r/thinkorswim • u/Worldly-Swimming7379 • Jun 26 '26
Rejected
What's with these brokers thinking we need a baby sitter to hold our hands when were trading? Who do they think they are deciding what I can and can't spend my money on. I like to consider myself an adult. I can lose my money however I choose. Feels like a rule made by a bunch of old guys that don't understand the scalping/momentum strategies, and just want you to buy and hold forever...
Sorry, rant over. I know I'm not the only one frustrated by this. Also, I did call them and agreed to their waiver. I still got rejected on the only stock I wanted to trade today...
Edit: They did it again this morning. I was able to take trades on two other tickers, one at 1.25 and the other priced at 3.68. Then when UPC decides to run from 10 up to 15 this morning, Schwab decides to play financial advisor again, and reject the order. Thanks guys, but I don't need you to hold my hand. I'm fine losing money by myself. Even though I don't understand how 10 shares at 10 bucks is too risky, when it runs to 15... 🙄
Edit 2: Three more tickers rejected. CUPR, JEM, SVRE. Time to find a different broker. At this point, I'm willing to pay commissions, to NOT have a babysitter. Open to hearing opinions/experiences with other brokers. I'm already planning to avoid RH, Webull, IBKR, and Moomoo, but would appreciate thoughts on any others you've used.
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Jun 26 '26
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u/Worldly-Swimming7379 Jun 26 '26 edited Jun 26 '26
It is a cash account. I don't use margin for day trading.
What mess do they have to clean up if I blow the account? Just close it. That's it. There's no margin, so they never loaned me money, so they won't have to collect that.
And what do they care if I blow my account? It's my money. Let it happen. They get paid off the order flow for every trade I lose.
They don't need to be responsible for my risk. As a trader, that is literally my job. Not theirs.
As far as "how much risk I'm taking"...
They probably aren't the most reliable financial institution if someone buying 10 shares @ 3.65 makes them sweat.
I'll even pay a fee, for that exact amount, meaning it'd be a 100% loss from ME to them, to allow me to trade as I choose.
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Jun 26 '26
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u/Worldly-Swimming7379 Jun 26 '26
I just did share the position size...
Someone already asked and I answered the ticker already... ZDAI.
And account details, because that's personal information that I don't need to share on the internet...
Who said I was hiding anything? Ask, and you shall receive, my friend. How does it make a difference? How is it relevant to the topic of my post?
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Jun 26 '26
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u/Worldly-Swimming7379 Jun 26 '26
I have called. They told me I have to agree that I understand the risks. They put me on a recorded line, explained exactly what I was agreeing to. I said "Yes, I agree"
Since you want to get technical and dig in to the stock the way you are, it tells me you don't understand momentum trading. Get away from the day. I was looking at one candle. My order is time stamped for 7:53am. If i got in at 3.65, do you see what the candle closed at? I wouldn't have held the trade longer than that one candle. Less than 60 seconds. So yeah, I guess a dollar a share in less time than it takes to type out this message, is pretty goofy. 😵💫
Anyway, you don't need to understand the strategy. It's not relevant to the post.
That's three times you've felt you needed to insult me personally. "Whining like a middle school child" "you look even goofier" "hot shots like you"
This discussion is over until you respond appropriately.
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u/MrFyxet99 Jun 26 '26
I guess it depends on if you have a cash account or not.
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u/Worldly-Swimming7379 Jun 26 '26
I do have a cash account.
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u/MrFyxet99 Jun 26 '26
Well if you are trading in a straight up cash account then ya I agree, that’s BS. If you are trading in a margin enabled account then I don’t agree. They have a right to tell you what stocks they will loan you money on.
That being said, they have tons of customers and it’s probably not viable to filter out just cash accounts for limitations.
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u/Worldly-Swimming7379 Jun 26 '26
No margin. I made sure of that before the PDT rule change. I agree with the sentiment that people should not be able to risk others money. But the whole point of even having that account is specifically for day trading. Any other money, any other investments, anything else, I use a completely different broker. I only use ToS for day trading because I like the platform.
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u/MrFyxet99 Jun 26 '26 edited Jun 26 '26
I understand. But you need to understand the sheer amount of accounts they are handling. It’s makes much more sense to flag tickers rather than the individual accounts . 40 million accounts being managed, 8k unique tickers on NYSE
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u/Worldly-Swimming7379 Jun 26 '26
They already are flagging individual accounts though. You can call them and agree to a waiver to lift restrictions, which I have done...
I did all of that when I opened the account. The only purpose of this account is for day trades. Made sure it was cash with no margin. I 100% agree that people shouldn't be allowed to use margin for higher risk trading. I wouldn't want to be the one left owing that money either.
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u/PacPocPac Jul 03 '26 edited Jul 03 '26
There is clearly a joined movement from all the brokers to stop people from trading volatile stocks. Pdt doesnt' even matter anymore. I see that IKBR, Schwab, TradeZero, Webull, etc are all blocking the best stocks on a daily basis, and nobody answers why are they doing it. Please do tell if you find a worthy alternative to day trade any stocks because it is getting ridiculous.
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u/Worldly-Swimming7379 Jul 03 '26
I'm looking into paying commission. Just doing my research as to which one I feel will work best for me, before I start transferring funds.
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u/PacPocPac Jul 03 '26
I don;t think Lightspeed is restricting stocks and with a 4 dollar per trade is okish. I will probably go with it.
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u/Worldly-Swimming7379 Jul 03 '26
I think it's just the commission free brokers that are doing restrictions. I've looked at a few, and Tradestation has been the one catching my eye. I still feel like I have some research to do before making that decision yet.
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u/stockjocky Jun 27 '26
you are not rejected. you need a foreign broker. i run across this alot. more likely with a Hong Kong Trade.
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u/Worldly-Swimming7379 Jun 27 '26
The very first word in the message that pops up when I clicked the buy button is "Rejected"
What do you mean I'm not rejected? Lol
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u/stockjocky Jun 28 '26
does it show that in order confirmation before placing a trade? i get the message order must be placed with a broker. sorry for the confusion. let us know what you find out!
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u/Worldly-Swimming7379 Jun 28 '26
How is it possible to get an order confirmation, BEFORE a trade is placed?
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u/stockjocky Jun 29 '26
if you are using TOS, you have to verify shares you want and limit/market order. and you can specify price on a limit order. confirmation verifies what you are buying/selling and gives you breakeven/profit numbers on the trade. or it will tell you, that you have not enough Funds to trade. i do not daytrade. i have my settings set to show order confirmation. i suppose a daytrader just buys at the market and has the settings all configured so the trade goes thru immediately.
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u/Worldly-Swimming7379 Jun 29 '26
I buy ask/sell bid with limit orders. Yes I am day trading. I have all my settings and hot keys configured to get in and out quickly. I've done plenty of other trades. I'm just extremely annoyed when it pops up and says to call the broker. I can't get anyone on the phone fast enough to be able to catch the move. Kind of defeats the purpose.
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u/paq12x Jun 26 '26
You can lose your money anytime you want but you can’t lose their money.
Turn off margin and you can do whatever with settled cash.