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   Non-TechE.Schwab problems


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To: Findit who wrote (1392)12/12/2017 8:35:44 AM
From: scaram(o)uche
   of 1401
 
Had something interesting happen with SSE. All in one trade tool showed one issue (example, XXXX) on the two header lines (black field, with blue beneath), but the level 2 quotes belonged to a second (YYYY).

I saw the great asking price for XXXX, selected my trading venue (NSDQ) and number of shares, and didn't even look at the trade verification window (and thus don't know if it was correctly telling me that I was buying YYYY, not XXXX) while hitting buy button.

Bought wrong issue. Worse, didn't take a photo of the all-in-one window before looking at different quotes.

I noticed this issue once previously, maybe 1-2 months back, but caught it. Keep an eye.

Best! Rick

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To: scaram(o)uche who wrote (1394)12/12/2017 11:39:28 PM
From: Findit
   of 1401
 
Rick, thanks for the alert. I will be on the watch for it. Did you talk to Schwab? If so, what did they say? I do check the review screen all the time before sending in a trade. But on a few occasions when time was pressuring me to buy or sell, I have let go with a trade that was not my intent. So far that has been about 3 times in the many years trading. And luckily I was able to not incur any significant $$$ losses.

Hope all is well with you. This has been a good year for me in the market. But have given some profits back the last 3 months.

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To: Findit who wrote (1395)12/13/2017 12:20:41 AM
From: scaram(o)uche
   of 1401
 
Yeah, I called them. Felt sort of silly. Heh.

I'll just eat the loss (I decided to sell.... both buy and sell were executed after-hours).

I sit here with SSE open and page after page of Chrome open as well. Sometimes, despite having plenty of memory and a fast chip, my compie slows. I suspect that played a role.

Wish I'd have at least had the good sense to take a photo.

>> a good year for me in the market <<

Very good! Very pleased to hear, me too. Best, and Happy Holidays! Rick

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To: scaram(o)uche who wrote (1396)8/29/2019 1:23:23 PM
From: Findit
   of 1401
 
Rick, hope all is well with you. Hanging in and still playing mostly penny stocks.
Reporting on Schwab StreetSmart Edge today. Being a day trader with most plays in penny stocks it is critical to get up to date reliable info from Level 2. As the year proceeds that info is not reliable at all. Transactions are shown with the wrong PPS. Bid and Ask pps is often in error. Problem has to be source of of the data. Schwab makes like my calls are bringing up a new issue each time. They first treat me like I am a newbie to trading. On occasion I get a good rep and we get through to Trade Support dept. They acknowledge they see the problem and will report the problem to their data feed source contacts. They never get back to me. Called again yesterday and went through the process again. But they can't get back to me with updates, but the problems will be reported and worked on. Bottom line if this problem has not been resolved by EOY my business of 20 years will move elsewhere. Trying TDA now. Their Level 2 is correct at least. They do have some limitations so will test others before my move.
Hoping someone else here that depends on Level 2 will chime in here. As it appears we penny (OTC) players are not of much priority to Schwab.

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To: Findit who wrote (1397)9/1/2019 11:49:02 PM
From: scaram(o)uche
   of 1401
 
Hey, Jim!

Ugh, sorry to hear that the long relationship is in jeopardy. Haven't noticed issues, but I'm not in BB land. Hope that you're trading well, despite the differences with Mother Ship. Yeah, all good here. Best!

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To: scaram(o)uche who wrote (1398)9/17/2019 3:28:54 PM
From: Findit
   of 1401
 
Have had a rep from Schwabs advocacy has contacted me and did respond quickly. Nice to get an honest reply too. She owned up to that the quote data problem has been reported before and Trading support agrees there is a problem and they have reported it to management that deal with vendors that supply the quote data. But so far those folks have not responded to them. This has been going on all year. Guess they just don't see a priority in clients that 'trade' penny and sub penny OTC stocks. Here is my latest to them -

Michelle,

Reminder my problem is with StreetSmart Edge, not Schwab.com.

Review the problem yesterday and this morning. Results are:

Schwab.com is wrong on many OTC plays in the bid/ask pps and the last trade reflects the error in my account positions. Same with SSE. Only difference is Schwab.com does correct account pps by the next morning.

SSE continues to show the wrong pps for those positions affected. SSE Account detail shows wrong pps from incorrect data. Same with all watch lists. Account balances continue to be incorrect due to this issue.

Examples of this from yesterday are:
Schwab.com shows incorrect pps for NPHC at .0002 at end of day. Correct pps of .0003 the next morning. SSE still shows .0002 eod yesterday and this morning.
Schwab.com shows incorrect pps for TBSS at .0057 at end of day. Correct pps of .0058 the next morning. SSE still shows. .0057 eod yesterday and this morning.

For OTC traders this is too big a problem to put up with. Maybe investors that don't check their positions min to min are unaffected. But we traders are thrown for a loop due to this issue.

Sure hope you can get through to management on this issue.

Regards,

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To: Findit who wrote (1399)9/20/2019 12:59:06 PM
From: scaram(o)uche
   of 1401
 
Hey, Jim.

I don't trade pennies. But I do remember having held a decent # of shares in one BB issue, a few years ago, and watched the valuation drop at the end of the day to last bid, not last trade. Every day, period. Bugged me, but it had no effect on my investing style. Good luck with getting your issues resolved.

Rick

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To: scaram(o)uche who wrote (1400)10/2/2019 6:17:02 PM
From: Findit
   of 1401
 
Lol on your comment on valuation loss. I have so many dead or almost dead sub pennies that often have have a big bid/ask spread and many that go no bid. My portfolio value can take a multi thousand $$$ hit due this. I am use to this now. Anyway, here is a update on the quoting problem at Schwab -


Schwab has good customer service. But if you plan to use their Level 2 for trading, it's quote data is usually wrong for OTC stocks. Wrong last trade pps, wrong bid pps, wrong ask pps wrong high and low of day. All shown on the Level 2 layout. Plus this data appears on watch lists streaming too. This is a problem that started this year. They know the problem but higher ups refuse to switch to another vendor for the data feeds. The reps at Schwab are as frustrated as I am. Guess we penny players are not a big enough piece of the pie to warrant doing anything about this. Bottom line those trading with Level 2 will be trading in the blind.


Sent an email to my Schwab advocate yesterday and let her know I would much rather see this issue fixed than get the new no free trades.


I will be spreading word of this on other forums. This issue is costing me $$$. If I get a good response from other traders, maybe I can put together a Class Action Suit.

Jim

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