Keywords: Fidelity, Schwab, bugs, bug, “Active Trader Pro”, “StreetSmart Pro”, comparison, “Trader Workstation”, Ameritrade, ...
Please send comments to fchase@gmail.com!
|
Other Competition |
Interactive Brokers Trader Workstation |
Fidelity Active Trader Pro |
Schwab StreetSmart Pro |
Schwab StreetSmart Edge |
Feature |
Importance to me |
|
TWS gets an A. |
Fidelity gets a C-. |
StreetSmart Pro gets a C. |
Visual C++ |
Multiple Currencies Management. |
high |
|
|
TWS was unavailable all day Saturday and Sunday
morning! TWS was a D but is now a B. But TWS updates LSE and Globex SPX futures and stuff any time of day as
appropriate. |
Schwab runs StreetSmart Pro out of Cybertrader's servers in Austin, TX which they own but
didn't integrate, due to legal considerations. But schwab.com &
web-based access is separate. |
Scheduled downtime (weekly or diurnal) |
high |
|||
|
TWS gets a B+. They do report availability of
individual trading platforms. |
Fidelity gets a C. Sometimes bogs down just
when the market is most frantic. Was unavailable once for 10-20 minutes.
Several times failed to update properly. |
Schwab runs StreetSmart Pro out of Cybertrader's servers in Austin, TX which they own but
didn't integrate, due to legal considerations. But schwab.com &
web-based access is separate. |
Unscheduled downtime |
high |
||
|
TWS gets a B. Normal streaming for things trading in EUR, GBP,
CAD, ... On Labor Day, shows bid/ask for GCZ8 (future gold). Shows stale, static closing price data. Even for
FXB, DBV, currency ETFs. |
Fidelity gets an F. On labor day 2008 “this program is not responding”.
On a previous holiday, showed stale, static closing price data. Even for FXB,
DBV, currency ETFs. Did show .DXY (USD index). V 7.1.169 crashes
when I select my 'Asian Indexes' watch list on President's day. |
Schwab gets an F. No connectivity! Shows Market Closed at lower right of main window. Shows stale, static
closing price data. Even for FXB, DBV, currency ETFs. |
US Holiday downtime e.g., on Martin Luther King Day Jan 21, 2008 - a day when the Nikkei has gone down 3.86% and Hong Kong is down 5.5% ! |
medium-high |
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|
TWS gets
an A. |
Conditional trades: |
Schwab hopes to have bracket order, a limited
form of linking, by 1Q2007. |
Order Types; Algorithms; Linked Orders |
medium |
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|
TD Ameritrade Web access has both 'stop market'
& 'stop limit' |
TWS gets an A, but exposition thereof is
inadequate. |
Fidelity gets a C. |
Schwab gets a B. |
Limit Order Variations: stop market, stop limit, ... |
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|
Will not accept a sell limit order more than 30% above the
current market. |
Will accept
a sell limit order more than 30% above the current market. |
Limit Order far from Market |
High |
|||
|
TWS gets
an A. |
Fidelity Auto has what appears to be
extensive "Directed Trading" support. Also Fidelity’s
'Intelligent Order Router' RapidRouter |
For most, won't help. Schwab SmartEx will
do it for you (via UBS, I guess). Ken says Auto has nothing on SmartEx . |
Directed Trading |
medium |
||
|
http://www.interactivebrokers.com/en/trading/pdfhighlights/PDF-Forex.php?ib_entity=llc
IDEALPRO allows a customer to trade Forex and IDEAL allows a customer to
convert their balances from one currency to another. TWS gets an A. |
No. They send you to an essentially-separate entity. |
Trade Currencies (Forex) |
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|
TD Ameritrade Web access gets a A. |
Interactive Brokers gets a D+. They offer the
Allianz, Fidelity, and Vanguard fund suites. In late 2008 they added Fidelity
and Pimco no-load mutual funds. |
Fidelity gets a B. ( For UMESX, you get
“Advisor Fund” ... “not available for retail trading”. Fidelity said that
this is unusual.) |
StreetSmart Pro gets a D. Mutual Fund assets
are shown, but you can't
trade them! You get a popup “Order rejected!”
Or “Can't send order. Level 1 data is not available.” Only in the Messages
window might you see the somewhat more helpful message like “JAOSX is
not an equity or option” or “Can't send order. Unable to verify quote data.”. And you can't even copy the text from the frickin'
Messages window if you should want to save, email, or text it. You can trade
mutual funds online. |
Buy/Sell Mutual Funds |
Medium |
|
|
TWS gets an A. |
Schwab gets a D. Using the browser interface
(not StreetSmart Pro) you do Trade | Futures. Then you open an account with
Lind-Waldock . |
Trade Futures |
high |
|||
|
TWS gets an A+ Does not include JSE
(Johannesburg). http://www.interactivebrokers.com/en/trading/orderRoutingLogics.php?ib_entity=llc |
You call guys in Denver. Fidelity gets a D. |
You go to the Global Trading Desk. Not
integrated. Schwab gets a C-. |
Trade non-US securities |
high |
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|
Yes, -- can short futures, but “THIS
ACCOUNT MAY NOT HOLD SHORT STOCK OR NAKED SHORT CALL OR SHORT
WARRANT POSITIONS” |
Not in an IRA. |
Not in an IRA. But fine in a margin account. |
Sell Short |
High |
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|
TWS Gets an A. Book
Trader. Market
Depth. |
Fidelity gets a B or C. Its level II quotes are
restricted. |
Ken says doesn't add much. And buyers/sellers
may withhold the quantity one sees, so you can be gamed. |
Level II quotes. |
medium |
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TD Ameritrade Web access gets a B |
TWS gets a D. Way too many irrelevant articles.
|
Fidelity gets a B+. |
Schwab gets a B. Their own research only
covers perhaps 50% of the market (more, on a market-cap basis). Ken
emphasized Schwab's Equity
Ratings. But they are limited to approximately 3000 of the
largest (by market capitalization) U.S. headquartered stocks. If they are
available via StreetSmart Pro, I don't know how. |
Research |
You could argue that one should go outside for
best-of-breed research. |
|
|
TWS gets a D But you could argue that one
should go outside for best-of-breed research. |
Fidelity has Wealth-Lab
Pro |
Ken says Schwab's is good if not best. https://www.schwabat.com/
| Active Trader | Education | Online Seminars | Live Online Workshops | Stock
Screening Tools for Traders. This course gives you: https://investing.schwab.com/stockscreendownloads
gives https://investing.schwab.com/trading/start?SANC=SSProScreener
|
Screener |
Medium (I can use separate best-of-breed) |
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Ken emphasized the Sector Watch List of StreetSmart
Pro. Schwab gets an A-. Needs more sorting options. |
Sector watch List. |
Medium (I can use separate best-of-breed but this is
great.) |
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Fidelity’s news capability, new in 2008, gets an A.
Especially now that they allow you to copy the news text. |
Well-chosen, Copiable News |
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Ken emphasized the intraday Hi/Low window. |
Bells and Whistles. |
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|
Ken emphasized the Top 10 advance/decline window for
equities and for options. |
Bells and Whistles. |
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|
Everything is automated with messages and trouble
tickets. Actually, that's a pretty good way to run things. |
Good, if you have “premium services”. |
Schwab emphasizes. |
Help – Access to People |
When I need it, I need it. But most of the time I
don't need it if the help facility is good. |
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|
Yes. Chat. Via web. |
No. I spent 20-30 minutes determining that there is
NOT a way to deal with my watch list quota problem. The guy submitted an
improvement request. |
Yes. “Live Help”, within SSP. |
Help – Chat. |
High. But learning should be contextual self-help. |
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|
TWS gets a B+ |
Fidelity gets a B+. However, you get sent an
IPO offer with an 'Alert' containing a URL you must use but you can't copy it
to the clipboard! Charting is particularly nice. Consistency is good. |
Schwab gets a C. It starts with the
login screen and doesn't get any better. (Just compare the two login
screens and you've got the whole picture. Schwab doesn't even default
the user name.) Examples are endless. You find hidden windows via the 'Tools'
drop-down, but the query list window is not a 'tool' and can't be found. When
you are about to trade, you are not shown an estimated value of the trade.
.... In general it seems last-generation. Do they know about Java
and C#? It also seems that they are afraid to alienate crusty old
customers who seem to be OS/360 and DOS lovers. So GUI
positioning/access stuff is carried forward because it's familiar, even if it
no longer makes sense. Result: Seamless incremental self-teaching
by user is difficult. When you reposition a window sometimes (who knows
why just sometimes) it jumps to a way-different position and you have to hunt
for it. Unpleasant. |
GUI |
Extremely high. |
||
|
TWS gets a B. |
Frequent updates - not just with bug fixes. Active
Trader Pro gets a B. |
StreetSmart Pro gets a C. |
Updates |
Medium-low |
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|
Hold Futures |
Medium |
|||||
|
Estimates: The most active: 3-4000 in 12 months Me: 144 trades in 12 months The Modal user: 120 in 12 The least active user: 36 (minimum) |
Trades per year |
Low |
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|
TWS gets a B+ |
Each of up to 15 Fidelity watch list is limited to
50 securities. So you can't rank more than 50 by clicking, say, the day's %
change column. Of the 750 securities you can watch you can't get 75 in one
list but 25 in another. - Stingy. |
Schwab Browser interface watchlist limited to 4.
Each limited to 8 securities. |
Generosity. (versus stingy, artificial limits on bits/second fed to you.) |
Medium-high |
||
|
TD Ameritrade Web access gets a C. |
TWS gets an A. Implementation Language: Java,
it seems. |
Active Trader Pro gets a B+. |
StreetSmart Pro gets a C-. 1. Defaults one's
account data into C:\Program Files . Ugh! 2. And many more! |
Initial Impression: C+ Implementation Language: C++. |
Software Elegance. |
High |
|
TWS gets an A-. You have to do it on the
collection-of-pages ('Workspace') basis. A round trip test seems to
reimport 100%. (OTOH, the page capability is primitive. You can export
and reimport a page of securities, but notes, for example are lost.) |
Active Trader Pro gets a B+. You can export a
watch list page of securities and reimport it pretty much without loss. |
Import and Export. |
Medium |
|||
|
Reports. |
High |
|||||
|
TD Ameritrade Web access gets a B |
TWS gets an A. You get two-factor ID
(something you know plus something you have. (a safeword pseudo-random number
generator) |
B |
B |
Security. |
High |
This feature comparison for active traders compares 7 'Advanced Level' platforms (as of March 2010) as well as other intermediate and entry level platforms.
Mainly, it has nice feature list for each platform.
Also,
it has a tabular
feature comparison somewhat like the above.
This example
discussion show how impossible it is to
really do a comprehensive comparison! And how time-sensitive any comparison
will inevitably be.
Some of these platforms are clean and under rapid development. Others are tangled in attempts to deal with prior mergers or cutbacks.
========================================================
Schwab StreetSmart Pro Executable App
"StreetSmart.com allows clients access to real-time streaming news and
data, interactive charting, Level II quotes, ECN books and in-depth proprietary
research." Looks like it was written in Visual Basic When you type
Shift-msft into the trading window, you get an invalid symbol. There are at
least three versions of the "Positions" window: "Account
Detail" has Market Value "My Positions" has Bid BidQ, Ask, AskQ,
Spread, ... "Positions - xxx" has
Contains refs to "basic_string"
"char_traits": G3D is a commercial-grade 3D Engine available as
Open Source (BSD License).
Contains a Windows path with fragments:
LocalBuilds\CyberTrader ReleaseMarketHawk\SSPro.pdb
========================================================
Schwab StreetSmart Pro Browser Extension
Nice, but ...
========================================================
Katharine Manning Schwab 617-210-7408 katharine.manning@schwab.com
Active Trader Manager: Kenneth.Jennings@schwab.com
========================================================
Fidelity Active Trader Pro Executable App
Previous one apparently was "OnLine Xpress" Fidelity also has
OptionTrader Pro and Wealth-Lab Pro. More
========================================================
Support:
Fidelity technical support 800-544-7595, Monday through Friday, 8 a.m. to
midnight ET, and Saturdays, 8 a.m.
to 6:30 p.m. ET.
Schwab
Active Trading services trading specialists 800-435-9050
StreetSmart Pro V 4,1
Description:
The "Sectors" display fails to show data on Saturday.
It should be possible to display everything but intra-day data. The
"20-Day Close Perf (%)" and other values are 0.00
StreetSmart Pro V
Description:
Cannot copy text from live help
to paste as I choose.
StreetSmart Pro V
Description:
Unable to enter GTC in trading window.
Trying to sell 9000 shares of EOG GTC,
currently trading at $8.25, at $9.75. Could not get GTC for $8.26,
either.
Using Live Help, I learn that a LIMIT GTC is a 'Spec Cond'. "You
need to have spec cond box checked in middle of trading window. Choose
GTC on the window that pops up after you hit sell button"
StreetSmart Pro V
Description:
Find Active Tool fails to do so.
Tools | Find Active Tool | Sectors flashed the screen, but did nothing.
Settings | General | Freefloating Windows was unchecked.
The icon for sectors was grayed out.
We checked Freefloating Windows, logged off|on and found several Sectors
windows lying around on my desktop. When dragged over the master window
they did not become part of it. However, they could be closed.
So we
1. closed about 10 windows of various sorts,
2. did File | Save Layout,
3. logged off|on
4. unchecked Settings | General | Freefloating Windows and
5. found that we could proceed.
StreetSmart Pro V
Description:
Click on symbol lookup button does nothing. SS
Pro version 4.5. Trying Live Help.
Damn. I can't copy the Live Help dialog to paste
here!!! I got referred to tech support. 1-800-433-9196.
After 5-10 minutes we narrowed it down to the fact that my layout is
busted.
"You must have dragged" the symbol lookup window "out where you
can't get to it anymore".
That is, it's 'in' the SS Pro main window, but you need to make the window
larger, to see it!
I was advised to create a new layout, and to uncheck Settings | General |
Autosave Layouts.
Settings | General | Freefloating Windows was already unchecked.
After some tinkering around, I now think that the following drill will
"fix" this bug.
1. check Settings | General | Freefloating Windows
2. uncheck Settings | General | Autosave Layouts
3. log off
4. log on
5. using the windows taskbar, close all the various 'lost' windows (you can't close the 'account detail' window and you can close the messages window, but it comes back free floating)
6. do File | Save Layout
7. log off
8. log on
9. uncheck Settings | General | Freefloating Windows
10. rebuild any floated-away windows you had to close
11. do File | Save Layout
You probably should leave
Settings | General | Autosave Layouts unchecked.
Eventually I got the Account Detail and Messages windows back, nonfloating but
at this
point, I might as well just have done a new layout!!!!
Also, this is not guaranteed. I have a broken layout which still
won't allow me to do a symbol lookup (either via button or via Tools | Symbol
Lookup) except when Free Floating Windows is checked.
Most disturbingly, I asked the tech how I could know when in the future it
would be
safe to do a File | Save Layout and be sure that I wasn't leaving a window
"out where you can't get to it anymore".
The tech couldn't tell me.
I asked if the tech considered this a bug
(that you can put yourself in a state where you can't get a
symbol lookup window without knowing what you did to cause it). She said "no"!!
StreetSmart Pro V
Description:
Options positions such as CUPRZ, NTOPA, and
PCURH are accepted but NOT UPDATED (not even
given its Description) on a Watch List (not
even described).
StreetSmart Pro V
Description:
Tools | Start Tool presents you with the possibility of starting many tools at once. If you simply want to add one tool, say another chart window, it in natural to deselect everything but that and click Start. The result is that stuff already 'started' is stopped! This is counterintuitive and typical of the hostility this product bears toward new users and the lack of respect it has for the benefits of making any complex UI extremely orderly.
StreetSmart Pro V
Description:
Limit order appears to only allow DAY: can't select GTC. I called 20070713 3PM and was told that of the 3 choices, Limit, Market, and Trailing Stop, only Trailing Stop offers anything but DAY. For Limit orders, you have to check Spec Cond and then after you click Sell (or other) you then see a “Time in Force” option with DAY and GTC choices!! To me, this is a (rather typical) usability problem.
To mail in difficulty reports: https://www.fidelity.com/ | Log In | [Customer Service |] Contact Us | Send an E-mail
Description:
When a stock such as IVW.TO (Lionore mining) is double-clicked in a watch list,
a linked chart will display a title of IVW.TO and the name of the Toronto stock
but display the data for the US stock, if any, which has the .TO
stripped off. IVW, in this example. In v 6.2.116 this is improved – now
it shows nothing!!
Description:
Can't change the Notes on the account type of watch list.
Description:
On the Account | Positions table:
· doesn't have a notes column for notes/observations.
· can't double-click on a row to get linked chart windows.
Response:
Double clicking a row in Positions or in a Watchlist is not currently designed to bring up a linked chart. You can right click a row and bring up a menu on which you can left click on "Chart" to bring one up. Also, on the extreme left side of a row is a white box you can check. Checking it will light up a button at the bottom of the display screen labeled "Chart Selected Items." Clicking this button will display charts on one or more items that have been checked off.
Description:
Options positions such as -CUPRZ, -NTOPA, and -PCURH are streaming-updated on
Positions, but are NOT UPDATED on a Watch List.
Thus a Watch List on an account is unnecessarily discrepant with the
corresponding list of positions.
Description:
Accounts | Balances Total Account Value
sometimes fails to be the sum of the 'white' items below.
Here is some actual data:
1,001,037.12 - (45,114.08+102,594.81+776,335.22+84,000)
= -7,006.99
997,523.55 - (140,701.89 + 787,821.66 + 69,000)
= 0
This difference may be the result of my monthly $7,000 withdrawal from
the core money market position.
Description:
Cannot include the text "+++" in a 'Notes' cell of a watch list -
version 6.1.115
Description:
Text in a 'Notes' cell of a watch list over 80 characters long is truncated to
80 with a strange series of blinkings and without explanation. The column
can be dragged to a size much larger than 80. - version 6.1.115
Description:
Graphing @US.P crashes ATP!
Description:
Fidelity response to all of the above:
Subject: RE: Difficulty Reports re Active Trader Pro
From: Fidelity
To: FREDERICK N CHASE
Date: 5/19/2007 5:39 AM
Message: Dear Mr. Chase:
Thank you for using Active Trader Pro.
There are some limitations in the charting utility in regard to certain stocks that trade on a foreign exchange such as IVW.TO. To discuss these limitations in more detail, it is best to consult with an ATP usage specialist at 877 907-4421. Associates are available Monday through Friday, 8 a.m. - 5 p.m., Eastern Time to assist you.
They can also provide information on the limitations on adding notes in the notes column in a Watchlist. Likewise, they are in the best position to discuss any discrepancy you find in Accounts | Balances Total Account Value where it sometimes fails to be the sum of the 'white' items below. Since such discrepancies are likely to be time sensitive in nature, it is best to call the Active Trader usage specialist when you are seeing the discrepancy. They will be able to determine if the behavior is by design or is a result of a technical problem. If it is a technical problem with the software, it can be addressed by refreshing the program software using a procedure I will outline at the end of this message.
ATP charts are not designed to chart options prices. This capability is on list of items being considers for future enhancements of ATP. The Positions table does not have a column available for notes as does the Watchlist. This is another item that has been submitted for a future enhancement.
Double clicking a row in Positions or in a Watchlist is not currently designed to bring up a linked chart. You can right click a row and bring up a menu on which you can left click on "Chart" to bring one up. Also, on the extreme left side of a row is a white box you can check. Checking it will light up a button at the bottom of the display screen labeled "Chart Selected Items." Clicking this button will display charts on one or more items that have been checked off.
ATP, like any data intensive software program is subject to developing database corruption in the User database. Each User that is created in ATP is built on a fresh database. Over time this database can accumulate minor errors which when they reach a certain density will result in anomalous behavior. One symptom of user database corruption is the inability to edit and save changes in a Watchlist. Clicking "save" will fail incorporate the modifications you have just made to the Watchlist. This is just one example.
A general remedy to this is to download the software again on top of the existing program. If this does not resolve the problem, other steps can be suggested by our technical group.
I suggest the following procedure to refresh the ATP software on your computer. You do not have to uninstall the program. Just make sure that the existing program is closed down completely before you start downloading.
1. Go to ATP.Fidelity.com
2. Click on "Download Active Trader Pro"
3. Choose to "Run" or "Open" the program rather than "Save."
4. Answer the prompts as the program processes the installation.
Note: if on a Dial Up connection, this process could take up to an hour. On a high speed connection, less than 2 minutes.
If you still have a problem with ATP, please contact a Fidelity Electronic Channel Support Associate at 800-544-7595. Associates are available Monday through Friday 8:00 a.m. to midnight, and Saturday 8:00 a.m. to 6:30 p.m. Eastern Time.
Mr. Chase, I appreciate your relationship with Fidelity and the opportunity to assist you. Have a great weekend and please contact me again anytime.
Sincerely,
Phil Pelletier
Fidelity Brokerage Services LLC, Member NYSE, SIPC
Previous Messages:
Subject: Difficulty Reports re Active Trader Pro
From: FREDERICK N CHASE
To: Fidelity
Date: 5/18/2007 8:05 AM
Message:
Description:
Description:
Description: