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Posted On: 10/18/2020 11:38:04 PM
Post# of 85938
I used to use TDA but switched to Etrade after several situations with their trading platforms and back office practices.
I've never had this particular situation with TDA, but it sounds like his orders are outside of whatever their (non-universal) parameters are. I've had other situations with TDA though.
For example: I have a 20M position there of a ticker that failed miserably. No bid, barely any volume 800+ million for sale at .0001....y'all know what I'm talking about.
So the best thing to do is put the entire block up at .0001 on a GTC and extend the date out as long as possible. That way the order has a chance to get to the front of the line, and when dribs and drabs of volume come in, I might sell it all after a bunch of small fills over months or years.
Here's the problem....TDA only allows a 6 month limit on GTC orders. They don't care if Etrade has a 2 year GTC max limit, there's is 6 months and there are no exceptions no matter what. So after 6 months, when my order has maybe made it 1/2 way or more to the front of the line, the order times out and I'm at the back of the line when I'm forced to place a new order. Every six months for the last two years I've been on the phone with them trying to figure out how to put the order in with a longer time limit. It's not possible.
Meanwhile, on Etrade, the 19M share position (of a different failed ticker) I've had for sale on a single GTC order for the last 17 months is down to just over 3M left.
So I sympathize with the problems PPL are having with TDA. I know people who love them, but personally I am also of the opinion that they suck. Also not OTC friendly. They restrict stocks at the drop of a hat when no other broker has any restriction.
Sorry for the unabridged answer! LOL
I've never had this particular situation with TDA, but it sounds like his orders are outside of whatever their (non-universal) parameters are. I've had other situations with TDA though.
For example: I have a 20M position there of a ticker that failed miserably. No bid, barely any volume 800+ million for sale at .0001....y'all know what I'm talking about.
So the best thing to do is put the entire block up at .0001 on a GTC and extend the date out as long as possible. That way the order has a chance to get to the front of the line, and when dribs and drabs of volume come in, I might sell it all after a bunch of small fills over months or years.
Here's the problem....TDA only allows a 6 month limit on GTC orders. They don't care if Etrade has a 2 year GTC max limit, there's is 6 months and there are no exceptions no matter what. So after 6 months, when my order has maybe made it 1/2 way or more to the front of the line, the order times out and I'm at the back of the line when I'm forced to place a new order. Every six months for the last two years I've been on the phone with them trying to figure out how to put the order in with a longer time limit. It's not possible.
Meanwhile, on Etrade, the 19M share position (of a different failed ticker) I've had for sale on a single GTC order for the last 17 months is down to just over 3M left.
So I sympathize with the problems PPL are having with TDA. I know people who love them, but personally I am also of the opinion that they suck. Also not OTC friendly. They restrict stocks at the drop of a hat when no other broker has any restriction.
Sorry for the unabridged answer! LOL
Quote:
Maybe AAM has an idea.
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