Sean HymanKeymasterNovember 9, 2020 at 9:43 AMPost count: 4541
The biggest of brokers are having problems with today’s unusual volatility and volume surge, including Fidelity, Schwab and Ameritrade. So, just be aware of that if there are any hiccups/delays on your platform during this time.Andrew DavenportParticipantNovember 9, 2020 at 9:47 AMPost count: 51
Ah, that’s why I can’t log into my TDAmeritrade app on my phone. I had to log into my computer to make my trades today. I like the app for the simplicity, computer web pages are so cluttered. Thx for the update.Daneil BerrethParticipantNovember 9, 2020 at 10:04 AMPost count: 12
Thanks! I could not figure out why I wasn’t able to log in on my phone! Finally switched to my PC and it worked fine. I appreciate all you do for us!Sean HymanKeymasterNovember 9, 2020 at 10:12 AMPost count: 4541
Yeah, I’m sure more trade by phone than computer these days. So it’s always good to do what you did and switch to computer in those times.Lawrence FuraParticipantNovember 9, 2020 at 10:56 AMPost count: 25
It is good to know that even the real big guys were having trouble. I was trying to sell SAN this morning and Ally Invest who I use was struggling to show me my portfolio and current pricing and I could not even get it to take my sell order and ultimately found I could submit is successfully from my phone but then the order just sat there as an open market order for probably 20 minutes before it finally filled at $2.50. It is hard when you get used to having things happen instantly. Minutes seem like days as you watch the price fluctuate and hope that it fills before the price drops.Sean HymanKeymasterNovember 9, 2020 at 10:59 AMPost count: 4541
Keep in mind, there’s a fill and a reporting back of that fill. The fill can happen (in fast markets) much quicker than the reporting back of it. If you ever have any questions if an order has filled, be sure to contact your broker first. And never put in a 2nd sell order.
Yeah, Ally (in my opinion) is no Ameritrade or Schwab. But even the best have short-term struggles in crazy volatility in the short-term.Lawrence FuraParticipantNovember 9, 2020 at 11:42 AMPost count: 25
Many years ago I had a sharebuilder account. But then they were selling and when I was researching trading fees etc. Ally seemed to come out ahead and I already had a banking relationship so it makes it nice because it is all in one place. I do also have a solo 401K over at fidelity and they seem ok.
But I guess based on your system with average down points and all that it becomes a pain with Ally and somewhat with fidelity because their Good Until Cancelled orders all have expiration dates. Ally is only 60 days. Fidelity is better with 180 days.
But neither one seems to allow you to have multiple outstanding Good Until Cancel orders for the same shares at different price levels.
Sean do you (or anyone else) know for sure if either Ameritrade or Schwab (or someone other big broker) support having multiple Good Until Cancelled Limit Buy orders? and do either actually support having them be truly good until cancelled with no expiration date??
Also can you put in a sell limit order at the same time you have open buy orders. It would be nice to just be able to set all this stuff at once when we first enter a position and just trust that it will execute and wait for the next next average down or hit some ultimate sell point and trigger the sell?Sean HymanKeymasterNovember 9, 2020 at 11:48 AMPost count: 4541
Commissions are only one dynamic. Bid/ask spreads are another and slippage (fill price vs market quote at the time) is another. There are many more costs than commissions. And now there are no more commissions.
Schwab and Ameritrade both have banking too.
Every broker will usually have some form of expiration date for limit orders. They don’t want them eternally on their books. So they put a time limit. Each broker can vary on their time-frame these days. In the old days it was a 60-day standard.
Again, Ally or Fidelity are no Schwab/Ameritrade. It’s why they’re never in my recommended brokers list.
Some brokers allow “OCO orders” (one cancels the other). Meaning that if you have a sell order triggered, it cancels your outstanding buy orders.David GadouryParticipantNovember 9, 2020 at 11:53 AMPost count: 14
For Fidelity, you can read more about Advanced Order types here – https://www.fidelity.com/trading/faqs-order-types
Regarding “But neither one seems to allow you to have multiple outstanding Good Until Cancel orders for the same shares at different price levels”, in my Fidelity account, I’m able to set up multiple GTC orders for the same stock. You might want to give Fidelity a call to resolve.Sean HymanKeymasterNovember 9, 2020 at 11:54 AMPost count: 4541
That’s because Fidelity is no Schwab or Ameritrade. They just don’t make the cut.LingParticipantNovember 9, 2020 at 1:03 PMPost count: 171
I am with Schwab. I like it very much. GTC order is 60 days. I can set up multiple orders at different prices buy and sell for the same stock.Sean HymanKeymasterNovember 9, 2020 at 1:08 PMPost count: 4541
Yep, its order entry choices are superior to many brokers. So is Ameritrade. Agreed.Lawrence FuraParticipantNovember 9, 2020 at 1:15 PMPost count: 25
Sean can you expand on your comments about Bid/Ask spreads and slippage (fill price vs market quote at the time).
Are you saying that Bid/Ask prices are different at different brokerages? If so is that because they are filling your orders against other customers with that same brokerage so they can offer narrower spreads or something? I do know when I trade my fidelity account they talk about price improvements on some trades. Is that sort of what you are talking about?
And as far as slippage is that also because they might not be filling against other customers and so it takes longer to process so the price may change more during that time if it is more volitile?
Also thank you David Gadoury for your comments. I will have to look in to that with stuff with Fidelity more to see if maybe I am just missing something.Sean HymanKeymasterNovember 9, 2020 at 1:35 PMPost count: 4541
Yeah. The way a broker routes orders…the number of market makers they have access to. How “intelligently” they route those orders, etc. all has to do with the spread between the bid (sell quote) and ask (buy quote) from your broker. The market maker makes that spread. That’s a cost. However, if your broker is great, they know how to narrow those spreads on your behalf by intelligent order routing and having agreements with many market makers.
In a fast market, your fills could be delayed due to a long line of orders ahead of you. BUT another scenario can also happen too. You can have your order filled, but due to the fast market, there can be delays on the reporting back of that filled order. Everything functions differently in a fast market (not as efficiently, due to the excessive, unusual order flow load).
The quality of fill can vary from broker to broker, yes. Commissions are only the obvious cost. But then there’s market making spreads and slippage. slippage is the difference (outside of a fast market condition) in the quote you see and the fill you get.
It’s why I only suggest TWO brokers: Ameritrade and Schwab. And in a few years, they’ll be consolidated into one, since they’ve recently merged but still function independently at this point. There are no other brokers that I believe do for you what these two do. Interactive Brokers is good too, but they don’t offer as much help and are really for very seasoned traders, mostly.
Fidelity doesn’t make the cut.
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