FWIW all, I am a long time TDAmeritrade, and now Schwab customer as well. I am now using CQG for Futures data and IBKR for everything else. And setting up TradeStation for another project. All work great with MotiveWave as alternatives to Schwab or in conjunction with ThinkorSwim.
It has worked quite well actually. After random hiccups over the years with 3rd party platforms, I now use MotiveWave for analysis, and the broker's native application for execution.
TBH after trading during a few panics and the COVID crash, I find that having more than one brokerage is advantageous. I know it does present some challenges, but when one data feed or brokerage goes down, having an alternative feed, platform, and/or account — for me it's the only way to go... Even if I wasn't a MotiveWave user.
Same reason I also have a completely separate internet feed and more than 1 computer. Things blow up, and this might actually push a few towards having a more redundant setup.
I think we all should pester the hell out of Schwab till they step up, but in the meantime there are alternatives.
Feeds currently working for me:
CQG (setup via Tradovate, now NinajaTrade... I am likely moving to AMP since NT doesn't want to play nice with other platforms going forward. Likely will weigh Rithmic vs CQG for this in the near future).
IBKR (while I don't like their data for Futures, everything else is great. Plus, while clunky, it's quite easy to buy/sell treasuries via their legacy platform and it works well as a backup... But their setup is certainly more daunting than TDAmeritrade, as are all others).
TradeStation (While I know their native platform works, I only use their platform for order entry, trade management, and primarily for data/backuo. I am one of those weird MacOS users, Parallels works amazingly well if anyone was curious and they do have a web platform).
Frankly, from a monetary standpoint, Schwab simply does not make sense anymore. Their fee structures are not great (I had all negotiated fees with TDAmeritrade due to volume). Their margin rate is simply gross. And it seems they got rid of a few simply amazing support people (or they moved on).
IBKR offers good fee structures, fantastic margin rates, and good rates on idle cash. And they are a world wide firm, so if you have to move to a US friendly country abroad and become a citizen, etc. virtually no issue. The only other that offered that AFAIK is Fidelity.
If you are a PC user (or don't mind Parallels) TradeStation offers a fair amount of features that originally attracted me to TDAmeritrade, BUT margin rates suck (just like most others)).
CQG is simply stellar for Futures data. It's fast, reasonably priced, etc. I have no issue suggesting CQG. My CQG feed worked more reliably than my ToS feed during the COVID crash and retail frenzy...
At the end of the day, I think the TDAmeritrade ship simply has sailed and we all are standing at port hoping they come back. They made a reputation with great rates and good people, some of that has changed now. (Speaking to myself here) Don't fall in love with brokers/clearing firms/etc. it's just business.
Decide what type of trader you are, and go forward picking the best, not the cheapest, but the best for what you do. That's what I decided to do and it's worked well. If you're a good trader, costs should not be your primary concern. It's service reliability, execution/fills and support when all systems fail. Secondary is fee structures (who cares if you get free trades and 0% margin if the service/support is terrible or reliability or data accuracy is less reliable than others?).
...now to get back to transferring my indicators to MotiveWave... ugh. I am not a programmer, really, but I did build most all of my tools in ToS. I simply seem dumb when trying to migrate those to MW, but that's yet another project...
Wish you all a seriously successful year!
Cheers!
It has worked quite well actually. After random hiccups over the years with 3rd party platforms, I now use MotiveWave for analysis, and the broker's native application for execution.
TBH after trading during a few panics and the COVID crash, I find that having more than one brokerage is advantageous. I know it does present some challenges, but when one data feed or brokerage goes down, having an alternative feed, platform, and/or account — for me it's the only way to go... Even if I wasn't a MotiveWave user.
Same reason I also have a completely separate internet feed and more than 1 computer. Things blow up, and this might actually push a few towards having a more redundant setup.
I think we all should pester the hell out of Schwab till they step up, but in the meantime there are alternatives.
Feeds currently working for me:
CQG (setup via Tradovate, now NinajaTrade... I am likely moving to AMP since NT doesn't want to play nice with other platforms going forward. Likely will weigh Rithmic vs CQG for this in the near future).
IBKR (while I don't like their data for Futures, everything else is great. Plus, while clunky, it's quite easy to buy/sell treasuries via their legacy platform and it works well as a backup... But their setup is certainly more daunting than TDAmeritrade, as are all others).
TradeStation (While I know their native platform works, I only use their platform for order entry, trade management, and primarily for data/backuo. I am one of those weird MacOS users, Parallels works amazingly well if anyone was curious and they do have a web platform).
Frankly, from a monetary standpoint, Schwab simply does not make sense anymore. Their fee structures are not great (I had all negotiated fees with TDAmeritrade due to volume). Their margin rate is simply gross. And it seems they got rid of a few simply amazing support people (or they moved on).
IBKR offers good fee structures, fantastic margin rates, and good rates on idle cash. And they are a world wide firm, so if you have to move to a US friendly country abroad and become a citizen, etc. virtually no issue. The only other that offered that AFAIK is Fidelity.
If you are a PC user (or don't mind Parallels) TradeStation offers a fair amount of features that originally attracted me to TDAmeritrade, BUT margin rates suck (just like most others)).
CQG is simply stellar for Futures data. It's fast, reasonably priced, etc. I have no issue suggesting CQG. My CQG feed worked more reliably than my ToS feed during the COVID crash and retail frenzy...
At the end of the day, I think the TDAmeritrade ship simply has sailed and we all are standing at port hoping they come back. They made a reputation with great rates and good people, some of that has changed now. (Speaking to myself here) Don't fall in love with brokers/clearing firms/etc. it's just business.
Decide what type of trader you are, and go forward picking the best, not the cheapest, but the best for what you do. That's what I decided to do and it's worked well. If you're a good trader, costs should not be your primary concern. It's service reliability, execution/fills and support when all systems fail. Secondary is fee structures (who cares if you get free trades and 0% margin if the service/support is terrible or reliability or data accuracy is less reliable than others?).
...now to get back to transferring my indicators to MotiveWave... ugh. I am not a programmer, really, but I did build most all of my tools in ToS. I simply seem dumb when trying to migrate those to MW, but that's yet another project...
Wish you all a seriously successful year!
Cheers!
