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Warrior Trading Blog

  • Value For Investors

Summary

TradeStation is an excellent broker that provides industry-leading trading technology accompanied with exceptional customer service and commission structures. We highly recommend this broker whether your an active trader or passive investor.

TradeStation is a premier online brokerage service that started back in 1982 and has focused on providing industry-leading trading technology accompanied with exceptional customer service and commission structures.

They have created a product and service that caters to the most demanding active trader with tools and features that range from direct market access, hotkey abilities, robust charting software and scanning tools to name a few.

TradeStation offers all asset classes from stocks and options to futures, mutual funds and fixed income products. Whether you’re a new or experienced trader this is a broker that you need to seriously consider and I’ll explain why below.

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Commissions & Fees

TradeStation has recently updated their commission structure and is now based on whether you trade on the TS Select (desktop) or TS GO (mobile) platforms. Equity trades are commission free regardless of the platform you use and there is no base commission on options or futures contracts.

However, for TS Select clients there is still a $0.60/contract fee for options and $1.50/contract fee for futures. With TS GO per contract fees are slightly lower with options costing $0.50 per contract and futures costing $0.85 per contract.

Below is a breakdown of their new commissions schedule:

Trading Platform & Tools

This is where TradeStation excels past any of their competitors. Their trading technology is far superior and far more powerful than anything I’ve seen so far. They have a platform that is rich with graphics and fully customizable with robust charting capabilities, powerful scanners and research center, one-click trading and much more.

They have one of the most extensive data banks with over 40 years of historical pricing data so you can back-test strategies thoroughly and gain a deeper insight into market analysis. Their platform is easy to test trading strategies that you can customize on any time frame.

After you run a test, you can generate a report that details the results which includes a plethora of statistics and profitablility measures. You won’t find a better place to back test strategies for retail traders.

If downloading the platform you will have the choice to download the legacy platform or the current version. We highly recommend using the current platform as it has a cleaner look, more features and is easier to use.

Coding Features

Their proprietary coding language, EasyLanguage, allows traders to build powerful trading strategies, back-test them, and then activate them to trade their accounts based on their risk tolerance or they can customize trading indicators and sell them along with trading strategies on the TradingApp store where apps can run for free or they can cost up to hundreds of dollars per month.

There are literally thousands of apps to choose from depending on your trading style and risk tolerance that can be added right on your platform. TradeStation is one of the only brokers that I’ve seen that has this for retail traders and is a very useful feature that can really add an edge to a traders strategy.

Final Thoughts

With TradeStation the possibilities are nearly endless. They have superb customer service, industry-leading technology and competitive commission rates. Their services will fulfill the needs of the most demanding full time trader to the casual investors, however, they probably aren’t the best for new traders just looking to learn the ropes as the fees can add up if you’re not trading enough.

I highly recommend TradeStation as long as you can meet their monthly minimum trading activity so you don’t get hit with the fee but if you’re serious about your trading and are looking for a new broker, then you really should check these guys out. I promise you won’t be disappointed!

If you have any questions or comments regarding TradeStation, please leave us a message below!

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5 Comments

Christopher Doyle

Do they cater to international traders or ‘only’ traders with US residence?

Ross C

Hi Christopher, it depends on where you live and if you are a US citizen or not. If you are a US citizen but living abroad then you can open an account but if you have a different situation than that, then I would recommend speaking with them. There may be certain circumstances where they will allow it but you can reach out to them via their chat service and quickly find out if you qualify or not. Hope this helps!

[email protected]

I lost my investment to binary options brokers. It took everything to fight back for my hard earned money. I was lucky it worked out with the help of a charge back pro. I have learned the hard way and I hope others will be careful not to fall for this scams. I will be willing to point victims the right way to recover their stolen funds.

Jeremy

Also of note with TradeStation is their military program (TradeStation Salutes) that they offer which is a $22,000 value at no charge if you are currently Active Duty military. However, if you are a vet then you will get a similar program with a few features removed.

Along with that there are MANY fees that are waived and the commission is set at a fixed rate for Active Duty as well. I am still looking into this platform as a newer trader to use along with Warrior Traders daily chat. I dislike suretraders extra fees of costing almost $350 just to set up an account. On top of the needed $500 min. Plus the money you’d want to use for trading, thus rounding out to about 1k to start with them. All the while they are getting poor reviews with most everyone due to their fees and the lack of customer service. There really aren’t too many options for new traders that want to stand a chance against those that have HotKey options.

James Finitz

I deposited into robinhood account, How do I buy tock

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Testimonials

Before I started trading, I would make $1000 in 2 weeks. Now after taking the warrior trading course, I can make that in a single day, at 26, I now own my own house and I am fully independent, thank you warrior trading for everything you have done for me, my future looks brighter than ever!

Max

I had a job I didn’t really like and I was forced to live five thousand miles away from my home Country. After joining Warrior Trading, I can trade from anywhere and my income is more than doubled. Thanks to this community, it now feels like I’ve been given the keys to absolute freedom.

Roberto

After 3 years of trading as a student my portfolio has net more than $230k. For year 2020, in less than 6 months I’ve net more than 140k. With Warrior Trading’s mentorship and my investment knowledge prior to coming on-board, I developed my own short term swing trading strategy.

Drew

On January 24th 2020 I started with $690 in my account. In March I made $4,433.89 and by April, my account was up 1,000%. I’d made $6,900 in 42 trading days.

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I think trading is the only place in life where I can say I am totally responsible for my outcomes. That’s huge in a world where previously waiting on someone else to make decisions about my income felt like a prison. I now have full autonomy.

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If you do not agree with any term of provision of our Terms and Conditions you should not use our Site, Services, Content or Information. Please be advised that your continued use of the Site, Services, Content, or Information provided shall indicate your consent and agreement to our Terms and Conditions.

Warrior Trading may publish testimonials or descriptions of past performance but these results are NOT typical, are not indicative of future results or performance, and are not intended to be a representation, warranty or guarantee that similar results will be obtained by you.

Ross Cameron’s experience with trading is not typical, nor is the experience of students featured in testimonials. They are experienced traders. Becoming an experienced trader takes hard work, dedication and a significant amount of time.

Your results may differ materially from those expressed or utilized by Warrior Trading due to a number of factors. We do not track the typical results of our current or past students. As a provider of educational courses, we do not have access to the personal trading accounts or brokerage statements of our customers.

Available research data suggests that most day traders are NOT profitable.

In a research paper published in 2020 titled “Do Day Traders Rationally Learn About Their Ability?”, professors from the University of California studied 3.7 billion trades from the Taiwan Stock Exchange between 1992-2006 and found that only 9.81% of day trading volume was generated by predictably profitable traders and that these predictably profitable traders constitute less than 3% of all day traders on an average day.

In a 2005 article published in the Journal of Applied Finance titled “The Profitability of Active Stock Traders” professors at the University of Oxford and the University College Dublin found that out of 1,146 brokerage accounts day trading the U.S. markets between March 8, 2000 and June 13, 2000, only 50% were profitable with an average net profit of $16,619.

In a 2003 article published in the Financial Analysts Journal titled “The Profitability of Day Traders”, professors at the University of Texas found that out of 334 brokerage accounts day trading the U.S. markets between February 1998 and October 1999, only 35% were profitable and only 14% generated profits in excess of than $10,000.

The range of results in these three studies exemplify the challenge of determining a definitive success rate for day traders. At a minimum, these studies indicate at least 50% of aspiring day traders will not be profitable. This reiterates that consistently making money trading stocks is not easy. Day Trading is a high risk activity and can result in the loss of your entire investment. Any trade or investment is at your own risk.

Any and all information discussed is for educational and informational purposes only and should not be considered tax, legal or investment advice. A referral to a stock or commodity is not an indication to buy or sell that stock or commodity.

This does not represent our full Disclaimer. Please read our complete disclaimer.

Citations for Disclaimer

Barber, Brad & Lee, Yong-Ill & Liu, Yu-Jane & Odean, Terrance. (2020). Do Day Traders Rationally Learn About Their Ability?. SSRN Electronic Journal. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2535636

Garvey, Ryan and Murphy, Anthony, The Profitability of Active Stock Traders. Journal of Applied Finance , Vol. 15, No. 2, Fall/Winter 2005. Available at SSRN: https://ssrn.com/abstract=908615

Douglas J. Jordan & J. David Diltz (2003) The Profitability of Day Traders, Financial Analysts Journal, 59:6, 85-94, DOI: https://www.tandfonline.com/doi/abs/10.2469/faj.v59.n6.2578

Copyright © 2020 Warrior Trading™ All rights reserved.

Etrade Review – Is This Stock Broker Right For You?

Posted by Dave | Jul 22, 2020 | Broker Reviews | 0

ETRADE Review
  • Commissions

Summary

ETRADE is one of the most popular online stock brokers offering flat-rate commissions, research tools, and advanced trading platforms. ETRADE is packed with powerful features and tools to help both investors and active traders. Read this review to see if ETRADE is a good broker for your trading needs.

About ETRADE

ETRADE is one of the largest and most well known U.S. online brokers that offer a dizzying array of products to its 3.4 million customers. In addition to brokerage services, it also has various banking products, retirement management and planning services, managed and automated accounts, robo-advisory services and financial consultants to appeal to the widest demographic of investors and traders. They also have branch offices located throughout the country with licensed financial advisors. It can be a bit daunting trying to decipher all the products and promotions but the site is quite intuitive and packed with webinars and tutorials.

ETRADE Commissions and Fees

ETRADE institutes a per-trade commission structure that is tiered based on trade volume. Stocks, options and ETFs are $6.95 per trade and drops to $4.95 per trade after 30 trades per quarter. Options trades cost $0.75 commission per trade and drops to $0.50 per trade after 30 trades per quarter. Futures trading costs $1.50 per trade with no tiering. Bonds are $1 per trade with no tiering. Broker assisted trades add an additional $25 fee in addition to commissions.

Accounts require a minimum of $500. There are no annual or inactivity fees. There are over 2,500 transaction-fee-free mutual funds. Early redemption fee for these funds if held less than 90-days trigger a $49.99 penalty. Margin rates range from 6% for $1 million or more on a sliding scale to 8.75% for $9,999.99 and below.

Platform Features and Tools

ETRADE has three main platforms and their mobile versions.

ETRADE Web

ETRADE Web is the gateway browser-based online/web platform best suited for desktops/laptops and the general population of customers who are likely long-term, buy-and-hold, mom-n-pop investors. All the multitudes of products can be access through the website portal/platform. This is a rich source of educational content, fundamental analysis tools and analyst research along with tutorials. Since it’s tab menu and brower-based, expect web page reloading and refreshing on trade confirmations and investment product activities.

ETRADE Pro

ETRADE Pro is the standalone platform suitable for active intra-day trading and swing trades. The platform has all the tools including detailed charts and point-and-click level 2 screens. Access is granted to customers who meet specific requirements of either $250,000 account equity or execute 30 or more trades per quarter. The platform fee is $99 per month or free with at least 30 trades per month.

OptionsHouse

Optionshouse is being marketed as the new advanced trading platform. ETRADE acquired it in July 2020 as a move to beef up its derivatives trading offerings. It’s worth noting that Optionshouse merged with TradeMonster in October 2020 and subsequently merged platforms. This platform specializes in options and derivatives trading with beef up options analytics that literally walk you through various options strategies, set-ups and potential outcomes. This platform is suited active options traders looking for a rich depth of strategy application. Stock trades are also available but personally, I prefer ETRADE Pro. It has all the bells and whistles of a real-time online trading platform. It’s being integrated into the rest of the ETRADE ecosystem.

ETRADE Mobile

ETRADE Mobile app is incredibly functional and integrated with accounts so I can actually leave the screens during position trades. There’s something to said for being able to stay connected away from your trading station and literally helped me re-discover that there is a whole living breathing world outside during trading hours. While I don’t initiate trades from the mobile app, I do close out positions and monitor open trades on it. Like having a gun and not needing is better than to need it and not have it. It’s very assuring to know I can check on positions when I take them and have the ability to make trades away from the desktop system. Button-based action windows make for easy navigation. I found it pretty amazing that level 2 data can actually be viewed in real-time streaming mode.

Charts

ETRADE Pro has solid stable charting with the usual functions and indicators and the ability to link them to other windows like news, watch lists and level 2. OptionsHouse also has great charting with a ton of studies and strategy indicators.

Technical Indicators

Both ETRADE Pro and Optionhouse have fully configurable charts that can be segmented by time frames and tie periods with all the conventional indicators like stochastic, moving averages, Bollinger Bands, MACD and pivot points. Users can also draw trend lines on both platforms. Optionshoues allows for notes to be writtern direction onto the chart,

Level 2

The level 2 window (called a market depth window) on ETRADE Pro also function as an execution window allowing the user to point and click which will execute a trade in under one second, which is my favorite methods of placing trades, instead of keying in prices by hand. The level 2 windows can also be configured to include more or less details in the window.

Users can subscribe to various news feeds like Dow Jones, Bloomberg and third party sources like Briefing.com. The news can be filtered by key words to monitor for specific news catalysts. I like to use evergreen key words that usually gurantee a price reaction like “FDA approves” or “raises guidance” or “lowers guidance” or “CFO CEO resigns”. The platform also provides free access to live TV from CNBC.

Scanners/Research Tools

The scanner is quick and useful for finding intra-day candidates that are gapped up or down, hitting new highs/lows and heaviest volume movers by price range. You can set your parameters to sort through the stocks you are comfortable with by price range, volume, exchange and so on. Scanners tend to show candidates when they hit the most transparency so it’s prudent not to jump headfirst into everything that pops up. ETRADE Pro also gives you the ability to backtest your scanners (using technology from Trade Ideas).

Order Entry

Executions on ETRADE Pro are instant through the Level 2 order entry window. I just point-and-click the price limit and click BUY TO OPEN or SELL TO CLOSE button and fills are instant. Orders are generally routed a limited assortment of ECNs on market makers. Hot keys can also be programmed in for even faster reaction.

ETRADE Web orders are menu driven and can be klunky as they ask for confirmation before executing. These orders are probably routed to marker makers. The order fills are relatively fast upon reloading the page but it’s best to only use this method for trades you don’t need fast executions on.

Watch Lists

I really like the watch lists on the ETRADE Pro platform as you can configure what information you want. I like to keep it simple with columns only for name, last price, $ change, bid, ask, volume. It lets me quickly eyeball and sort my stocks by $change to see which are up or down the most. The bird’s eye view really helps you shape your own conclusion on the performance of the market away from the benchmark indices.

Platform Differentiators

The ETRADE Pro is hands-down the platform for active stock traders in the ETRADE ecosystem. Investors and swing traders may consider ETRADE Web for non-time sensitive trades. Optionshouse is for serious options traders looking to diversify their strategies. Overall the ETRADE family of platforms is very comprehensive as a whole compared to most of the national online brokers. The mobile app is more than just a companion piece; it is an actual platform that is integrated with trading and research functions. It is one of the most complete mobile trading apps on the market. The educational content is top notch and free to customers. The 24-hour customer support is also a great feature but naturally call volumes are heavy during market hours.

ETRADE Customer Service

ETRADE has some of the best customer service in the game. You can call the company directly or you can message them via the secure message center. I always prefer calling and, every time I’ve called, I’ve had a positive experience. I usually get an answer in less than a minute and I’ve never waited for more than five minutes to speak to a customer service rep.

The best part about ETRADE’s customer service team is that they are actually incredibly knowledgeable. This isn’t just another outsourced support team. The representatives I’ve spoken to were both friendly and experienced. The team has walked me through complex technical tasks like clearing the cache of the ETRADE Pro platform.

They have also been very helpful at making up for issues caused by system outages. While system outages are rare, they do happen. I was impressed by how ETRADE handled these situations whenever they arose.

ETRADE Comparisons

ETRADE is one of the top online discount brokers and we feel confident recommending them to both traders and investors. Of course, most people like to shop around a bit before deciding on a broker, so let’s look at a few comparisons. We’ll keep it brief, but you can find full reviews of all of these brokers in our archives.

ETRADE vs. Robinhood

ETRADE and Robinhood often get compared even though they are incredibly different. Besides the fact that both of these companies are brokers, they have very few similarities. Robinhood is an app-based broker that is designed for beginner investors who value simplicity and free commissions. ETRADE offers far more features and caters to a broader range of investors and traders.

Overall, ETRADE has better platforms, research tools, and services. While Robinhood offers free commissions, many traders quickly realize that “free” comes at a cost.

99% of the time, we recommend ETRADE over Robinhood. The only reason you should even consider Robinhood over ETRADE would be if you meet all of the following criteria:

  • No more than 1-2 trades per month
  • No need to trade OTC penny stocks
  • No need for advanced desktop platforms
  • No need for third party stock research
  • No need for a strong support team

ETRADE vs. TD Ameritrade

ETRADE and TD Ameritrade are both very similar brokers. They are so similar that choosing between them may come down to simple preferences. For example, if you started trading on the ThinkOrSwim platform, you may not want to go through the hassle of learning the ETRADE Pro platform.

Both brokers offer similar tools, resources, and commission rates and you can’t go wrong with either. Personally, I prefer ETRADE, but once again that is just a preference rooted in my familiarity with the broker.

ETRADE vs. Ally Invest

ETRADE and Ally Invest are both discount brokers but they are slightly different. Both companies have been around for awhile, but it seems like ETRADE has kept up with the times better. Ally offers a range of financial products such as bank accounts, CD’s, and investment accounts. While ETRADE has similar offering, they have done a better job of elevating their trading tools. It would seem that ETRADE offers better resources for clients who just want to trade and invest in stocks.

Overall, ETRADE’s platforms and resources are better than Ally Invest.

What Type of Trader is Etrade Best For?

ETRADE is suited for investors, stock traders and options traders. The diversified platforms cater to the styles of each type of customer. The mobile app is excellent. Beginners will really benefit from all the tutorials and videos. Active traders will be best accommodated on ETRADE Pro. The broker is used by many active traders such as Nate at Investors Underground and Timothy Sykes.

Advanced traders who require more routing options and direct access may prefer SpeedTrader.

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