Anyone use Ameritrade?

[Cigarlover]

2001 was the last year I traded. I was using a day trading platform back then so had access to lvl 2.. I'm probably not going to be doing any day trading for now. Probably longer term positions in some metal stocks.
So lets hear the good bad and the ugly about Ameritrade or recommend others if you feel they are better.

 

[Cigarlover]

2001 was the last year I traded. I was using a day trading platform back then so had access to lvl 2.. I'm probably not going to be doing any day trading for now. Probably longer term positions in some metal stocks.
So lets hear the good bad and the ugly about Ameritrade or recommend others if you feel they are better.

 

[keef]

I stopped trading years ago, its quicker at the casino. but there are commission free trades on options today. get ur money n run my friend.

 

[Goldhedge]

I'm 'using' it only because Scottrade sold out.

Their platform sucks IMO. I liked Scotts. It was easy to navigate.

I don't have a lot there and don't know where else to move it to that would be any better - though I am open to suggstions.

Just not Robinhood.

When I buy gold shares I move them to a transfer agency in my name.

 

[Cigarlover]

I'm 'using' it only because Scottrade sold out.

Their platform sucks IMO. I liked Scotts. It was easy to navigate.

I don't have a lot there and don't know where else to move it to that would be any better - though I am open to suggstions.

Just not Robinhood.

When I buy gold shares I move them to a transfer agency in my name.

Is that cheaper than just requesting the shares be sent to you?

 

[edsl48]

I started with the old Waterhouse Securities started by former Marine Larry Waterhouse who said he was going to run a securities firm like the Marines namely mean and lean. Back then Commissions would often be in the hundred dollar range for the retail consumers but Larry offered trades for $35.00 that dramatically changed the industry. Subsequently the Toronto Dominion Bank bought the company renaming it TD Waterhouse securities. Now after assorted gimmicks by the Toronto Dominion Bank et al it is back on the market as TD Ameritrade. I believe it is planning to merge with Schwab in the near future. I have always had great service from them and being they have a local branch within a mile or so to me they are very convenient and the people there are always friendly.
The same strip mall TDA is in has an EB Jones office too. EB Jones still is relatively commission heavy these days but many prefer the services of a broker that "gives advice." However as Larrty Waterhouse once said "If I knew anything for sure about t he market I wouldn't be operating a brokerage firm." So from my end great service over the years however my guess is a lot depends on your local branch manager.


RIP Larry
WATERHOUSE--Lawrence M., Jr. Lawrence M. Waterhouse Jr., passed away suddenly on January 24 in Jupiter, Florida where he resided. Lawrence 'Larry' was born on May 3, 1937 to Dr. Lawrence M. and Winifred Rose Waterhouse in Queens, NY. There he attended Immaculate Conception Catholic Academy and Bishop Loughlin High School in Brooklyn. He then enrolled at Villanova University, graduating in 1959 with a B.A. in History. While in college, Larry was a cadet in the ROTC program and upon graduation, he was commissioned as an officer in the United States Marine Corps. He married Marjorie Jane Mulvehill and they began their life together stationed first in Quantico, VA followed by his permanent assignment at the Marine Corp Air Station in Kaneohe Bay, Hawaii. While serving in the Marines, Larry would go on to achieve the rank of Lt. Captain and was honorably discharged in 1962. It was in Hawaii that the family started taking shape, as first daughter, Christine Alani, was born. Two years later, the Waterhouses welcomed a second daughter, Jennifer Ann. Three more years marked the arrival of identical triplet sons, Lawrence Michael III, Kevin Charles and Patrick Robert. Later in life Larry married a second time to Christine (Tina) Waterhouse, adding to the fold her two children from a previous marriage, Caroline and Stuart Woody. In his twenties, Larry began his career in finance in the competitive training program of Chemical Bank. He rose rapidly in the ranks to become one of the youngest Vice-Presidents in the history of the bank. Larry was recognized for his ability to deliver for his clients. He established a relationship with one very important Chemical client, Jerome Belson, a bond which Larry said was more like that of a father and son. It was a wonderful relationship that lasted throughout their lives. After the Securities Act Amendments of 1975 deregulated commissions, Larry had the vision to create a discount brokerage firm, providing access to financial services to all. Along with his family, his good friends Jerome Belson, Tony Pace and partner, Edward Nicoll, Larry founded Waterhouse Securities Inc. Waterhouse Securities was known for its low commissions, free investment research and unparalleled customer service. Larry at the helm would go on to write all the company advertisements and instill a culture that transformed the industry. In 1987 Waterhouse Securities, Inc went public and was listed shortly after that on the New York Stock Exchange, thereafter to be known as Waterhouse Investor Services. The capital raised would allow Larry to grow the company to 200 offices and $300 billion in customer assets. His vision and the culture of Waterhouse Investor Services would propel it to the second largest discount broker in 1995 and a listing in Forbes Magazine as one of the best small businesses in America. Larry, over the years, would create a self-clearing company, an institutional advisor, a National Bank, and a mutual fund company. Arguably, his greatest success was the culture he created for the customer and his associates. The "Customer was King," was his motto, and there were no employees at Waterhouse; they were known as associates. Associates were owners of the firm and ensured its success by taking care of their customers first. Larry loved both his associates and customers like family and whatever they needed to achieve success, they were sure to receive. His values, his vision and uncanny ability to understand human nature guided him to "do the right thing" (his maxim), and because of this, a wonderfully successful company was built. Toronto Dominion Bank thought Waterhouse Investor Service was such an outstanding business that it began its courtship. In 1996 Toronto Dominion purchased Waterhouse Investor Services and operated under its new name, TD Waterhouse. TD Waterhouse continued as a leader in its industry. Larry did not rest on his business laurels. He used his success to contribute to the success of others through his philanthropic activities. Besides supporting many charitable organizations, he established the Waterhouse Family Foundation, which donates funds to needy students and to schools, both high school and college. He created the Waterhouse Family Institute housed within Villanova's department of Communications. Its goal is to serve as the center for communication scholars working to create a more just social world. For all of his philanthropy at Villanova, Larry received an Honorary Doctor of Laws degree in 2004. Larry was renowned for his intellect, his business savvy, his generosity, his good looks, his creativity and his sparkling wit and sense of humor. But he was also a gifted and talented athlete. He dominated in such sports as tennis and golf, but especially in platform tennis, or paddle as most call it. Besides winning many club and county tournaments, in 1997, Larry and his long time friend, Richard Lombard, won the Senior Platform Tennis National Championship. He truly was "the Father of Paddle" as many joked. The three most important things in Larry's life were his friends, his faith and his family. Larry had beautiful life long friends from work, college, the Marines, and, of course, Sleepy Hollow and Loxahatchee country clubs. Larry loved his faith and was devoted to St Anthony. But most of all, Larry loved his family. To all his children, their spouses, and his grandchildren, he left a legacy that they embrace wholeheartedly. Larry is survived by his wife, Tina, his ex-wife Marjorie McGahren, seven children and twenty-six grandchildren, all who adore him and will miss him greatly.

 

[dacrunch]

I used to use TDAmeritrade and Etrade 10-15 years ago without any trouble, also for futures options. Then quit gambling because the game is rigged by the big players...
Probably still have a few stocks and funds there. I really should check haha... Same thing with my Kitco account.

 

[ZZZZZ]

I'm not an active trader, but I do use TD Ameritrade. Their Think or Swim platform is kind of quirky and hard to master. Too much bullshit stuff gets in the way.

But they're good insofar as they don't play games with derivatives and other crap with their customers' funds.. Big guys like Wells Fargo, JP Morgan, etc use their client's money to operate as gargantuan hedge funds. No thank you.

Interactive is my main account. Check 'em out. https://interactivebrokers.com/en/home.php
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[ttazzman]

I'm 'using' it only because Scottrade sold out.

Their platform sucks IMO. I liked Scotts. It was easy to navigate.

I don't have a lot there and don't know where else to move it to that would be any better - though I am open to suggstions.

Just not Robinhood.

When I buy gold shares I move them to a transfer agency in my name.

I'm 'using' it only because Scottrade sold out.

Their platform sucks IMO. I liked Scotts. It was easy to navigate.

I don't have a lot there and don't know where else to move it to that would be any better - though I am open to suggstions.

Just not Robinhood.

When I buy gold shares I move them to a transfer agency in my name.

that fits my experience

 

[specsaregood]

I'm content with schwab, it works.

 

[Goldhedge]

Is that cheaper than just requesting the shares be sent to you?

No not cheaper. It attaches my name to the shares. If the broker goes belly up I have no 'claim' per se to the shares because I signed a POA for them to trade for me. It could take years to prove I own the shares.

I haven't asked for the shares to be sent to me yet.

The way I understand it is the brokerages who buy and sell stocks for you. If you want the actual certificates you have to contact the transfer agent the company you bought shares in uses. Then they contact the brokerage and ask for the shares. They'll hold them in your name until you ask for the shares.

There are several (a lot?) transfer agencies out there. So you have to do some digging to figure out who. I have shares in TRX which was using Computershare out of Canada and now TRX switched to Odysseytrust.

You'd think it would be easier, but in today's digital marketplace there's all these steps to take.

 

[Cigarlover]

Can someone merge this double post? I didn't realize this posted twice.

 

[gringott]

I have retirement IRA accounts with Vanguard.
They now have free trades of stocks.
For example, you transfer $1k to an account electronically.
Then you type in the stock symbol and the amount of shares you want.
Then what price you will by at.
It gives a total which should equal or be less than your $1k.
When the market is open it will automagically buy if it hits your price.
Or you can put in market and it will execute at current price.

Of course, you can do orders to sell or buy based on price, they execute if it happens or they normally expire in 60 days or what you specify.
Very bare bones and not complicated.
Perhaps too simple for your needs.
If you need help, they are there and very polite.

 

[ttazzman]

adding to previous post......i have yet to recieve any charges for trading on ameritrade since they took over for scottrade ....i dont trade a lot and i know they gave us 50 free trades at the switch over ...but i think they went totally free later........the issue i have with ameritrade is they do not offer some of the more obscure trades i like to make online ...i really havent done any day trading to know how timely the trades are to the market during the day

 

[Timekeeper35]

2001 was the last year I traded. I was using a day trading platform back then so had access to lvl 2.. I'm probably not going to be doing any day trading for now. Probably longer term positions in some metal stocks.
So lets hear the good bad and the ugly about Ameritrade or recommend others if you feel they are better.

I have been using Ameritrade for 15+ years with no issues. My 401K was with Fidelity and I converted it to an IRA after I retired. No issues with them either.

 

[Scald]

Schwab is merging/buying Ameritrade, but dont know how much it will change things.

 

[MrLucky]

Vanguard. Trades are limit, stop, market, expires at end of day or GTC (good till cancel) which is 60 days. Simple stuff. I keep a cash reserve with them so I can move quickly.

 

[Cigarlover]

I was checking out interactive. Thanks Zzzzzzz. Looks like you can trade lots of things there. I didn't see any info on OTC stocks but I wouldn't be trading many of those anyway. I like the fact that you can trade futures in the metals and forex.

 

[Strawboss]

I use IB because it doesnt have all the BS that the retail brokerages bake into their offering...
You pay for what you need - and it gives you access to pretty much all markets - anywhere in the world...

 

[Cigarlover]

I use IB because it doesnt have all the BS that the retail brokerages bake into their offering...
You pay for what you need - and it gives you access to pretty much all markets - anywhere in the world...

Can I buy a silver futures contract in NY and sell it in HK?

 

[ZZZZZ]

Can I buy a silver futures contract in NY and sell it in HK?

Yes.

IB gives you everything in one account. You can pretty much buy anything: stocks, options futures, options on futures, around the world on the local exchange in the local currency.

No problem at all with OTC pink sheets.
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[Lancers32]

I'm content with schwab, it works.

Second that. I know you said you don't want to trade short term but the money from trades clears on the second morning. You sell on a Monday the money is available Wednesday pre market.

 

[Farpdinkle]

I have a TD-A account that was transferred over when they bought out Scottrade whom i had originally used. I tried to call them to get a question answered and was asked to punch in my 9-digit account number. Well, my acct# is only 8 digits. What to do?

So, I tried calling a local office in Minneapolis. They are "closed due to the virus." So I called back the 800#, but this time hit the extension that was for "You don't know your 9-digit # and was told the wait time is 44 minutes.

Once I get to a real person and get stuff in the position I want, I'm contemplating getting out of TD-A...due to the virus, of course

 

[Voodoo]

I have a TD-A account that was transferred over when they bought out Scottrade whom i had originally used. I tried to call them to get a question answered and was asked to punch in my 9-digit account number. Well, my acct# is only 8 digits. What to do?

So, I tried calling a local office in Minneapolis. They are "closed due to the virus." So I called back the 800#, but this time hit the extension that was for "You don't know your 9-digit # and was told the wait time is 44 minutes.

Once I get to a real person and get stuff in the position I want, I'm contemplating getting out of TD-A...due to the virus, of course

Did you try adding a zero to the beginning or end of the number? I'd try at the end first.

 

[Farpdinkle]

No, and I'm in about 20 minutes already; so I'm surfing while waiting. In my surfing, it looks like Fidelity may be the better service. I'm sure that even if adding a 1 or zero worked, I'd still have a 40 minute wait time to talk with an actual person...?

 

[ttazzman]

No, and I'm in about 20 minutes already; so I'm surfing while waiting. In my surfing, it looks like Fidelity may be the better service. I'm sure that even if adding a 1 or zero worked, I'd still have a 40 minute wait time to talk with an actual person...?

i had a lot of cost basis issues not being transfered when they did the switch over ....i had pretty good luck with the representative i spoke to on a very complex issue after i finally got to a human

 

[Farpdinkle]

Finally was able to talk to a person. He was very helpful and I got my sells and one buy done. They used to have an office closer to me than the one in Mpls. It worked a lot better back then. the trouble is that I don't use the buy/sell stuff often enough to be comfortable doing trans actions the few time I want to do them--and i guess that's on me.

 

[ttazzman]

Finally was able to talk to a person. He was very helpful and I got my sells and one buy done. They used to have an office closer to me than the one in Mpls. It worked a lot better back then. the trouble is that I don't use the buy/sell stuff often enough to be comfortable doing trans actions the few time I want to do them--and i guess that's on me.

when i was having my issue i went to the local ex scottrade office and they couldnt do anything other than take a deposit check ...it was a working office in name only.....they would dial a # and get me to a broker though without a wait ....

 

[Cigarlover]

Been looking at all of the recommendations. IBroker is out. Couldn't install their platform on my desktop and web based browser doesn't work very well.
TD ameritrade installed and is working very well. If I stick with it there is definitely a learning curve but nothing that I cant handle. Started trading with the paper account today. Up 2 1/2% for the day. Mostly on futures trades.

Just took a look at schwab. Their demo looks pretty good and feels very intuitive. The screen looks like just what I am looking for as well. TD Ameritrade I need to install some bionic eyes to see that stuff.. I'm sure there is a way to make all the adjustment I want on there though so I cant dis them yet. :).

Anyone know if Ameritrade or Schwab lets you trade foreign markets? That was one attraction for Ibroker.

 

[ttazzman]

Been looking at all of the recommendations. IBroker is out. Couldn't install their platform on my desktop and web based browser doesn't work very well.
TD ameritrade installed and is working very well. If I stick with it there is definitely a learning curve but nothing that I cant handle. Started trading with the paper account today. Up 2 1/2% for the day. Mostly on futures trades.

Just took a look at schwab. Their demo looks pretty good and feels very intuitive. The screen looks like just what I am looking for as well. TD Ameritrade I need to install some bionic eyes to see that stuff.. I'm sure there is a way to make all the adjustment I want on there though so I cant dis them yet. :).

Anyone know if Ameritrade or Schwab lets you trade foreign markets? That was one attraction for Ibroker.

Scottrade/Ameritrade required me to call in to do for example pink sheets ...TSX etc trades ...i never went any more foreign than that but other than having to call in they supported the trades in the online portfolio etc fine

 

[ZZZZZ]

Anyone know if Ameritrade or Schwab lets you trade foreign markets? That was one attraction for Ibroker.

AFAIK IB is the only discount broker with complete and easy access to stocks on foreign exchanges, I think 18 in all. I buy Canadian and Australian mining stocks on their home exchanges rather than US pinks. More liquidity on the home exchanges, though commissions are a bit higher.

I'm pretty sure you can buy foreign stocks through the Big Boys such as Goldman, JP Morgan etc, but you have to do it manually with a call to a broker. That's soooo 1970s. And with fat trade commissions.
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[gringott]

Had two limits in Vanguard, picked the dip great. Right on time. I am satisfied.

 

[Cigarlover]

I like the think or swim platform for the most part. I'm not an expert on it bu it seems to work just fine and the level of detail you can get in your charts is as good as anything I have ever used. Order execution is a bit wonky for day trading but for investing and placing limit orders it's fine.. There's probably shortcuts for day trading as well but I probably wont use them for trading. I'd be subject to the PDT rules there. I could probably trade futures there and have been on paper anyway. For now I will open an account with TD just for buying and holding stocks.

I'm looking at Optimus for trading futures. I'll spend the next couple of weeks working on their platform and then report back here on how I like it.