Anyone Use Fidelity Active Trader Pro?

[haha]

I know, I know, active trading causes hemorrhoids. But this platform seems to have a lot of functions and it doesn't make you trade frequently.

If you use it or have used it, would you mention some of the features you like best? Maybe least liked features too? I just started with it and it seems a bit overwhelming.

Ha

 

[Nords]

If you use it or have used it, would you mention some of the features you like best? Maybe least liked features too? I just started with it and it seems a bit overwhelming.

Good:
- Watching order flow (maybe available at Level II, haven't checked in a while).
- Huge array of alerts & watch lists that can be updated in real time by price, % change, & highs/lows.
- Automated "if-then" order execution to allow you to exploit opportunities at the speed of light.
- Robust website & backups, no personal problems during any of the market's volatility or volume since at least 2000.
- Quick response to trouble tickets, e-mails, & phone calls.
- Lots of updates & upgrades.
- With frequent trades and/or high balances, Fidelity offers reduced commissions, access to IPOs, and margin/shorting/options features.

Not so good:
- Huge array of features that'll keep you tied to your monitor for hours.
- Automated order execution to allow you to make mistakes at the speed of light.
- Lots of updates & upgrades. So far it's been pretty trouble-free but...
- With frequent trades and/or high balances, Fidelity offers reduced commissions, access to IPOs, and margin/shorting/options features.
- More trading is strongly encouraged!

I worked with it for a couple of years but I put it away a couple years ago and haven't picked it up since. If I was Gary "How I Trade For A Living" Smith then I'd be tempted to quit my day job and use this software, but... I have to admit that compared to the vendor products Active Trader is a great free platform with plenty of support and little hype. But Fidelity quickly earns back their money on the trading commissions.

 

[haha]

Active Trader is a great free platform with plenty of support and little hype. But Fidelity quickly earns back their money on the trading commissions.

Thanks Nords. I can see how this could seduce me into doing this more than is good for me- in many ways.

Since I moved to town I go to a lot of Fidelity seminars and meetings. A lot are really trading seminars, designed to promote churn. I never came into contact with any of this when I lived too far away to go to these things.

From my apartment to Fidelity and back is 7500 steps- half downhill, half up! I get a nice walk, a free lunch and some pleasant socializing. And some information too.

Ha

 

[FinanceGeek]

I know, I know, active trading causes hemorrhoids. But this platform seems to have a lot of functions and it doesn't make you trade frequently.

Actually you cannot even get access to this platform unless you trade 36x/year.

 

[Nords]

Actually you cannot even get access to this platform unless you trade 36x/year.

If you ask nicely and indicate that you're champing at the bit, they'll let you give it a test run.

Sorta like your friendly corner crack dealer...

 

[haha]

Actually you cannot even get access to this platform unless you trade 36x/year.

They give it to me 'cause I'm so bloody rich. And suave also. I got level 2 quotes, minute by minute trades-it is like looking at a perpetual motion machine.

Ha

 

[LOL!]

I have not seen the Fidelity software, but I like to use something that is perhaps similar at TDAmeritrade which they call "Command Center 2.0" It's java based.

It shows holdings in my portfolio and any ticker symbols I add as they continuously trade. As cells are updated in real-time, the background changes colors, red: means a trade lower, green higher, yellow new high, new low.

I can see the Level II bids/asks stacked up in the order flow. This is enlightening because one can see that computer programs are doing most of the trading.

There is also a cell for each ticker that is a strip chart of the last 20-30 minutes of trades which clearly show trends if any are there.

I find the tool useful when buying/selling low volume ETFs such as DLS and GWX. One can see instantly the general trend of the market (going up is lots of greens and look at the strip charts for SPY, EFA, EEM, MDY, IWM, etc; while going down is lots of reds). This helps set the limit price for orders I am about to transact or makes me wait a little bit. The idea I try to use is that high volume ETFs like SPY, EEM, IWM set the trend quicker than low volume ETFs like DLS, so that the latter "lag" if you will. This delay can be beneficial I think.

After I make my decision, I use another window at another broker to make my free trade.

I probably save about 50 cents a transaction by using the tool. I did a round trip day-trip in EEM last week and made some lunch money as well.

Summary: Features I find useful: color-coding of cells, strip chart, order flow display.