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Old 11-08-08, 11:34 AM
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PeteC PeteC is offline
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Join Date: Nov 2008
Posts: 5
Which Broker Doesn't Time Out?

I have two brokerage accounts. TDAmeritrade and ETrade. With the TDAmertrade account I can set up an order and then wait for the exact right time to place the order. If I try that with the Etrade account, I have a limited amount of time to place the order or else it will time out.

As an example of the problem, I was sure that during Obama's first press conference the market would go down. On my TDAmeritrade account I prepared an order to buy 400 SPY puts at the market and on my ETrade account I prepared an order to buy 190 of the same puts.

When I thought the time was right I clicked the "submit" button on both accounts. TDAmeritrade got me the puts for $3.80 each. ETrade said my order timed out and I would have to start over.

I didn't have time to mess around with the ETrade account but I prepared an order to sell the options in the TDAmeritrade account. Less than 15 minutes later I clicked the submit order for the TDAmertrade account and sold the options for $4.20, thus a gain of $16,000. Of course I made nothing on the ETrade account.

So I need to find another broker for my ETrade account. I don't want to change it to TDAmeritrade because I don't want to put all my eggs in the same basket.
Anybody know of a broker that offers low commisions (<$10.), is comfortable with my trading options, and doesn't time out orders?
TIA
Pete
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