Stay away from Tradestation

If you consider using Tradestation as your future broker then please take the time and read about my experiences with them:

Hi

I just want to share this experience and hear some opinions.

I have been trading live with tradestation for 8 months now.

This friday when I closed my platform it warned me of queued orders even though I had closed all orders as it was friday and don’t want to have open orders during the weekend. But I went back to my platform to doublecheck that all orders was closed and that I didn’t have any queued orders, which there weren’t.

Saturday I opened my platform again to prepare for the upcoming week and I immediately noticed an open order. The order apparently was a stoploss order triggered 5 sec. before the markets closed friday. The order was a GBPJPY stoploss order placed at 117.350 but it was filled at 117.010. The price however were at 118.10! :confused:


Sunday when the Clientservice phones opened at Tradestation I called them (waited on phone for 30 min. before my call was taken) and the guy I spoke to agreed with me that the order shouldn’t have been triggered but he asked me to call again monday. :mad:

Monday I called them again and my call was taken after 20 min. The guy I spoke to said they would “bust” the order and return my money (worth of 200 pips!!) within an hour and return my money. That was 3.30 PM EST and now 5 hours later the order is still open and my equity is still down 200 pips.

I asked the guy how in hell it could happen and he told me it was because the stoploss was triggered in a VERY wide spread friday evening when all the banks, brokers etc. closed their positions and that I had to change my “order trigger type settings” to “Single trade tick”. The guy was in a hurry and NOT interest in helping me so he got very annoyed by my question. To me this reason sounds very far fetched. Why would Tradestation implement an option which could trigger orders far from price AND at the same time make that option the default choice??!!

During this period I have spoken to about ten different representatives at tradestation and not a single one of them were friendly, helpful or service minded. In my world this is the minimum requirements from a client support desk.

Clearly I am going to another Broker now or as soon as they have reimbursed me my money!

But I would be happy to hear your opinions on the explanation I got from Tradestations of how it could happen.

From a very tired trader
/Michael

i suggest instaforex. used it for a while and had a great experience!:stuck_out_tongue: