TD Ameritrade TidBits - Email Exchange

DMR

Dave Redding
Below is an exchange between myself and TD_Ameritrade. Also there are a few comments from NightOwl towards the end. TD Ameritrade is not the optimal place to trade futures. There has been no interruption in my currency future trades.



TD's Answer to my question on /CL and /QM

Hello,
After the recent and historic volatility in the oil markets our Risk teams decided that July contracts on CL and QM would be set to closing only. You are still able to trade the August contracts and onwards.
Regards,
Suhail P.
Trader Support, Trader Services

TD Ameritrade

800-672-2098

Brokerage services provided by TD Ameritrade, Inc., member FINRA/SIPC. Futures, futures options, and forex trading services provided by TD Ameritrade Futures & Forex LLC, member NFA. Not an offer or solicitation to conduct business in any jurisdiction where we are not authorized to do business. Communications may be subject to review.


Original Message Follows:
------------------------
Form Message
FULL_NAME: dave r
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Hi,

Can you give me an explanation why my account rejects {new} futures contract trades on /QMN20 and /CLN20 ?

Is this temporary? or permanent?

Thanks, Dave




I asked NightOwl for Comments.

Hi Dave –

Thanks for writing in.

I suggest you find a different brokerage for handling your futures trades – one that actually is a futures FCM, rather than an equity house with a relatively minor presence in the sphere of futures trading.

Interactive Brokers allows traders to open trades in Jul CL and QM. So does NinjaTrader, Striker Securities, and Infinity Futures.

The issue you’ve described at ToS is unique to TD Ameritrade, due to the bath their firm took in the final day of trading the May CL contract to avoid taking physical delivery of raw crude oil. Ever since, ToS has not allowed spec traders to open positions in the front month CL/QM contracts.
 

Night Owl

Moderator
Staff member
Hi Dave –

I suggest you find a different brokerage for handling your futures trades – one that actually is a futures FCM, rather than an equity house with a relatively minor presence in the sphere of futures trading.

Interactive Brokers allows traders to open trades in Jul CL and QM. So does NinjaTrader, Striker Securities, and Infinity Futures.

The issue you’ve described at ToS is unique to TD Ameritrade, due to the bath their firm took in the final day of trading the May CL contract to avoid taking physical delivery of raw crude oil. Ever since, ToS has not allowed spec traders to open positions in the front month CL/QM contracts.

Regards,
Mark.

With kind regards,
For Markusha Oil & Trading Company, LLC

Mark Ansel
Developer of the Night Owl™ Trading Model
 
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