The only advantage of Fidelity of speed of funding (ACH), which appears to
be really enjoyable to most users.
If you trade options, go to TOS or other brokers.
If you trade options at Fidelity, be ready to be messed up big time.
If you trade options at Fidelity website or on your smart phone, you cannot
enter conditional trailing stop or market order outside of regular trading
session, which means you may end up involuntarily conducting your trading
business in your engineer office day after day...
If you have large in-the-money long option positions after 3pm EST, Fidelity
would close it on your behalf without calling your home phone or cell phone
brokerage fees. One of my option positions could have made $2K profit ended
up with $500 just this afternoon, plus expensive talk time on the phone
costing another $2.5K profit on the other option position. All this
evaporation of profit occurred on a three point S&P move in the final 15
minutes: imagine what a larger ES move this dumb ass Fidelity could inflict
on your account!
The Fidelity margin calculation system on options could be even more
damaging to your trading capacity. If you day trade spreads, you could end
up with a margin call of a couple of $Millions, albeit you logically closed
the short leg first before any other trades.
Thanks so much for the superior service of Fidelity ;-( I'll bring my money
somewhere else.
