Bill, I do not understand your obsession with TOS. Yesterday I read this entire thread and you have post after post campaigning against TOS. It seems to go beyond mere preference...more of an evangelistic zeal against TOS. I've traded the /TF 4 hours each day for 3 years with TOS. In my experience (something you can know nothing about) it has been as reliable as other platforms I've used and offers functionality I cannot get elsewhere. I think we get it: you hate TOS...to you, it's bad... therefore, don't use it and move on. But don't argue that there is a consensus out there about TOS being an inferior platform. I'm trading 200 contracts a day with TOS and I assure you, no such consensus exists.
I do have "major problems" with the boiler room tactics of one of TOS main competitors' rep breathlessly telling my nephew on a recent sales call that he can trade futures with $800 and that he should fill out papers to get "up and running" and how much "money is being left on the table" and all that ripoff, high pressure garbage. I suspect these paragons of virtue might be the source of some negative reviews on certain sites about TOS.
TOS has weaknesses and strengths. Other platforms have different weaknesses and strengths.
The following 4 users say Thank You to thw333333 for this post:
This may be slightly off topic: since TOS is exclusive now to TD Ameritrade, are there any disadvantages tax wise when having an account that trades both stocks and futures? (Wash sales, Trading restrictions from stocks applying to your money when trading futures etc?). Does it matter or do people that trade both have seperate accounts?
I do not believe there are any tax disadvantages to trading both in the same account. Each instrument will recieve the same tax treatment whatever account they are in. *
The big advantage to having both in one account is that you don't have to maintain two accounts with two separate balances.
* Just to clarify futures and equities are taxed differently but that has nothing to do with the account they are in.
Pros :TOS platform is easy to work, scripting is fairly easy, menu's and platform not too complicated, and buffet all in one(equity, options, forex, futures) platform. I have written several TOS scripts trade only futures using tick charts. Very rarely slippage speed compared with TTnet slight difference doesn't bother me much. Customer support is excellent, well mannered.
Cons : Commission is the highest in the market, OnDemand is a joke, sometime chart candles doubles up, see two candles in each time, Messes up daily candles and pivot points right next day after every uneven holiday trading hours(such as thanksgiving, memorial day etc...), Resource hog application.
Moved from IB to TOS, because in IB/Interactive brokers futures, forex slippage and account messed up .
Thinking of moving out most funds out of TOS to Amp futures. That way I can follow TOS charts and execute trades in AMP because of Commission. AMP also has several free platforms like motivewave, sierra marketdelta just for quick execution.
The following user says Thank You to piptek for this post:
I have been using TOS for about 3 years now sure you pay a few dollars more on commission, but what I like about it is the flexibility you have with your account, and to me it's worth paying a few dollars more.
Trading is all about mindset I figure commission is part of the cost to do business my main concern is mindset and money management.
If the mindset is not right I don't care what the commission cost is you will blow have big (draw downs) on your account.
The following 2 users say Thank You to wal111 for this post:
Although I like the TOS futures platform and charts their pricing is ridiculous. How they can justify charging twice as much then other mainstream brokers is confusing to me.
Recently I have become re-accustomed to Ninja mainly due to their 3 bracket OCO trade capability. Also the pricing is competitive and coders seem to love building new indicators for Ninja. This helps keep things interesting for me. Although I know theirs no "holy grail" in trading/scalping it doesn't stop me from having fun looking at others ideas and creations.
The following user says Thank You to DougN for this post:
It's probably been mentioned here before, but if you sign up for TD through the dough.com referral you get half price on TOS commissions (at least for options and equities, not sure about futures). With options that amounts to a very serious savings.