Trade station

Discussion in 'Online Brokers' started by status1, Oct 27, 2017.

  1. status1

    status1 Well-Known Member

    I just saw a banner add here on top of the page of CD
    They are advertising a new price structure of $5 per trade +0.50 per contract
    The main thing they are saying now is that the software is free with this option price
    I looked at them in the past but they only give the free software for big volume traders
    So now with this new offer I may want to take a second look at them
    They are still charging another 50 cent fee for indexes but that is still better than forcing me to make extra trades just to get the free software
    I was mainly interested r the optionstation pro software
    I guess they are trying to compete with the other brokerages that have already lowered their commissions

    I was wondering if anyone here is using Tradestation ?
    How are they ?
     
  2. PK

    PK Well-Known Member

    Just for the case you consider trading als futures options. I am using Tradestation, but only for trading ES futures options on their very rudimentary but easy to use, totally free and robust futures+ platform. They charge 1.76 USD per option, which is 35 cents more than IB on another of my accounts. As yet, I found that their SPAN margin calculations are correct and stable. TS staff has always been very quick and cooperative in resolving any problems I had and, upon proper request, also removed restrictions they have in place for new traders with small accounts (e.g. trading naked options). For the analysis of my positions, I use OptionVue. I had a look on the tutorials of the full-fledged Tradestation platform and found that it does not keep up with OptionVue for my needs.
     
  3. status1

    status1 Well-Known Member

    Thanks for the review
    I am only going to be using it for spx options in a reg t account
    Let's see so for a 5/10/5 BWB trade in SPX that would be about $25 if I am calculating that correctly which is comparable to my other brokerages

    Are there any other hidden fees I should know about ? I think IB or some other brokerage had some fees for getting index quotes Do they have anything like that at Trade station ?
    Have you had any experience with their option station pro software ?
    How does that compare with TOS ?
     
  4. Marcas

    Marcas Well-Known Member

    PK, how do you transfer trades from TS to OV?
     
  5. PK

    PK Well-Known Member

    Since I am trading only the RTT with 6-10 positions open at the same time, I do it simply by hand. You can generate a csv file of daily trades in the futures+ platform and use the file import wizard in Optionvue to transfer the data. It's quite easy, but for my low frequency trading style it does not make much sense. Furthermore, when I place the order in TS, I have already entered the strikes in Optionvue to see the risk graph; the only thing that remains to be done is to commit the trade and manually correct (in most of the cases not necessary anyway) the prices at which you got filled.
     
  6. status1

    status1 Well-Known Member

    So I decided to give Trade station a try
    I opened an account and now I am just trying to get used to the platform which has a lot of settings but it's not very intuitive
    I am using the per trade option which they say it comes with free real time data which is not quite true because there is a $2 fee per mo for RUT and there was an announcement that in January it will go up another $2
    SPX is free at the moment but who knows how long that will last
    Now I am just trying to figure out how to view the weekly options in options station pro

    I was watching a video that shows that but for some reason I don't have that option unless they changed something since the video was made or there is some hidden setting somewhere to turn that on
     
  7. status1

    status1 Well-Known Member

    After some more looking around I found it in the filter settings on top not on the settings panel on the right like it's on the video
    Having found it . it still doesn't work If I type in a different symbol it works but not for SPX
    How convenient
    I am sure I will probably need to pay for it in order to view it
    I have to see what the real price is for trading with Trade station compared to the other brokerages I have and see if it's worth it to trade here
    So far it doesn't look promising
     
  8. status1

    status1 Well-Known Member

    I found the problem with the weeklies
    I have to type in SPXW in order to get the weeklies It's like the monthly and the weekly are not even related
    There is no way to get both on the same page
    One is all monthly while the other is all weekly
    Very annoying to say the least
    I wonder how anyone can trade calendars when mixing weeklies with monthlies
    I suppose you could use the pm settled monthly which is a weekly but I am not sure if it has the same liquidity and pricing as the real monthly
    Definitely not an easy platform for options trading
     
  9. status1

    status1 Well-Known Member

    This Trade station brokerage is not looking so good as I imagined it would be
    I thought because of the advertising and the fees that they were charging for professionals or volume traders that this would be a high quality brokerage

    Well after some looking under the hood so to speak I found a few things that make it difficult if not impossible for me to trade SPX BWB options

    Here is just a small list of things I found so far that makes it inconvenient to say the least to place option trades and I have not even placed a live trade yet

    1 Cannot place day trades after market hours
    2 Cannot mix monthly / weekly calendar trades on SPX
    3 Viewing margin is not available when placing a trade
    4 Margin calculation for BWB trades is wrong
    5 You cannot create a spread on the web platform from individual legs
    6 There are only 50 strikes showing on SPX on the web platform

    So basically I have to place the trade at home using the TOS platform to see what my margin is also use TOS to select the expiration more easily instead of keep changing the symbol than once I enter the trade I can't just take the trade off during the day with the web platform
    I have to wait until I go home to use the desktop platform to place a closing trade than hopefully I could use the web platform to just change the price and hopefully get a fill
    If it doesn't fill I may have to split it up into spreads and loose another day and potentially closing with a worse price since the market has moved against my trade

    Disappointing to say the least
     

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