect radical changes in S/W nor in policies. This is the broker you have, and you should decide if it is OK for your business or not.
Just to end this note, it seems to me Schab will not shed too many tears if you tell them you'll move. I got mail from their Client Advocacy Dept. saying: "Unfortunately we have found with this transition that the services that Schwab provides may not meet the needs of some of Cybertraderâs day trading clients. If you determine that another firm would better suit your needs, I will be happy to assist you to the best of my ability with a quick transfer to another firm."
Juan-Carlos
From my experience, in order to have a S/W released by February, it should be already in testing by mid January. Testing S/W thoroughly takes a lot of time and resources.
Therefore, the list of improvements (if any) must have been closed quite some time ago. Schwab knows what they will change - their policy is just not to tell us.
Regarding the shorting policy, they are very proud their policy is much more conservative than CT and I inferred they will not change it soon.
My short orders appeared to have been posted immediately. However, from the moment I sent them until the fill, took over one minute (longest) and 20 secs (shortest). Many times it took so long that the share tanked away without waiting for me. And for the record, it was not an esoteric stock - there is no problem finding buyers when shorting AAPL, so the only explanation for the delays is Schwab's handling of the order.
From the changes I expect to see from those conversations is that you'll see if there are shortable shares or not and some other minor improvements.
Another thing that came in my conversations was that CT support people were not aware not prepared to all the changes the transition brought, that some speed problems are attributed to the fact CT used a bunch of servers for their system, while Schwab uses a slower Main Frame. I offered to sell them faster servers or upgrade the M/F - and make on the side a few millions, but they loughed and refused...
Conclusion: Don't expect Schwab to turn to be CT. Don't expect radical changes in S/W nor in policies. This is the broker you have, and you should decide if it is OK for your business or not.
Just to end this note, it seems to me Schab will not shed too many tears if you tell them you'll move. I got mail from their Client Advocacy Dept. saying: "Unfortunately we have found with this transition that the services that Schwab provides may not meet the needs of some of Cybertraderâs day trading clients. If you determine that another firm would better suit your needs, I will be happy to assist you to the best of my ability with a quick transfer to another firm."
Juan-Carlos
Ericy,
I agree and that is why I am staying for now.
I am going to give them the benefit of the doubt. After looking at several brokers over the last couple of months, I find it difficult to move just to say I moved, when in fact, there is nothing out there as good as what we had.
If there is a chance Schwab can make this right, then it would be foolish for me to leave. This is my own personal feeling and should not reflect on anyone who has made the move. BUT I don't need to hear from idiots who think they have all of the answers by dumping Schwab for the greener pastuers on the other side of the hill. Capece!!!
I agree and that is why I am staying for now.
I am going to give them the benefit of the doubt. After looking at several brokers over the last couple of months, I find it difficult to move just to say I moved, when in fact, there is nothing out there as good as what we had.
If there is a chance Schwab can make this right, then it would be foolish for me to leave. This is my own personal feeling and should not reflect on anyone who has made the move. BUT I don't need to hear from idiots who think they have all of the answers by dumping Schwab for the greener pastuers on the other side of the hill. Capece!!!
Real Tick has everything, plus alot more than what CT had. It is the most customizable software I've ever seen. There has not been one thing that this software can not do. Hell, you can even customize your stock box/level II to include things like short interest (over a thousand items to add or customize...even small charts). A whole bunch of neat stuff. Anything you ever dreamed of is in there...that's been the case with me, anyway. And I pay only $3.40 per trade with RML Trading. Can't beat that! I don't miss CT at all! Trust me...I felt exactly like you. I was with CT for 7 years...never thought I'd find a replacement once 12/3 happened.
Joey,
I was impressed with your first post about Realtime and I put it on my list of brokers to follow up with. I looked at several already and everyone has something missing, or a feature they brag about but I don't need. I am hoping Realtime is as customizable as you claim.
I meant to thank you for that report. So here it is Thanks.
Rich
I was impressed with your first post about Realtime and I put it on my list of brokers to follow up with. I looked at several already and everyone has something missing, or a feature they brag about but I don't need. I am hoping Realtime is as customizable as you claim.
I meant to thank you for that report. So here it is Thanks.
Rich
They have webinars atleast once a week that showcases the software, and answers questions. The one I attended didn't have many people in it, which was great. I was able to rattle off all my questions, which were answered immediately. I think their website has a list of dates...if not, give them a call. Extremely helpful.
I know I've mentioned this prior, but just to be clear...there is a price for Real Tick...it's about $250 per month, plus another $95 for the DJ Newswire. I would imagine you'd want that. But it's all worth it. A quick example, and I have dozens of these examples that I don't think CT had that RT does...I would like to know if a company has an earnings increase/decrease. You can set up multiple DJ Newswires, and have one setup just for the earnings...you can also have a window pop up with the information, or have any audio .wav file attached to it. And there are so many options like that...just within the DJ Newswire. Dividend changes, buybacks, analysts rating changes (upgrades/downgrades), stock split announcements...just a small sample of things that move a stock that you can customized within RT. Also, RT is offered by a dozen or so brokers. I like RML, pricing and customer service is great. But all the brokers are listed on the RT website.
Good luck.