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ScoTTrade

reviewed by ryson

ScoTTrade

ryson
11/07/2008

ScoTTrade 1

Watch out for Scottrade tricks that they don't tell you about. I bought 2000 shares of a stock for $15.00, then it dropped to $13.00 the following session. I bought another 1000 at $13.00 and had to call Scottrade to place a versus purchase order to sell my $13.00 shares for $14.00 (unlike E-trade, Scottrade doesn't allow you to reverse the order yourself). It's not in any of Scottrade's literature and they never informed me that if I modify the reverse order I placed through them that it reverts back to "first in, first out." So what happened was, I changed my $13.00 shares to sell for $13.75 instead of $14.00, via my online trading page through Scottrade, and instead of making a profit of .75 per share I unknowingly took a loss of $1.25 per share because 1000 of my $15.00 shares were sold instead. I didn't realize what had happened until I looked at Gainskeeper one day and saw my loss was not as great anymore. I called them up and asked what happened, then they explained it to me. Just another method they use to prevent day traders from making any money. If I must call them everytime I want to make a trade, that would take too long and the price could easily fluctuate while they dilly dally. I'm filing a lawsuit against them, since when I asked over the phone if I could modify that versus purchase order myself, I was told I could but was not told it would change the order. Deceitful assholes.

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RoboTechInvestor commented 385 days ago.
The first in, first out is the industry and IRS standard. Most day traders don't care. A 'day trader' relying on Gainskeeper, funny!

RoboTechInvestor commented 385 days ago.
Do you even know how bad things are at E-Trade? Holy cow, they are begging for moany from the government, your own tax dollars, to save their own failing company with its bad business practices and shoddy management. Think I'm kidding? Take a look at the news such as here: http://www.foxbusiness.com/story/markets/industries /finance/e-trade-seeking--mln-treasury-capital-program/ $800 million of our tax dollars hard at work! Man they sure like to privatize earnings but they want to haqve the government subsidize losses! Better watch any money you have with them!
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By the Numbers