Received 2 Karmas
DeeSniper
1
DeeSniper Feb 23, 17 10:02 PM

I don't even know yet if the PDT will matter for me as I'm wet behind the ears. I just wanted to avoid it in case I want to do more trades. I almost went with SureTrader but they have a lot of extra fees and I wanted to know what to expect so I could keep the account funded. If TDA isn't booting cash accounts out for PDT, that's cool. I guess experience tells the tale and I'll learn soon enough and go from there. Very interesting discussion. Thanks ya'll.

DeeSniper
DeeSniper Feb 23, 17 10:10 PM

@MetalHat The only bad things I've read about SureTrader is: poor customer service; x-tra fees & platform fees; and hard to get money out. But I recently read they are increasing service reps to 300 and now have a debit card to make pulling funds easier. Looks like the legal issues are behind them now.

DeeSniper
DeeSniper Feb 23, 17 10:22 PM

TDA at one point in the early 2000's was spanked for allowing cash accounts to freeride on day trades before account settled (T+3) which was in effect providing leverage to non-margin accounts. Best I could tell from reading the case they were not spanked for allowing too many day trades in cash accounts but for going against the T+3 rule. I think Scott Trade got spanked for the same.

MetalHat
1
MetalHat Feb 24, 17 7:03 AM

Yes, customer service is lacking compared to TD for sure. The reps are nice and very helpful, but wait times can be 5-10 minutes to get one. I still use and love thinkorswim and just trade with thier level 1 software which is $49 or you can use the web for trading which is free. Much faster and easier with the level 1 software though. Order fills are very good.I guess it can be summed up by saying it's not perfect but more than adequate to avoid PDT.

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