Schwab-TDA Merger: Thoughts, Rumors, Sightings...

[MerryDay]

So what should you do if have no funds in your TD Ameritrade account but are still using Think or Swim?

I have not recieved any correspondence as of yet.

You need to contact Schwab about the future access of the ThinkOrSwim app by members with unfunded accounts.

 

[scott69]

So what should you do if have no funds in your TD Ameritrade account but are still using Think or Swim?

I have not recieved any correspondence as of yet.

or should I just fund the account?

I set up a zero balance account for my daughter that I was going to fund, but when they sent me the notice of closure, I decided not to fund it at this time, as she is not actively trading while in college.

The point is, they DID close the zero balance account at the exact time they said they were going to close it, and no further access is allowed to it.

 

[Max911]

It's probably best converting my scripts to another platform as a backup.
The future is uncertain.

What platform do you suggest? I'm on the same path as you. This merger will not end well for TOS users.

 

[MerryDay]

What platform do you suggest? I'm on the same path as you. This merger will not end well for TOS users.

I came from TC2000 -- great platform, the best scanner hands-down! no support.

Have had Tradingview accounts, the pay-to-play and limits on # of indicators on my charts was not worth it.

Sierra Charts has the most robust charting abilities. The platform is skewed toward trading futures, ETFs, and other pre-identified instruments.
Scanning is limited to those pre-identified instruments.

I have nothing bad to say about Tradestation or NinjaTrader. They are not cheap, but they are worthwhile platforms.

For me, it came down to where I could find the support and assistance in learning to script and navigate the platform. No other platform has as active and informative forum as useThinkScript.

Other forum count their total number of custom studies available in hundreds.
This forum has thousands of scripts to learn and choose from, is why I ultimately chose the ToS app.

While I do not use scanners, the way most forum members do; I NEVER look for a "buy arrow".
That is too limiting. I look for "opportunities".
The 185 days out of the year, when the market is hot, then I look for the high-liquidity financially-strong instruments that are hot and going to get hotter.
So a good scanner is essential. ToS Scan Hacker for my needs is second only to TC2000.

And I see no reason to consider changing. Yes, there have been serious issues. But Schwab was quick and proactive in resolving them. Yes, they have missed dates and not communicated when and what to expect next. And that has been frustrating. But in last week's earnings call; I like that Schwab is being honest and acknowledging that this has not been a smooth ride for us:

On Schwab’s earnings call Wednesday, Bettinger described 2023 as the most challenging year in his career at the company since the bursting of the dot-com bubble.​

He described 2024 as “transitional” and dependent on factors that are difficult to predict: the trajectory of interest rates, the stock market and the behavior of new clients.​

“It’s unrealistic to think that the challenges of 2023 simply disappear because the calendar flips over,” Bettinger said. “There’s much work to do in 2024 and beyond, and no one at Schwab is kidding themselves that everything is perfect right now, but my confidence is high.”​

https://www.insidermonkey.com/blog/...chw-q4-2023-earnings-call-transcript-1248020/

In my personal opinion, it is in Schwab's best interests to make us, the self-directed trader happy. And it sounds like that is their plan.

 

[TDTOS]

How do I know if my TOS has merged with Swab? If it hasn't, whats the best way to ensure my workspaces and indicators are saved properly? Thanks !

 

[MerryDay]

3 months before your move to Schwab, you will be inundated with emails requesting that you started the transition process:
https://www.tdameritrade.com/retail-en_us/resources/pdf/TDA1002694.pdf

Yes, the first groups that were transitioned had some issues with not being able to access their custom studies immediately. All the issues were addressed. Nobody 'lost' their custom scripts.
There have not been any reported issues from the groups that have moved more recently.

All that said, making regular backups of anything, upon which your future revenue depends, just makes good sense:
https://usethinkscript.com/threads/how-to-backup-user-created-tos-chart-studies-strategies.14979/

 

[codydog]

fwiw, from twitter -- https://www.schwab.com/trading/thinkorswim/guestpass

 

[Trader Raider]

Thought I would see if scans work in paper trading yet after reading codydog's post. For me, it's still a no-go. Anyone with a guest pass able to scan in paper trading mode?

 

[MerryDay]

Are you a schwabbie? Or have you been migrated to the Schwab?
Schwabbie links are not a stable function currently. They cannot be shared.

TDA links can be shared with Schwabbies, but there is a lag between system ports between the two apps.

Sometimes, members have had to wait until Monday, as it seems they wait to port over weekends.

Make sure that you are using: Easiest way to load shared links

All these issues will be resolved when Schwab gets us all onto the same app.
Schwab is currently aiming at having all issues resolved by May 13, 2024.
@ysanchezmd @Ramisegal

 

[Asansone]

@atpnguyen
Are you a schwabbie? Or have you been migrated to the Schwab?
Schwabbie links are not a stable function currently. They cannot be shared.

TDA links can be shared with Schwabbies, but there is a lag between system ports between the two apps.

Sometimes, members have had to wait until Monday, as it seems they wait to port over weekends.

All these issues will be resolved when Schwab gets us all onto the same app.
Schwab is currently aiming at having all issues resolved by May 2024.
@ysanchezmd @Ramisegal

Thank You!!

 

[MerryDay]

The TDA servers are being shut down forever May 15th, 2024. RIP
All ThinkOrSwim users will be alive on Schwab!
1 million ThinkOrSwim users have successfully transitioned to date.
The other 1.5 million ToS active users and future/forex users will be transitioned over the weekend of May 10th.

Everyone at this point should have received their transition letter.
If you haven't:
1. check your spam folders
2. check what email address you have on record on the TDA website
3. call ToS support

 

[netarchitech]

Once again, @MerryDay, thanks for the "heads up"

Funny thing is, I just received said letter today!

Good Luck and Good Trading to All...

 

[codydog]

Thanks for the ongoing updates and shared experiences - I find them very useful!

For the users of desktop tos, (where you click on the icon and the software pops up after signing in), who have switched over, is there any difference in the look and feel of the 'new' tos versus the old 'tos'? eg, when May 10th comes and goes, do I need to re-install or did it all just happen?

Thanks!

 

[MerryDay]

Thanks for the ongoing updates and shared experiences - I find them very useful!

For the users of desktop tos, (where you click on the icon and the software pops up after signing in), who have switched over, is there any difference in the look and feel of the 'new' tos versus the old 'tos'? eg, when May 10th comes and goes, do I need to re-install or did it all just happen?

Thanks!

You will have to use your new Schwab credentials.
Otherwise, it "should" be a seamless experience.

No need to install a new app. No need for you to worry about your custom studies, scans, watchlist scripts that are stored on the TDA servers. Everything is being moved to the Schwab servers.
The earliest groups that were moved, did have some hiccups. But all the subsequent migrations have been painless.

Several 'special' groups are not going to be accommodated on the Schwab version.
Singapore and Canadian clients have been dropped for the most part.
There are newer builds to mobile, but both the TDA & Schwab mobile apps already reflect those changes.
LLCs are other specially-listed accounts should contact support about the changes.

Previous migrations did have their challenges; but these were due to the fact that there were 2 different apps running.

So their signing on was different, the look and feel was different: in that links, futures, and various other things were not enabled on the Schwab version.

There are a few more buttons along the top of the screen. To allow you to connect to Schwab in different ways.
Self-directed traders are not a profit-making concern, so they will upsell us in a dozen ways in the direction of their wealth-management division. Given that a majority of daytraders fail, they have hopes.

 

[Trader Raider]

they will upsell us in a dozen ways in the direction of their wealth-management division.

Yes. It seems like a good time to remind newer investors to be sure to do a deep dive into product documentation when ANY brokerage makes an "offer" that purports to be to your benefit. It's a pain to read long pages of boring fine print, but it often reveals aspects of the program or instrument that aren't immediately evident when an "offer" is presented.

That is NOT a slam against Schwab. It's just my suggestion regarding ANY brokerage.

 

[netarchitech]

@MerryDay and @Trader Raider : Thank you for the wise counsel...

For those of you whom might be interested, here's how Charles Schwab built his personal fortune:

https://www.creditloan.com/blog/charles-schwab-history/

And here's how the Charles Schwab Corporation makes its' money:

https://www.thestockdork.com/how-does-charles-schwab-make-money/

 

[AndrewPnF]

shared links are not fully operational under Schwab until May 10th, 2024.
here is how to cut&paste the code into your app:
https://usethinkscript.com/threads/how-to-import-existing-thinkscript-code-on-thinkorswim.10/

May 10th or possibly May 12 / 13? My accounts are scheduled to be converted the weekend starting May 10 and they say I'll have access at Schwab beginning Monday morning.

We plan to move your account(s) through an automatic and secure process beginning Fr‍id‍ay, Ma‍y 10, at 8‍:3‍0 p.‍m. ET. •​ If you have a futures or forex account, you'll be able to trade futures and forex on thinkorswim® platforms starting Su‍nd‍ay, M‍ay 12. Account access will begin at 5 p.m. ET.​ •​ For all other trading, you can log in to any Schwab platform for the first time on Mo‍nday, M‍ay 13, at 5 a‍.m. E‍T to access your accounts.​

 

[MerryDay]

For those looking for API integration; be aware that it will still not be available after the final May move:

As part of the Schwab integration, a retail Trader API will be made available at Schwab. The goal is to provide an updated version of our current API capabilities in Schwab's ecosystem using Schwab's authentication and account support systems. However, development of the new Schwab Trader API is still ongoing at this time.

While the Schwab Trader API Developer Portal (https://developer.schwab.com) is now live for users to create a Schwab developer account and apply for the specific line of business, we are still currently in the process of approving access for individual applications. At this time, all access requests are being placed in a 'pending review' status.

We have begun enabling access for a small number of individual apps that were previously integrated into our legacy TDA API offering, and our goal is to open up access further by the end of Q1. However, please keep in mind that development of the Schwab Trader API is currently still ongoing, so this timeframe is tentative and may still be subject to change.

An e-mail will be sent to notify you once your access request has been reviewed. Once your request has been approved, you will be able to register an application via the Schwab Trader API developer portal (https://developer.schwab.com/) and begin integration and development work for your application. (Note: A Schwab retail self-directed brokerage account will be required to authenticate and interact with the new Schwab endpoints.)

 

[MerryDay]

This was posted on reddit; have not confirmed, yet:

May 10 transition process timelines​

Seems like we are (maybe) the last batch of TDA customers onboarding Schwab. Got the second email from TDA about transition process, and the transition center section appears on TDA menu as well.
April 9
First day to create your Schwab login info

• If you're an existing Schwab client, you can skip this step and use your current Schwab Login ID and password

April 19
Last day to grant trading authority on your account

• Only people with an authorized role on your account will have access to it at Schwab Learn more

Last day to reorder checks
April 26
Last day for account transfers and other updates

• Transfers to or from another brokerage firm
• Personal info, such as address, phone, email, and employment
• Margin, options, futures, or forex applications
• Beneficiary updates
• Dividend reinvestment changes
• Trade settings, such as tax lot method and real-time quotes
• Document delivery preferences

May 10
Last day of trading at TD Ameritrade

• Access to TD Ameritrade platforms ends at 8:30 p.m. ET
• Confirmations delivered by mail for trades executed today

May 10-May 13
Account unavailable Friday evening through the weekend

• Transition occurs over the weekend when markets are closed
• Futures and forex trading starts Sunday at market open on thinkorswim®

May 12
Access to thinkorswim for futures and forex clients begins at 5 p.m. ET

• Trading of all other products starts Monday, May 13
• Money transfers are not available until Monday, May 13 Learn more

May 13
First day of trading all products at Schwab begins at 5 a.m. ET

• Access your account on Schwab.com, Schwab Mobile, and thinkorswim desktop, web, and mobile

====================
If you already have a Schwab account

• You'll access all your accounts with your existing Schwab Login ID and password.
• We will create a new Schwab account for every TD Ameritrade account you have. If you'd prefer to combine accounts, look for information at Schwab after your move is complete.
  Learn more

If you currently use tdameritrade.com or the TD Ameritrade Mobile app

• You'll have access to Schwab.com and the Schwab Mobile app, plus thinkorswim® web, mobile, and desktop— using your Schwab login information.
• You'll no longer be able to log in to tdameritrade.com or the TD Ameritrade Mobile app after your account has moved, but you will have continued access to thinkorswim platforms.
  Learn more

If you currently use thinkorswim

• You can continue to use thinkorswim desktop, web, and mobile at Schwab—and your thinkorswim settings, preferences, and alerts will transfer.
• Use your existing desktop and mobile applications—no new download is needed.
  Learn more

If you trade derivatives

• Your options approval level will transfer with your account. Options levels and trading symbols are similar at Schwab and TD Ameritrade.
  Learn more
• Your ability to trade futures and forex will also transfer with your account. You'll continue to use thinkorswim to trade futures and forex, just like you do today.

 

[netarchitech]

Thanks, MerryDay!