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I don't know anything about your broker but my broker is stupid..
I'm not going to tell you who my [stock] broker is but I am going to tell you about some of the stupid crap they have done that allowed me to.. profit.
They made me.. profitable through their own inefficient and at times downright dishonest actions.
I was SO f'ing stupid when I first started trading stocks on a full time basis. All I knew was that I thought charts were cool and that they seemed to be trying to tell a story.
I always called my broker on the phone, still do as a matter of fact, to buy and/or sell stocks. I started studying charts in about 1998 but I'm talking about 2004 here when I made the decision to [trade] my cushy corporate job with the fantastic benefits in for a life of trading the markets..
I made about 4k per month before I quit my last job. However in that very same month I made 16k trading. It seemed like a no brainer to give full time trading a shot.
Though I didn't really realize it the charts I was using to "day trade" were at least 20 minute delayed! Before then I had used entry / exit orders most of the time put in the day before.
That's what I'm saying.. I was a newbie and too stupid at the time to even realize I was using charts that were 20 minutes delayed..
As it turned out my broker DID realize how stupid was..
They played right along with me!
They would intentionally quote me a delayed price so I could experience the the true thrill of day trading.
It went on like that for awhile. My broker acting as if the prices I was trading were live prices.
Then one day I decided to cough up 30 bucks a month for a live data feed [it's 50.00 a month now but maybe that's only transitory inflation]. I used that live data feed with a great FREE program that I still use today called QuoteTracker. I pay the 60 bucks a year for it now though because it's worth more than that to me. I may try to buy the company some day lol
So anyway.. After I got the live price feed I realized at some point that my broker thought I was f'ing stupid. That pissed me off..
They were still quoting me prices that were 15 or 20 minutes delayed.
Once I realized that I had the brand new ability to actually SEE into the f'ing FUTURE I decided to be careful not to let my broker know that I knew that they thought I was f'ing stupid..
I found some high flying day trader favorites of the day and studied price action.
When I found something that blasted off to the upside in a violent breakout I waited about 15 or 20 minutes, watched what it did, and THEN called my broker..
I almost always got a price quote 15 or 20 minutes in the PAST ;)
Do you understand what I'm saying here?
I could SEE 15 or 20 minutes into the f'ing FUTURE!
So I did very well for awhile.. I would call and buy and go ahead and put in a take profit right where I knew the price was going to end up. Almost all of my buys were about 15 minutes before a huge breakout LMAO
Eventually the dumb asses managed to figure out that I had real data LMAO
Who's stupid now MF'ers?
So that was my first foray into f'ing stupid brokers..
But I found out they had OTHER stupid sh*t for me to take advantage of!
One they called a "Now or close" order..
It was a proprietary client service, I discovered later..
The way it worked was if you had an open long position you had the option of using this "Now or close" order. It was used to either close your position at the current market price OR the price at the market close. You got whichever price was better, in your favor.
I'm not sure if I ever understood the reason they offered it in the first place but I figured out a way to use it to my advantage.
I spent the morning looking for high fliers. Stocks that were up 30% or so in the morning session. So I would find something up 30 35% and wait for a pullback to say maybe a plus 12% or so price. At that point I would call my broker, buy it and immediately put a "Now or close" order on it.
As a result my risk on the trade was break even while my upside was unlimited!
Some of those damn things might close the day plus 50% to 70% and I got ALL of it! And, if they fell apart I got out break even LMAO
It wasn't too terribly long that my broker decided to "discontinue" that particular "client service". They mumbled something about "too many clients were using it like I was".
Ok.. LMAO
In that discussion I discovered that it was the broker who paid the difference out of their own pocket. So I was fleecing them pretty good LMAO
Who's stupid now MF'er?
By then I had some money and i was bound and determined that those bastards were not going to steal it back from me.
Then came the next discovery of how amazingly stupid my broker is that allowed me to play "market maker" for more than two years.
This major f*ck up is apparently a "company policy" issue because as far as I know it is still this way to this very day. I just eventually got tired of doing it and wanted to try being a "real" trader. (Big mistake LMAO)
It was something I noticed using my QuoteTracker software.. QuoteTracker displays the bid, the ask and the current market price of an equity.
I noticed, while calling, that my broker ALWAYS quoted me the current market price. Never the bid or the ask, always the current market price as it was displayed in QuoteTacker.
I figured out, pretty soon, that I could use this to play market maker.
I eventually figured out the best way to do it was to find stocks with a high volume and a very low price that traded in a range most days of maybe a penny or two..
One of my favorites at the time was Able Auctions It used to trade under the symbol AAC I believe and when I was trading it it was like a 22 cent per share stock that had high volume and normally traded within a one or two penny range all day long. I traded LU some too in the $3.00 range and had others as well. But I ended up focusing on the cheapest ones I could find because I could make about 4 or 5% per trade on a move of one penny.
I would just watch QuoteTracker to see when the current market price matched the bid. Then I would call my broker and buy. At the same time I would enter a take profit a penny higher, at the ask. Many trades were over in seconds but sometimes it took longer. About 91% were winners, about 7% were closed at break even and the remaining 1 to 2% were losers.
I traded like that for a long time. Usually averaging maybe 30 to 40 trades a day. One day I made 99 trades just for fun, mostly LU. It used to pop up and down a penny many many times in the course of a single minute.. And my broker would let me just sit on the phone buying and selling, buying and selling.
I guess I have seen it called flipping pennies or something and treated with downright disdain at times as if it should be beneath a "real" trader to resort to such tactics.. Whatever..
So.. who knows.. Maybe your broker is f'ing stupid too..
I urge you to try to find out! LMAO
Greg
Now.. if only I can find a way to do this effectively in the forex market..
Here are some of the symbols I used to trade.. Many of them are gone now but a few are still around..
Gone: AAC,QEE, HEC, CNXT, AVNX
still around: PPHM, XSNX, NVAX, GNBT
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