Another Preferred customer checking in! :)
I have to say I am generally satisfied, even with phone support. Yes, sometimes it takes them a while to answer, but usually not so bad, and certainly nothing like the Datek nightmare...
I've found that I actually get good executions on the $7.75 NASDAQ trades - sometimes they are actually better than the more-expensive (but still pretty cheap) "auto-trade", particularly on stocks that are in play. While the auto-trade is screwing around probing different MMs and ECNs for a fill, the $7.75 broker has stopped you at the offer and filled.
In fact, I've found that they are sometimes a bit slow on the switch, and that can work out in your favor. Yesterday, I actually got a fill at the BID. That is, the bid and offer ticked-up just before I placed my limit order at the (old) offer. It was too late to stop my finger. :) I let the order stand, and it got filled in seconds.
If a stock isn't moving, you MIGHT get a better fill with the "auto-trade", particularly if you are willing to place a limit order inside the spread and then sit and wait.
I'm surprised to read that you can leg into a spread "simultaneously". My account isn't approved for naked writes, but it is for spreads, and a couple of times I've accidently selected "sell" instead of "buy" and their system caught the mistake and wouldn't let me do it. Perhaps, though, if you've already entered a market buy order, even if not yet filled, they will permit the sell to go through?
The intra-day accounting sucks, the quotes sometimes suck Often either the bids or offers don't get updated. Options seem to always be priced in the portfolio at the OFFER (which is wrong) but then the profit/loss is often (wildly) wrong because an offer didn't get updated, and they show a crossed quote. But, dang, it's fast, gives plenty of feedback, and gives a great feeling of being in control, as opposed to the typical click the button on a web page and pray. (I'm referring, of course, to the Delta Trader Pro Windows application.) |
