ThinkOrSwim closing all Australian accounts: Where to now?

[Azzachazza]

Hi all,

Just a quick Email to let everyone know here in Australia who is an ex Thinkorswim client, or who is simply looking for a new broker to give Neil Swanson at Interactive Brokers a call. I spent the last month searching high and low for a new broker. For me I was looking for a broker with a decent commission schedule and whose platform contained the tools i required to trade the way i did at ToS. Definitely give IB a call and see how you like it. My experience with them so far has been awesome and Neil has been very helpful.

Here is his details if you want to contact him

Neil Swanson
8093 7301
[email protected]

Thanks guys and best wishes to all ex TDAmeritrade clients. Hope u all find a suitable home

[ftw129]

*UPDATE*

Well it certainly looks IB's TWS platform is the way to go for those of us looking for an alternative to TOS.

Their risk analysis tool called "The Risk Navigator" is the best I've come across (so far), after TOS.

The support has been pretty good (contrary to what I've read). I've been communicating our needs with one of IB's staff which are in the process of constructing a few new webinars based solely on the "Risk Navigator" and they have been very interested to hear what exactly it is we need and how they can structure their next few sessions to suit us. More of us need to get on there and communicate to them what we need.

As Azza posted above, feel free to contact;

Neil Swanson
8093 7301
[email protected]

He's pretty helpful and can help you set up your account.

Just be prepared to invest a bit of time to learn how to use this rather complex yet powerful platform.

All the best.

[Joe Blow]

Folks, for those signing up for an Interactive Brokers account online, please click through to their website from one of the many banners here at ASF. This really helps ASF by letting Interactive Brokers know that you heard about them here.

For those contacting Neil by phone, please let him know that you heard about Interactive Brokers from a forum thread at ASF.

Many thanks for your help!

[yazz]

Been trying out IB's charting for the past 4 weeks or so. While it's better than I thought it would be, it's terrible compared to the TOS charts. IB's charts load much slower, the timeframe options are way more limited, the indicators far fewer. Basic level 2 costs extra on IB as well. Plus the TOS options simulator is heaps better.

I'm just hoping TOS will do what they said on the phone they'd do i.e. allow me to keep my PaperMoney account open. From what I've read stock quotes are still live (US stocks) on demo accounts, but futures, options and order books are delayed. The options simulator will still work.

Hopefully one day they'll accept Australian customers again.

[Trembling Hand]

Been trying out IB's charting for the past 4 weeks or so.

No one I know who uses IB to trade uses their charting.

[ftw129]

Can I ask everyone who is now using Interactive Brokers (or trying to) after using ThinkOrSwim to help me (and help each other) by using the "Suggestions Box" located under the "About IB" Tab on the homepage of the IB website?

http://www.interactivebrokers.com/en...edbackForm.php

They also have a "features poll" where members can vote on other members ideas on improving/adding features to the platform. These are updated to show the outcome of these polls and whether or not the suggestions have been implemented, under consideration, rejected etc.

http://www.interactivebrokers.com/en...?ib_entity=llc

"We encourage our customers to submit suggestions for future technology enhancements, vote and make comments on these suggestions."

Help me by telling these guys what it is we need, how they could improve and even mention all the great features that ThinkOrSwim has and does so well. It can only benefit them if they listen to 100's if not 1000's of clients looking for another platform to fall in love with.

Soldiering on!

[psimmo]

Hey Azza, awesome to hear from someone who knows what I'm on about when I mention the name Don Kaufman!

Neil Swanson from IB was pretty helpful and assures me that IB are the best in the business. I thought I was just getting a sales pitch over the phone so I sent him a pretty detailed email describing exactly what it is we need along with photos attached and he took the time to read it and assure me that the IB platform could do what we need.

I'm eager to set up an account and give it a go.

If anyone else is keen shoot Neil Swanson at IB brokers an email if you have any q's [email protected]

Or make sure to put his name in the application where it asks how you heard of IB. He did take the time out to understand what it is we need.

Anyways, Onward and upward!

I was shattered when I received the notification from TOS.
Now I realized they have done me a favour. They have been going down hill since Americrap took over
Ive decided to go another way. Ive leased optionvue 7 with trade intergration with trackdata.
Cost 199/month
What a great piece of software. Blows TOS away. Charts are very basic, which suits me, dont look at them much anyway. However the option analysis is extremely good. See ya later TOSSER thank God Ive see the back of you.

[ftw129]

Ive leased optionvue 7 with trade intergration with trackdata.
Cost 199/month
What a great piece of software. Blows TOS away. Charts are very basic, which suits me, dont look at them much anyway. However the option analysis is extremely good.

Hello psimmo,

Can you elaborate on this a bit more?

I'm familiar with OptionVue7 and I tried the free trial however I thought it had a few limitations which I've raised with their Australian Rep who was meant to get back to me with answers to my questions but he still hasn't.

Has it go the ability to BETA weight?

Cheers.

[psimmo]

Hello psimmo,

Can you elaborate on this a bit more?

I'm familiar with OptionVue7 and I tried the free trial however I thought it had a few limitations which I've raised with their Australian Rep who was meant to get back to me with answers to my questions but he still hasn't.

Has it go the ability to BETA weight?

Cheers.

Yes it has the ability to BETA weight. Ive been through the 268 page user guide a couple of times now to get a good understanding of the software.
I now prefer to use this more than TOS. Its cleaner and once you get your head around it its easier to use.
Reports on your trading account for accounting purposes are second to none.
Couple of things I miss though, are the ability to convert options chains into spread formats one to how many strikes you want. OptionVue doesnt do this
Also I would really love to work in excel as well with live option quotes as in TOS
Other than that TOS can get stuffed I wished I found this long time ago.
If you had the free trial you really should have gone through the the user guide thoroughly, not meaning to preach so sorry if Im sounding like that Im guilty of not reading them as well. At first it was painstaking but once I started to understand the capabilities of this piece of software it became fun.
Basically I really enjoy using it more than TOS
I have quite a few different trades in the one index or stock, optionvue handles it with so much ease.
If you like charts and if technical analysis is your thing you may be disappointed with optionvue compared to TOS, for me I might look at a chart for a few seconds and thats about it for me on tech analysis so this suits me.

[ftw129]

Yes it has the ability to BETA weight.

Well, it's been a long journey learning how to use IB's TWS and although I am absolutely thrilled about the dirt cheap brokerage, I have hit a wall with the platform and it's inability to BETA Weight my portfolio.

So far I have managed to build a nice inventory on the SPY. The time has come though where it would be beneficial for my Delta position, to add more inventory but on another index however without the ability to BETA Weight I will be stuck on the same index until this feature is introduced. Not the end of the world, but a major disappointment, none the less.

This is not the only feature that TWS does not offer but it is of the most importance to myself right now.

ThinkOrSwim is still miles ahead.

For anyone reading this who finds themselves in the same situation and desperately would like to see this feature implemented, I would advise you to find the suggestion I made on the IB website in the "Features Poll" section, under "IB Risk Navigator", titled "BETA Weighting-Entire Portfolio" and vote for the suggestion that I made to be implemented. You may have to wait a few days for it to appear, as I only posted it just moments ago and it usually takes a few days for suggestions to appear to the public.

Thanks for your support.

[danon]

Hi, First time posting.. I'm an Options seller, Since TOS decided to cut us Aussies I've been using OptionsXpress as a broker although I am still using TOS for the risk graph. I think the best ThinkorSwim has given us is the ability to plot "what if" scenario with ease (at least it is for me) nothing compares TOS's "Risk Graph" anywhere (even OptionVue) as I trade multiple legs. Thanks "artist" for giving the link to Peter Hoadly's Option package as I am looking for the future survival of my options business before time comes that I no longer be able to use TOS, it's possible.

[ftw129]

Thanks "artist" for giving the link to Peter Hoadly's Option package as I am looking for the future survival of my options business before time comes that I no longer be able to use TOS, it's possible.

Hi danon,

Have you used Hoadly's yet?

I've been using Interactive Brokers now for my option inventory and although it doesn't even come close to TOS (Seriously, it really doesn't), it does allow me to monitor my large complex positions as a whole however for me (and sorry for repeating myself), the 2 most important features that are missing are (1) the inability to BETA Weight my inventory against an index (which would allow me to accurately spread my risk across multiple products) and the price slicing feature that TOS's risk navigator provides which allows you to very efficiently see what the risk of your overall portfolio is at a glance at desired levels & volatility conditions that the market could move with the ability to add or subtract theoretical trades. IB does do the 2nd feature to some extent but it is no where near as customizable, user friendly and logical as TOS. In fact, it's really frustrating and rather useless in IB.

I guess only ThinkOrSwimmers will ever really understand.

Interactive Brokers however is MUCH cheaper which is the trade off but even so, if TOS ever let Aussies back in I'll be the first in line to get my account re-activated.

Ok enough about that, it is what it is!

Let us know how you go with Hoadly's please

[danon]

Hi danon,
Have you used Hoadly's yet?

Hi ftw129, I've just downloaded some of the demos and videos from his website today, there were so much stuff in there that I think would take me some time to learn..

Interactive Brokers however is MUCH cheaper...

I've been thinking about migrating to IB as well but since I only trade RUT, I don't really pay that much brokers fee (at least not yet).. I heard IB charge you for real-time data is that correct?

[ftw129]

I've been thinking about migrating to IB as well but since I only trade RUT, I don't really pay that much brokers fee (at least not yet).. I heard IB charge you for real-time data is that correct?

http://www.interactivebrokers.com/en...etData&p=mdata

"Customers choosing to subscribe to US non-professional real-time market data will have the USD 10 (or non-USD equivalent) monthly market data subscription fee waived if they spend USD 30 (or USD equivalent) or more in commission for the month."