Comments on: CyberTrader Fully Integrating With Schwab http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/ Trading blog with trading insights, discussion on swing trading, day trading, and trading psychology. Fri, 16 May 2008 02:35:33 +0000 http://wordpress.org/?v=2.0.9 by: TheStockBandit http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-41343 Mon, 31 Dec 2007 13:39:14 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-41343 Hey Tracy, I have seen several platform issues which I find dissatisfying as well. I too am in the process of locating an alternative place to trade since the SS Pro platform still is in need of improvements before it's up to speed with where CT Pro was. I have been told the March software release may address most of these issues, but that is a long way off. Hope you find a solution for you! Jeff Hey Tracy,

I have seen several platform issues which I find dissatisfying as well. I too am in the process of locating an alternative place to trade since the SS Pro platform still is in need of improvements before it’s up to speed with where CT Pro was. I have been told the March software release may address most of these issues, but that is a long way off. Hope you find a solution for you!

Jeff

]]> by: Tracy http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-40343 Sun, 23 Dec 2007 08:07:09 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-40343 I have been having tons of problems with SS Pro software. I deal in options mostly and when I'm searching different months & strike prices, my Trading #1 Window will refresh and bring me back to near w/ current strike price. I have reported this many times to Schwab, all said was that it ws escalated. In Nov, It was so bad that I was not only refreshing but I lost all charting, and my watch list as well.. I had the windows but the feeds were gone. I ended up loosing over 1200.00 in less the 5 mins with Goog Dropped huge. I couldn't see the spread prices (3.00) minimum and lost my butt.. The tech support said they lost "Their feeds" but later have changed their position and denied ever loosing the connections leaving me screwed yet again re: my dispute...they tried to tell me I never even called to report it>>>> WOW... Their programmers were working on a patch?**** What were they trying to patch if they didn't have a problem! Is anyone else having these issues with Schwab? I was soooo pissed, I opened a Trade Station Account and have begun moving everything.. Any input would be great.. Tracy I have been having tons of problems with SS Pro software. I deal in options mostly and when I’m searching different months & strike prices, my Trading #1 Window will refresh and bring me back to near w/ current strike price. I have reported this many times to Schwab, all said was that it ws escalated. In Nov, It was so bad that I was not only refreshing but I lost all charting, and my watch list as well..
I had the windows but the feeds were gone. I ended up loosing over 1200.00 in less the 5 mins with Goog Dropped huge. I couldn’t see the spread prices (3.00) minimum and lost my butt..
The tech support said they lost “Their feeds” but later have changed their position and denied ever loosing the connections leaving me screwed yet again re: my dispute…they tried to tell me I never even called to report it>>>> WOW… Their programmers were working on a patch?**** What were they trying to patch if they didn’t have a problem!
Is anyone else having these issues with Schwab? I was soooo pissed, I opened a Trade Station Account and have begun moving everything..
Any input would be great..
Tracy

]]> by: TheStockBandit http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-38154 Fri, 07 Dec 2007 05:25:26 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-38154 Hey Don, Good to see you here and thank you for your comment. I don't yet trade on SS Pro as I am still on CyberTrader Pro and can route my orders any way I like. However, my suggestion would be try putting your limit orders out directly to the NYSE (if you can) instead of SmartEx if you don't like it. You might also route to an ECN like ARCA or NDAQ for those limit orders. Jeff Hey Don,

Good to see you here and thank you for your comment. I don’t yet trade on SS Pro as I am still on CyberTrader Pro and can route my orders any way I like. However, my suggestion would be try putting your limit orders out directly to the NYSE (if you can) instead of SmartEx if you don’t like it. You might also route to an ECN like ARCA or NDAQ for those limit orders.

Jeff

]]> by: Don http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-38146 Thu, 06 Dec 2007 18:28:15 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-38146 In my experience, SS Pro can not be used to route directly a limit order that is not immediately executable. So usually when I want to place a limit order on the NYSE or AMEX I am forced to call a live broker and pay higher fees. When i try to place trades on illiquid NYSE stocks using SS Pro the order gets put out on some obscure OTC place. Many of the securities that I trade get most of their executions on the exchange where they are listed - so my orders simply do not get executed until I am the only order at the inside price. This may not be true for large stocks or for all traders, but I place lots of trades on illiquid exchange traded stocks and apparently UBS makes more money by placing them on the NASDAQ. Schwab usually claims that Smartex will place the trades where they will get the best execution - defined as the place where the security trades the most. It is not true. You can tell when Schwab people are lying: their lips move. I believe it is order flow payback to UBS. I hope things change when CT is merged in. In my experience, SS Pro can not be used to route directly a limit order that is not immediately executable. So usually when I want to place a limit order on the NYSE or AMEX I am forced to call a live broker and pay higher fees. When i try to place trades on illiquid NYSE stocks using SS Pro the order gets put out on some obscure OTC place. Many of the securities that I trade get most of their executions on the exchange where they are listed - so my orders simply do not get executed until I am the only order at the inside price. This may not be true for large stocks or for all traders, but I place lots of trades on illiquid exchange traded stocks and apparently UBS makes more money by placing them on the NASDAQ. Schwab usually claims that Smartex will place the trades where they will get the best execution - defined as the place where the security trades the most. It is not true. You can tell when Schwab people are lying: their lips move. I believe it is order flow payback to UBS. I hope things change when CT is merged in.

]]> by: TheStockBandit http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-30680 Mon, 15 Oct 2007 03:27:21 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-30680 Hey Jack, All I know is that once the integration takes place that functionality will be there. As long as you can determine who to route through, you can send the appropriate order to that venue (ie, an ARCA-directed short sale). I don't currently trade on SS Pro, so that functionality might or might not be there now. However, Schwab has access to NSDQ, BTRD and ARCA so what other ECN's would you need? I'll say again though, CT has been far more aware of the integration details than Schwab thus far. That's because all CT clients will continue to deal with the same personnel based in the Austin, TX branch which is currently CT HQ. If you're not a CT client now, then you probably aren't getting the most accurate info. Why else would they call it "direct-access" trading? And believe me, I'd definitely be looking for a different broker if I can't short through ECN's! Jeff Hey Jack,

All I know is that once the integration takes place that functionality will be there. As long as you can determine who to route through, you can send the appropriate order to that venue (ie, an ARCA-directed short sale). I don’t currently trade on SS Pro, so that functionality might or might not be there now. However, Schwab has access to NSDQ, BTRD and ARCA so what other ECN’s would you need?

I’ll say again though, CT has been far more aware of the integration details than Schwab thus far. That’s because all CT clients will continue to deal with the same personnel based in the Austin, TX branch which is currently CT HQ. If you’re not a CT client now, then you probably aren’t getting the most accurate info. Why else would they call it “direct-access” trading?

And believe me, I’d definitely be looking for a different broker if I can’t short through ECN’s!

Jeff

]]> by: Jack Pearson http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-30674 Mon, 15 Oct 2007 02:43:07 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-30674 You can't short thru ECN'S with streetsmart pro. Call them before you say I'm wrong. You can’t short thru ECN’S with streetsmart pro.

Call them before you say I’m wrong.

]]> by: TheStockBandit http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-19603 Thu, 02 Aug 2007 21:35:37 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-19603 Schwab has a blackout period for the SmartEx orders, but it's a direct-access platform so anyone using SS Pro can route orders directly to other venues, like ARCA. The direct-access venues are NOT shut down during the blackout periods, and in my opinion anyone using a direct-access platform ought to be using the direct-access routing. So while a SmartEx order on SS Pro may be rejected after the bell, you can still use ARCA, NSDQ, etc. and get out immediately. And it sounds like you know this but CyberTrader Pro has no blackout period for their CyberXchange orders, so who knows, maybe by integration time that could be the case with Schwab? At any rate, anyone trading GOOG after hours and not using ECN's to route their orders is missing out on where the liquidity is, whether you're using SS Pro or CT Pro. Schwab has a blackout period for the SmartEx orders, but it’s a direct-access platform so anyone using SS Pro can route orders directly to other venues, like ARCA. The direct-access venues are NOT shut down during the blackout periods, and in my opinion anyone using a direct-access platform ought to be using the direct-access routing. So while a SmartEx order on SS Pro may be rejected after the bell, you can still use ARCA, NSDQ, etc. and get out immediately.

And it sounds like you know this but CyberTrader Pro has no blackout period for their CyberXchange orders, so who knows, maybe by integration time that could be the case with Schwab?

At any rate, anyone trading GOOG after hours and not using ECN’s to route their orders is missing out on where the liquidity is, whether you’re using SS Pro or CT Pro.

]]> by: CyberTrader#1 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-17910 Tue, 24 Jul 2007 04:09:28 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-17910 Everyone listen to me please. Schwab needs to allow continuous trading without the 15 minute blackouts before and after regular session just as CyberTrader does. I know a ton of people that lost in GOOG because the selling was down 25 points within 8 minutes after the bell and Schwab traders could no nothing til 4:15. Trade station is my alternative if Schwab can't get it together for high intensity traders coming from CT. Everyone listen to me please. Schwab needs to allow continuous trading without the 15 minute blackouts before and after regular session just as CyberTrader does. I know a ton of people that lost in GOOG because the selling was down 25 points within 8 minutes after the bell and Schwab traders could no nothing til 4:15. Trade station is my alternative if Schwab can’t get it together for high intensity traders coming from CT.

]]> by: TheStockBandit http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-13602 Mon, 25 Jun 2007 16:49:47 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-13602 I am only aware of per-share pricing being negotiated. Not tickets. Per-share is better pricing for the times when you get partial fills on orders so that you don't pay a flat ticket rate but only for the shares you were executed for. So if you want to buy 1000 shares and you only get filled for 500, per-share pricing would mean you pay $3 instead of $6 with per-ticket pricing. So given that per-share pricing is negotiable and you only pay for what you're executed for, it is a better deal. As for what I meant with 'trading style', a guy who buys 300 shares and sits in the trade for a month would care about this far less than a guy who trades a few hundred thousand shares daily. I am only aware of per-share pricing being negotiated. Not tickets.

Per-share is better pricing for the times when you get partial fills on orders so that you don’t pay a flat ticket rate but only for the shares you were executed for. So if you want to buy 1000 shares and you only get filled for 500, per-share pricing would mean you pay $3 instead of $6 with per-ticket pricing. So given that per-share pricing is negotiable and you only pay for what you’re executed for, it is a better deal.

As for what I meant with ‘trading style’, a guy who buys 300 shares and sits in the trade for a month would care about this far less than a guy who trades a few hundred thousand shares daily.

]]> by: Johnnie http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-13598 Mon, 25 Jun 2007 16:44:58 +0000 http://www.thestockbandit.net/2007/04/25/cybertrader-schwab-integration/#comment-13598 Since you say both per share or per trade comm's can be negotiated lets take discounts out of the equation. Can you tell me why all these traders are so stuck on per share trading? What do you mean by trading style? Doesn't it stand to reason that they must trade less then 2000 share tickets? Since you say both per share or per trade comm’s can be negotiated lets take discounts out of the equation.

Can you tell me why all these traders are so stuck on per share trading?
What do you mean by trading style?
Doesn’t it stand to reason that they must trade less then 2000 share tickets?

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