Do you get any useful tools using a stockbroker like scotttrade or ameritrade?

AwesomeTucker
AwesomeTucker

Currently using robinhood, was wondering if there's more benefits to using a more established broker. Any insight is greatly appreciated.

Pic related

All urls found in this thread:
https://www.tdameritrade.com/tools-and-platforms/trade-architect/features.page
Stark_Naked
Stark_Naked

I love Robinhood. The only benefit other brokers offer, from my experience, is they provide research and tools. The only reason I switched to TD Ameritrade was due to the ability to set a trailing stop so I'm not having to constantly reset my stops.

Lunatick
Lunatick

@Stark_Naked
Robinhood is literally shit tier

Use td ameritrade or interactive broker

Boy_vs_Girl
Boy_vs_Girl

@Lunatick
How so?

hairygrape
hairygrape

@Stark_Naked
If I set a stop limit order and a limit order and one fills will it cancel the other out with robinhood?

Skullbone
Skullbone

@Boy_vs_Girl
broker crashing during market hours

can't short

no candlestick charts

If you have over 3k and are under 25 you can start an interactive broker account. They have $1 commissions

SniperGod
SniperGod

@hairygrape
Nothing in Robinhood automatically cancels. Everything must be done manually. Once you put in an order, it allocates the funds needed to fill that order until it is filled or cancelled. Any broker you use will have it's advantages and disadvantages.

VisualMaster
VisualMaster

@Skullbone
Why do you have to be under 25?

JunkTop
JunkTop

@hairygrape
You have to allocate funds or shares to your orders and they won't be available for other orders if you do.

Methshot
Methshot

@AwesomeTucker
I use Trade Architect with TD Ameritrade. It's completely free, even if you have 0 balance in your account. Live stock quotes and market updates every second.

Literally the closest thing to Bloomberg, for free, that I've seen.

Evilember
Evilember

@Stark_Naked
does TD have a free level 2? im currently looking for a broker that offers a level 2. i think etrade you need 25k in it just to get a level 2

TalkBomber
TalkBomber

@Evilember
It has access to level 2 quotes

WebTool
WebTool

@Evilember
https://www.tdameritrade.com/tools-and-platforms/trade-architect/features.page

LuckyDusty
LuckyDusty

@TalkBomber
@WebTool
thanks

StonedTime
StonedTime

Create an account with TD Ameritrade. Choose to deposit funds later. You now have ThinkOrSwim with free real time data.

GoogleCat
GoogleCat

@Boy_vs_Girl
How so?

No margin, so you can't multiply your profit at all
No After Hours, so if your stock crashes you have no access
No real time quotes, so you're guessing at whatever prices you buy/sell
Oh, and their servers tend to crash randomly.

Do you need more reasons?
I would run from them, unless you're just gambling with pennies.

Nude_Bikergirl
Nude_Bikergirl

@GoogleCat
If you trading common stock on a cash account there is 0 reason to not use Robinhood.

likme
likme

TD Ameritrade and Fidelity have tools for free. Fidelity is a cluster fuck though. I'm sure other places other tools too.

hairygrape
hairygrape

@TalkBomber
How many levels / how much depth in the orderbook do they show?
I've heard Ameritrade filters their data so the volume studies like volume profile are not accurate. Is this true in practice?
Does TDAmeritrade have a good volume study which shows the volume delta at the bid and offer?

JunkTop
JunkTop

@GoogleCat
With instant I think they have margin trading and you can get your money from selling stock instantly.

The prices update constantly I'm not sure what you mean?

Haven't had it crash on me yet. Sometimes I buy only 3 stocks at a time, I don't have huge amounts of money. But fuck if I'm not learning and making money.

Emberfire
Emberfire

@AwesomeTucker
Options.

eGremlin
eGremlin

@AwesomeTucker
We pay for a number of additional features, all of them secondary to more accurate bid/ask info. That is primarily where the expense comes from. It is worth the commission.

inb4 robinhood displays accurate prices
ours are more accurate.

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