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Is Tradestation trust worthy?
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Is Tradestation trust worthy?

  #11 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
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Favorite Futures: futures
 
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Calamari88 View Post
I'm leaving Tradestation. This month they updated their futures platform on short notice and half the markets are gone including most grains, foods and softs and most mini contracts. They are actually forcing people to close out all positions in markets that they no longer offer.

They tried to raise my commissions with no notice and only lowered them when I threatened to leave. They screw up so much nowadays that I can longer deal with them. Upwards of 100 calls/emails to deal with the quagmire of chaos over there.

I do agree that they seem to rushing this conversion. I was first notified Jan 12, and the deadline for converting is Feb 27. A month and a half seems kind of quick. It also seems to be an artificial Tradestation self imposed deadline. I was told to wait until last possible minute to switch, so I'm sure TS will be slammed Thursday and Friday with conversions.

If you haven't closed your account already, give the Futures trade desk a call. I talked to Tom, and he is very knowledgeable on the details. The Client Services people are not as clued in, but that is pretty typical.

Kevin

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #12 (permalink)
Trading Apprentice
Henderson, NV, USA
 
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kevinkdog View Post
I am not sure where you are getting your information, but I have been talking to the Trade Desk, and they have told me that everything I am currently trading I will still be able to trade after platform conversion (from Futures 4.0 to Futures+). That includes products you list, including ICE products. It is true that ICE conversion is scheduled for early March, but there are ways to still trade it.

Plus, these items can be traded on the main Tradestation platform 9.x (although I am not sure about min corn, mini wheat, since I do not trade them).

Hi Kevin, my apologies, I should have stated that I was referring to the 4.0 platform conversion to the Futures + platform. That's where most of these limitations will be occurring. After you switch platforms you'll see what I mean. I got my information from my broker Mitchel and Ryan at the futures trade desk. I mostly trade options. Ryan passed me misinformation so thanks for letting me know who is more knowledgeable there. Also just a heads up, before you need to trade the new platform do a test order for something you're not expecting to get filled. I had to call them 4 times to switch on my accounts and it was not a convenient time.

My broker told me for futures (not options) I wouldn't be able to trade any of the newly excluded markets like mini corn, mini wheat or mini natural gas on 9.5 platform. Have you heard otherwise?

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  #13 (permalink)
Trading Apprentice
Henderson, NV, USA
 
Futures Experience: Advanced
Platform: Futures Online
Favorite Futures: Futures
 
Posts: 44 since Feb 2015
Thanks: 63 given, 19 received


When I received the first statement from my first trade on the Futures+ platform my commission had been raised from $5all inclusive to $5+ex fees totaling $6.36 for gold option commissions. They said the increase was due to the new platform. I spent an hour on the phone trying to convince them it wasn't right. Once I told them I was leaving they told me the commissions would be lowered to $1.20+ex fees which should total approx $3.80. But then when I got my next statement it was the usual $5all inclusive. So just a heads up. Hope it doesn't happen to you.

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  #14 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
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Favorite Futures: futures
 
Posts: 2,388 since Jul 2012
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Calamari88 View Post
Hi Kevin, my apologies, I should have stated that I was referring to the 4.0 platform conversion to the Futures + platform. That's where most of these limitations will be occurring. After you switch platforms you'll see what I mean. I got my information from my broker Mitchel and Ryan at the futures trade desk. I mostly trade options. Ryan passed me misinformation so thanks for letting me know who is more knowledgeable there. Also just a heads up, before you need to trade the new platform do a test order for something you're not expecting to get filled. I had to call them 4 times to switch on my accounts and it was not a convenient time.

My broker told me for futures (not options) I wouldn't be able to trade any of the newly excluded markets like mini corn, mini wheat or mini natural gas on 9.5 platform. Have you heard otherwise?

It is crazy that the answer you get from Tradestation depends on who you talk to. Unfortunately, I have experienced that for years. Last week, when talking about the 4.0 to + conversion, I actually had Client Services and Trade Desk on the line at the same time, and more than once they disagreed on what is going on!

I did find out that they were testing the ICE products this weekend on the + platform, so they were hoping to have that ready possibly this coming week. I was also told that even after the conversion, I'd still be able to access the 4.0 platform, for things that may not have been converted yet (like ICE and ICE Europe). I hope I don't have to, because that seems messy.

Definitely a pain. Thanks for the heads up on the test order idea - I will have to do that.

By the way, this + platform is only a temporary switch anyhow. In a "year" they intend on moving everything to the 9.x platform. This supposedly includes futures spreads, which you can't do on 9.x right now.

We'll see, I suppose...

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #15 (permalink)
Trading Apprentice
Henderson, NV, USA
 
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kevinkdog View Post
It is crazy that the answer you get from Tradestation depends on who you talk to. Unfortunately, I have experienced that for years. Last week, when talking about the 4.0 to + conversion, I actually had Client Services and Trade Desk on the line at the same time, and more than once they disagreed on what is going on!

I did find out that they were testing the ICE products this weekend on the + platform, so they were hoping to have that ready possibly this coming week. I was also told that even after the conversion, I'd still be able to access the 4.0 platform, for things that may not have been converted yet (like ICE and ICE Europe). I hope I don't have to, because that seems messy.

Definitely a pain. Thanks for the heads up on the test order idea - I will have to do that.

By the way, this + platform is only a temporary switch anyhow. In a "year" they intend on moving everything to the 9.x platform. This supposedly includes futures spreads, which you can't do on 9.x right now.

We'll see, I suppose...

Thanks for the info. I was unaware they'd be making that conversion to 9.x. I may keep a small account going just to see where things go. I'm so angry I have to decide. It's amazing the depts can't agree with each other. I was told 3 months and ICE might be added but no guarantees. Hope your info is more accurate than mine on that. I was able to access 4.0 for a day after the conversion then they denied access.

Been trading for 17 years. I think the lesson I'm learning is to have 2-3 accounts in dif brokerages so I can move my trading/capitol in and out depending on which one currently has their act together. Do you know of any others that are reliable? I'm looking at Optionsexpress and OEC.

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  #16 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
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Favorite Futures: futures
 
Posts: 2,388 since Jul 2012
Thanks: 1,138 given, 4,387 received
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Calamari88 View Post
Thanks for the info. I was unaware they'd be making that conversion to 9.x. I may keep a small account going just to see where things go. I'm so angry I have to decide. It's amazing the depts can't agree with each other. I was told 3 months and ICE might be added but no guarantees. Hope your info is more accurate than mine on that. I was able to access 4.0 for a day after the conversion then they denied access.

Been trading for 17 years. I think the lesson I'm learning is to have 2-3 accounts in dif brokerages so I can move my trading/capitol in and out depending on which one currently has their act together. Do you know of any others that are reliable? I'm looking at Optionsexpress and OEC.

I use OptionsXpress for options only, and I like them. I also use DeCarley (clearing through Gain) for option, and I like them. I recently closed a Dorman account, and a ADM account, and both of them were good (I went through an IB though). I also closed a Straits account, after 4 statement errors in a month (missed trades - I didn't even realize that could still happen in electronic markets!).

I agree, having multiple accounts at different brokers is a good idea, although it makes margin utilization a little less efficient.

I only use the Futures 4.0 platform for futures spreads, and a few non-automated outright futures swing positions. But I'll have no issue moving it if I have to.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #17 (permalink)
Trading Apprentice
Henderson, NV, USA
 
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kevinkdog View Post
I use OptionsXpress for options only, and I like them. I also use DeCarley (clearing through Gain) for option, and I like them. I recently closed a Dorman account, and a ADM account, and both of them were good (I went through an IB though). I also closed a Straits account, after 4 statement errors in a month (missed trades - I didn't even realize that could still happen in electronic markets!).

I agree, having multiple accounts at different brokers is a good idea, although it makes margin utilization a little less efficient.

I only use the Futures 4.0 platform for futures spreads, and a few non-automated outright futures swing positions. But I'll have no issue moving it if I have to.

This is extremely helpful info Kevin! Thanks so much! Agreed the money management with the margin utilization is why I resisted breaking up my accounts but I think it's necessary. Also, I'm always afraid of losing my money due to a brokerage foreclosure so I guess it's better to be diversified in that sense.

Right now I'll be with tradestation for at least a month til my positions expire. Will let you know if any more problems pop up that could be of use for you to know about.

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  #18 (permalink)
Elite Member
SF Bay Area + CA/US
 
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Thnx @kevinkdog

this got me thinking.

As I was under impression they are expanding.

I will also talk to them to see .

Cheers
s

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  #19 (permalink)
Elite Member
Chicago, USA
 
Futures Experience: Advanced
Platform: TradeStation, NinjaTrader, Market Delta, TOS, StreetSmartEdge, OptionXpress
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If you want to do options go with TOS (ThinkOrSwim). There is nothing better out there in my opinion if you are a very active options trader. You can download it for free, you may hate it the first week (as I did) as they have a bit different user experience, but after that it's a breeze.

I use Tradestation/OptionXpress/ThinkOrSwim for options depending on strategy, capital, risk. Everything I do on TOS is way easier, great platform for options and stock trading in general. OX just get on my nerves every time I use it, and I'm about to close the account as they've been very slow to improve their platform.

Just my opinion. People have personal preferences when it comes to trading platforms as they have preferences for different cars...

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  #20 (permalink)
Trading Apprentice
Henderson, NV, USA
 
Futures Experience: Advanced
Platform: Futures Online
Favorite Futures: Futures
 
Posts: 44 since Feb 2015
Thanks: 63 given, 19 received



dstrader View Post
If you want to do options go with TOS (ThinkOrSwim). There is nothing better out there in my opinion if you are a very active options trader. You can download it for free, you may hate it the first week (as I did) as they have a bit different user experience, but after that it's a breeze.

I use Tradestation/OptionXpress/ThinkOrSwim for options depending on strategy, capital, risk. Everything I do on TOS is way easier, great platform for options and stock trading in general. OX just get on my nerves every time I use it, and I'm about to close the account as they've been very slow to improve their platform.

Just my opinion. People have personal preferences when it comes to trading platforms as they have preferences for different cars...

Thanks for weighing in. TOS looks great except for that I trade a lot of gold and silver options and it looks like they don't offer those. Is that still the case?
https://www.tdameritrade.com/investment-products/futures-trading.page#Metals

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