I am in talks with their staff about moving my trading to Fidelity and they are offering SPX options for $.65 per contract plus a small transaction fee of between $.03 to $.10 per contract with no other commissions. They are open to negotiation on the fees depending on your volume and amount of money deposited. I have been using TOS before it was sold to TDA and love the TOS platform but the added fees are really increasing my costs. I've been playing with their Active Trader Platform and wanted to see if anyone else is using the desktop. What do you think about it? Setting up orders. Execution. Canceling and Replacing.....
Fidelity Active Trader
- Thread starter RandyS
- Start date
I think you meant to say Schwab
It's ok if you move most of your account to Fidelity but I would advise against closing the TOS account I would keep just the minimal amount there so you can use the analyze graph since Fidelity doesn't have one
I have not used the Desktop version much since I don't have that installed at work so I am using the web version
It's a little bit clunky the way it's set up but it gets the job done for me anyway
I have only used it for put spreads so I have no knowledge of how it works with more complex strategies You may want to ask them about it before you make your move
One thing I don't like is when I try to place a short put spread the first one that comes up by default is the long leg and cannot be changed which is opposite of other brokerages and can cause a mistake if you are not paying attention so I just use the single leg option and enter my short leg first than add the long leg after that
Canceling an order is also a bit difficult at least on the web platform because if you just click on one of the legs it does not automatically select the spread you have to go through another page so I try not do that
Closing a spread can be done but rolling a spread I am not sure so you may have to do it in 2 steps
Also when closing a spread there is no qty by default so you have to enter that manually before sending the order
Also when you do a spread you don't get the mid price so I am using the mid price from TOS as a reference which is another reason to keep TOS
Thanks for your reply. I was using TOS when Scott Sheridan and Tom Sosnoff owned it and they sold it to TDA. The only reason I am thinking of leaving is because they jacked my costs up almost 70%. When I asked for a rate reduction due to my volumn they denied it and later called back and apologized giving me $.50 commission plus the exchange fees. That is still an increase of 50%. I will still keep one account in TOS/TDA to use the analyzer plus I have ONE too.
I have been discussing the Fidelity Active Trader Platform with one of their representatives and have a screen sharing session set up for Monday to have an experienced staff member walk me through the best way to place complicated spread trades like Calendars, Flies, and how to roll positions. Stuff like that. They say they have an allocation tool that allows you to allocate trades to different accounts.
They told me that the web platform is not the best way to trade spread but to down load the Active Trader Pro platform. Have you used that?
I have been discussing the Fidelity Active Trader Platform with one of their representatives and have a screen sharing session set up for Monday to have an experienced staff member walk me through the best way to place complicated spread trades like Calendars, Flies, and how to roll positions. Stuff like that. They say they have an allocation tool that allows you to allocate trades to different accounts.
They told me that the web platform is not the best way to trade spread but to down load the Active Trader Pro platform. Have you used that?
As long as you have some kind of analyzer you can use any brokerage
Yes I have the Active trader pro installed on the desktop but as I mentioned I rarely ever use it
I would be interested to hear what they have to say about how to place complicated strategies
I agree the platform is somewhat better because it has more functionality but I don't see any difference as far as the spread default order page
Leg 1 is always the buy order so if you want to do a short vertical you have to place the short on leg 2 while on TOS you place the short normally on the first leg
As far as flies and condors you can set them up directly but I have not seen any calendar or diagonal strategies but you should be able to set them up manually by doing a custom order which is four legged and than set up the strikes and delete the other 2 legs that you don't need or you can start with a single leg and add another leg after that
That's how I enter my spread because I want to select the short side first and when you do single legs than you can select from 4 options buy/sell open/close unlike the spread where you can only buy open/close the first leg
This allocation tool is that on the Active trader pro platform or is this a separate tool ?
I don't see any allocation tool on this platform
Not that I need to use it since I only have one account I was just curious
There is something called Manage groups where I suppose you can group some of your accounts together but I am not sure if you can allocate a certain trade to each account if that's what you were thinking
Yes I have the Active trader pro installed on the desktop but as I mentioned I rarely ever use it
I would be interested to hear what they have to say about how to place complicated strategies
I agree the platform is somewhat better because it has more functionality but I don't see any difference as far as the spread default order page
Leg 1 is always the buy order so if you want to do a short vertical you have to place the short on leg 2 while on TOS you place the short normally on the first leg
As far as flies and condors you can set them up directly but I have not seen any calendar or diagonal strategies but you should be able to set them up manually by doing a custom order which is four legged and than set up the strikes and delete the other 2 legs that you don't need or you can start with a single leg and add another leg after that
That's how I enter my spread because I want to select the short side first and when you do single legs than you can select from 4 options buy/sell open/close unlike the spread where you can only buy open/close the first leg
This allocation tool is that on the Active trader pro platform or is this a separate tool ?
I don't see any allocation tool on this platform
Not that I need to use it since I only have one account I was just curious
There is something called Manage groups where I suppose you can group some of your accounts together but I am not sure if you can allocate a certain trade to each account if that's what you were thinking
@RandyS : Can you confirm that Fidelity will NOT pass on the Exchange Fees for SPX and SPXW option trades? (If true, then it seems Fidelity may the the only broker not passing the Exchange fees on after the new year!) Reading between the lines, I am guessing that " jacked my costs up almost 70%. " is in reference to TDA's decision beginning in January to add the Exchange fees to SPX option trades.
Thnx for posting the updates!
Thnx for posting the updates!
Interesting! Please keep me (us) informed of your progress, and details as they get firmed up. Thnx.
Here is a link to their fees and commission. They say they have no commissions and the $.65 per contract is for the exchange fees on SPX. Until I have an account funded and make a trade then will know for sure. https://www.fidelity.com/trading/commissions-margin-rates
If Schwab is buying TDA and TOS I wonder why TDA would decide to makes it's SPX traders so mad? Unless they are trying to drive the stock price and EBIDA up before the deal goes through.
Yes, TDA actions are not congruent with common sense if taken for what is seen. Something else must be behind becoming unfriendly to options traders.
I'm looking around as well and found Choice Trade. Here is pricing:
www.choicetrade.com/ctpricing.php
but check this one out!
gcs-vimeo.akamaized.net/exp=1577691827~acl=%2A%2F1542491024.mp4%2A~hmac=634bee04df464f9ee6506441055cb83f9e24164e71cb947459c9b724251be16a/vimeo-prod-skyfire-std-us/01/2569/9/237847360/1542491024.mp4
Reserve all 90+ minutes!
I talked to them, they do have other features that are not touched in this video presentation, including great help for any trade alert services; because of that I wish Stratagem do the switch, but this is asking too much
. There are also few setbacks.
I hope Tom will find a place to schedule Round Table where we can ask questions. They are willing to come.
Not to say I'm recommending, but likely will check them out. They do have API.
I'm looking around as well and found Choice Trade. Here is pricing:
www.choicetrade.com/ctpricing.php
but check this one out!
gcs-vimeo.akamaized.net/exp=1577691827~acl=%2A%2F1542491024.mp4%2A~hmac=634bee04df464f9ee6506441055cb83f9e24164e71cb947459c9b724251be16a/vimeo-prod-skyfire-std-us/01/2569/9/237847360/1542491024.mp4
Reserve all 90+ minutes!
I talked to them, they do have other features that are not touched in this video presentation, including great help for any trade alert services; because of that I wish Stratagem do the switch, but this is asking too much
. There are also few setbacks.I hope Tom will find a place to schedule Round Table where we can ask questions. They are willing to come.
Not to say I'm recommending, but likely will check them out. They do have API.
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Yes, TDA actions are not congruent with common sense if taken for what is seen. Something else must be behind becoming unfriendly to options traders.
I'm looking around as well and found Choice Trade. Here is pricing:
www.choicetrade.com/ctpricing.php
but check this one out!
gcs-vimeo.akamaized.net/exp=1577691827~acl=%2A%2F1542491024.mp4%2A~hmac=634bee04df464f9ee6506441055cb83f9e24164e71cb947459c9b724251be16a/vimeo-prod-skyfire-std-us/01/2569/9/237847360/1542491024.mp4
Reserve all 90+ minutes!
I talked to them, they do have other features that are not touched in this video presentation, including great help for any trade alert services; because of that I wish Stratagem do the switch, but this is asking too much
I hope Tom will find a place to schedule Round Table where we can ask questions. They are willing to come.
Not to say I'm recommending, but likely will check them out. They do have API.
When I scroll over the $.40 per contract it says exchange fees are extra. Have you talked to them? Fidelity has offered me $.50 and might go lower.
I can tell you right now that it is correct because I have been trading with them for a little over a year now
The question is if that will change in the future
They have the right to change the fees anytime they feel like Nothing is etched in stone
It's good if they don't but don't be surprised if they do
Yes, TDA actions are not congruent with common sense if taken for what is seen. Something else must be behind becoming unfriendly to options traders.
I'm looking around as well and found Choice Trade. Here is pricing:
www.choicetrade.com/ctpricing.php
but check this one out!
gcs-vimeo.akamaized.net/exp=1577691827~acl=%2A%2F1542491024.mp4%2A~hmac=634bee04df464f9ee6506441055cb83f9e24164e71cb947459c9b724251be16a/vimeo-prod-skyfire-std-us/01/2569/9/237847360/1542491024.mp4
Reserve all 90+ minutes!
I talked to them, they do have other features that are not touched in this video presentation, including great help for any trade alert services; because of that I wish Stratagem do the switch, but this is asking too much
I hope Tom will find a place to schedule Round Table where we can ask questions. They are willing to come.
Not to say I'm recommending, but likely will check them out. They do have API.
Also the link keeps telling me access denied.
Thanks!!!
Make sure you scroll down to see the fine print for choice trade
There is a list of cash settled options including SPX, OEX, RUT and VIX, for which ChoiceTrade charges a surcharge of $1.00 per contract in addition to the regular commission. This surcharge does not apply for options on ETFs such as QQQ or SPY. $50 maximum commission per month excludes the cash settled option surcharge.
So for SPX $1.40 at choice trade and $1.30 or less at TD
I would say TD is still better even with the additional exchange fee
There is a list of cash settled options including SPX, OEX, RUT and VIX, for which ChoiceTrade charges a surcharge of $1.00 per contract in addition to the regular commission. This surcharge does not apply for options on ETFs such as QQQ or SPY. $50 maximum commission per month excludes the cash settled option surcharge.
So for SPX $1.40 at choice trade and $1.30 or less at TD
I would say TD is still better even with the additional exchange fee
Sorry for the broken link. Here is another one that should work,
just pick video library in the top row on the far right
and, again, top-right one called 'Options':
www.choicetrade.com
I know the prices. If you trade middle size+ you are paying $1 per SPX contract plus $50 per month (capped .40). This is not great but acceptable and better than new TOS on volume. As I talked to them they seemed to be willing to put some incentives for the group. I left this to discuss for Tom.
They don't have PM but are ok with European clients. What surprised me is their platform. I didn't have a chance to watch this recording before last night. I found many things done similar way I do it. Some features can be annoying but not necessary, some, I'd like to see are missing (or I missed them), some are superb. Another problem is that one will have to get used to CT (ChoiceTrade) platform to work effectively. Don't have any practical experience.
Hope for good presentation on RoundTable.
You are right, unfortunately nothing is written in stone. I wish I can sign contract with smbdy for a year for .65/contract and forget the whole thing.
just pick video library in the top row on the far right
and, again, top-right one called 'Options':
ChoiceTrade Elite Overview
Contact us at (877) 731-9114 for opening a new trading account or any other queries.
www.choicetrade.com
I know the prices. If you trade middle size+ you are paying $1 per SPX contract plus $50 per month (capped .40). This is not great but acceptable and better than new TOS on volume. As I talked to them they seemed to be willing to put some incentives for the group. I left this to discuss for Tom.
They don't have PM but are ok with European clients. What surprised me is their platform. I didn't have a chance to watch this recording before last night. I found many things done similar way I do it. Some features can be annoying but not necessary, some, I'd like to see are missing (or I missed them), some are superb. Another problem is that one will have to get used to CT (ChoiceTrade) platform to work effectively. Don't have any practical experience.
Hope for good presentation on RoundTable.
You are right, unfortunately nothing is written in stone. I wish I can sign contract with smbdy for a year for .65/contract and forget the whole thing.
Amen! > $1 per contract total costs (for SPX) is like bringing back slavery! (both may meet with significant resistance)