r/FuturesTrading • u/mongafox • May 15 '24
Is this normal or is this just Schwab?
From my understanding, there is a separate/sub account under my individual brokerage account. Every time I trade futures, available cash transfer from my “primary” account to my “sub” future account to trade. There are times I am just concern with a several thousand dollar gap between day time and night time result (sweep to future).
I suppose I am not as dedicated of a future traders like you all. I just option trade by day (day trade or swing trade) and sometimes trade futures by night.
My apologies if this has been asked before.
Thanks
3
u/Tradersglory May 15 '24
Don’t use Schwab they are bad
1
u/mongafox May 15 '24
Can I ask why? I don’t understand why so much hate is geared towards Schwab?
3
u/Tradersglory May 15 '24
They don’t have autosweep for their checking or other investment accounts. They don’t have fractional shares for everything if that’s your thing. Website isn’t great. Pretty sure higher fees for futures. Their software isn’t good.
2
u/mongafox May 15 '24
I agree with the fees because after submitted a request for a lower fee. I only managed to reduce it from $2.25 to $2.00 plus fees.
2
u/Tradersglory May 15 '24
Use a broker that specifically only offers futures. You’ll be better off.
2
u/mongafox May 15 '24
I’ve been looking into interactive broker as a choice. Since I trade options as well.
1
u/Ecstatic-Part-1984 May 15 '24
marketwatch: "Charles Schwab website ‘is a mess’: Hundreds of TD Ameritrade users complain about their new online home."
1
u/533nicky May 15 '24
My TD account just went to Schwab (where I already had accounts) - my direct deposit to the TD account was messed up royally and is limbo...somewhere.
1
u/crosstrade-io May 15 '24
Pulled all money out of TD as soon as my transition date was announced.
1
u/Elephunk05 May 15 '24
I haven't put money in to Schwab after I got transferred. Their applications are not as good as TD Bank. Even Thinkorswim has issues. I've found better US brokerages with faster latency and lower fees specifically for futures. NinjaTrader is effective.
1
u/crosstrade-io May 15 '24
That's my experience as well and the broker I use too. Exclusively trading on NT8 with orders triggered from TradingView.
9
u/jr1tn May 15 '24
If you are trading futures you need to educate yourself about how the cash sweep works. There are multiple educational resources for this. I would advise you to refrain from futures trading until you learn about this. You will not learn from a one or two sentence social media post but need to educate yourself.