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.