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An Ode To The Broker I Use & Recommend, Thinkorswim

Posted by Timothy Sykes on Thu 11th of Sep, 2008 04:11:01 PM

Oh Thinkorswim, I love you so.
I think about you constantly, this you know.
For you give me borrows when others can’t
Together we laugh as Scottrade & Etrade customers rant!

Short selling microcaps and smallcaps is the thing for me.
Using your software, happy do my students be.
Together we make a great team
Customer service for both of us is the highest priority.
Explains why when we calculate our monthly earnings we both beam.

Thinkorswim, you have no idea how much I love and respect the work you do.
Cheap commissions, great executions, nice people, your competition is existent-non.
Live chat, video tutorials, emails returned inside of an hour, the list goes on…
To newbies asking “which broker”, I say Thinkorswim for you, you you!

Disclaimer: Hell yes I have an affiliate deal with Thinkorswim, I use and recommend them them bigtime so if you open an account, check off ‘twas my site that referred you…I promise to donate a portion of my proceeds to a worthy cause, some big ass Pennystocking parties!

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  • Nine, there is no fix to the glitch. I'm pulling all my money out of TOS probably during the holiday season. I won't need any discount thank you.
  • If you want a discount on TOS commisions
    I may be able to help you save even more.

    My friend has a TOS branch and may offer a savings over the public rate...

    Send me an email to Dan(@)Dashover.com (TOS savings)

    Also make sure you check out Ameritrade www.izone.com if you have an Ameritrade account...
  • If you want a discount on TOS commisions
    I may be able to help you save even more.

    My friend has a TOS branch and may offer a savings over the public rate...

    Send me an email to Dan(@)Dashover.com (TOS savings)

    Also make sure you check out Ameritradeizone.com if you have an Ameritrade account...
  • Nine
    Johnnyvento, that seems like a serious glitch. How do you get around it? Have you checked out Interactive Brokers? Not saying they are better - I'm currently shopping around and keep hearing IBs name and am currently checking them out.
  • johnnyvento
    TOS has decent borrows but they have a serious trading glitch in their software platform. The fact that no one has even mentioned it here in all of these months means that no one here must be actively trading using TOS.

    TOS allows for a forced working order for hard to borrow stocks- but at that point it is impossible to go long on the same stock first, sell those long shares then short sell the borrowed shares. In order to execute a buy order the working order for the borrowed shares must be canceled first. This defeats the point of borrowing the shares of course. This is a pretty common play and it is a testament to their unseriousness that they haven't fixed it yet. This problem is easily solved in one of two ways:

    -having buy/sell and sell short/buy to cover executions as separate orders that didn't interfere with each other

    -having multiple buy/sell windows available for the same stock that could be triggered while the other(s) remained working orders


    But they do have a cool Tetris game! Rock on with your fucking Tetris game bitches! That seems to be your priority!
  • JumperR7Q
    "Jumper, you are crazy, commission in direct investing is like $27 per trade, that is $54 to get in and out of a position, that is HUGE, no matter it works with your bank account"
    No i'm not this was my bank so i thought it would be easiest when i first started last October. I've been in the market 11 months and i now see that i am getting fu**ed. Looking around at different options, thinking maybe options express or etrade. If i lived the US i would be using options house. I live in canada so my options suck. If anyone has some input on good online brokers id appreciate some advice(guidance)
  • Manny
    Ey Tim!!

    I guess poems are not your thing but I like the site!

    hahaha
  • wirechild
    TOS charts suck though. It is so frustrating having to go through all the freakin menus to make minor changes.
  • Sorry forgot to add this. Heres their site:

    http://www.realfasttrader.com
  • Realfasttrader also lets you short sell penny stocks.
    Plus they have around 20 direct connections to market maker routes. Thats huge when trading penny stocks cause you can send your order directly to the MM who ha sa quote at a certain price. This is way better than Scottrade for example who only sends your order to those scum bags at NITE.
  • total_keops
    >Semesale, Interactive brokers allows you, but be prepared
    >to loose 10 times your capital if you shirt those kind of
    >stocks.

    You sure? Max leverage is 1/4, sketchy positions are 100% marginable a long as I know.
  • jeanpaul66
    not a bad word from me re TOS, a great platform and even greater support! Go TOS!
  • getshorty
    Semesale, Interactive brokers allows you, but be prepared to loose 10 times your capital if you shirt those kind of stocks.
  • getshorty
    Jumper, you are crazy, commission in direct investing is like $27 per trade, that is $54 to get in and out of a position, that is HUGE, no matter it works with your bamk account.
  • johnnyvento
    All I can say is good luck SemeSale
  • SemeSale
    Which online platforms allow stocks below $1? I am trying to find a desk ...

    Thanks!
  • i dont touch sub penny plays
  • SemeSale
    Shorting penny's is the way to go ... anyone had luck with any software in shorting $0.01-$0.001 stocks? ... I can smell a SCAM a mile a way and pennyland is the place to play (short that is) ... Tim I would appreciate any input.

    SemeSale
  • JumperR7Q
    I use RBC direct investing. Fees are high, but i have it linked to my bank account so i don't even have to keep money in my investment account its pretty sweet :) Whenever trade opportunity comes i just select "pay from bank account". And no i don't have to wait three days for funds to settle i can use em the same day.
  • Manny the trader from cancun
    guys do you all have to wait for 3 days after you sell to be able to purchase another position... Because thiS Tradeking.com broker makes me wait 3 days for fund to settle thats BS.
  • total_keops
    >SIG up 2000+ percent today on news their profit fell 28%? Previous close was $1.10 and it opened at $28 today.

    1- Listed on the NYSE as of today
    http://www.signetjewelers.com/pages/489/2008.st...

    2- Reverse split 2:1
    http://www.iirgroup.com/researchoracle/viewrepo...

    3- Yahoo say it has a previous close of 1.10 but if you look at the graph it was trading at 11-12 yesterday.
  • Marc
    All I can say is 'hellz yeah'. I came from Tradeking and actually thought it wasn't bad at the time. Now I know its a total joke!

    You couldn't pry my thinkDesktop from my cold dead hands...
  • "happy do my students be"?? Loving it...
  • Teddy
    Does anyone use Interactive Brokers? I have them for an IRA account (so its not a margin account and I can't short stocks), but I pay $0.005 per share per trade (1.00 minimum). So for a round trip of 500 shares its $5.
  • SIG up 2000+ percent today on news their profit fell 28%? Previous close was $1.10 and it opened at $28 today.
  • timothysykes
    i pay $10/trade on TOS, your $3 per trade savings means you're missing out on dozens of trades that can each yield thousands in profits....u get what u pay for
  • marmaladeskies
    what's the best commission thinkorswim gives? i currently get the scottrade 7 per trade one which they say is the best. not sure if they're bsing though. commissions don't kill me but a bucks per commission translates into a few hundred dollars a year for me.
  • total_keops
    Yeah, all of you go woth TDA, TOS or speed. That will keep my short availability.
  • Bob (VC)
    Gotta admit, I've been using ToS (along with my existing TDA account), and I love their platform, their service, and I have been getting excellent executions with them. Go ToS!!
  • another broker i recommend is Speedtrader, they definitely let u short under $3:

    http://www.speedtrader.com
  • younggunz
    They actually e-mailed you after the fact about shorting stocks under $3? Did you do the ask the broker to put the order in above $3 and change it lower with a cancel and replace technique?

    That's what I've been doing since hearing people saying the broker wouldn't let them. I've never personally had the broker stop me from shorting under $3 and I've done so more then once before the issue came about for other people. I have a $2k account and I am not an affiliate.
  • timothysykes
    LOL, who knows, u should always have multiple accounts with multiple brokers...those with too small $ to open up a variety need to wait for perfect supernovas, stuff like $2 to $12 or $3 to $10...thats where the big $ is...not shorting stocks that have gone from $1 to $3
  • noobtrader.08
    Jumper... if you're Tim, you can short under $3... if you're anyone else you can not.

    I was told by several TOS reps, if I continued to short stocks under $3 my account would be shut down.

    FYI.

    Tim, perhaps you can negotiate with them...
  • JumperR7Q
    Thx tim and yes scottrade does suck ive heard so many complaints...
  • timothysykes
    some of their reps say yes, some say no, others and i have had no problem...such friggin gray area
  • JumperR7Q
    Hey Tim, I have been interested in getting a tos account, and today i talked to them on live chat and they said you cant short stocks under $3. I'm confused i thought you could with tos..
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