I am frustrated Fidelity customer that still hopes to change Fidelity negative attitude toward active traders. In spite of their extensive ad campaign and marketing effort through hundreds of representatives, their services are poor and continue to deteriorate over the last few years.
Fidelity Active Trader Pro (ATP) platform was a decent trading tool seven years ago, considering current technology at that time and offerings from similar big traditional brokerages. However, in the last five years capabilities of that tool were scaled down eliminated or frozen, reliability and performance sunk, support was reduced to superficial, and to top it all, Fidelity stopped conducting even the most rudimentary functional test with new releases.
Since Fidelity heavily promotes Active Trader Pro (ATP) as its flagship tool, and Fidelity made numerous promises about future capabilities of the tool, it deserves scrutiny. While it is hard to take serious a tool that does not allow the user to put a resistance line above the high of a chart, nor support line below the low of a chart (on the issues list for several years), the tool has potential and resources to realize that potential. But as of now (September 2008, ATP version 8.1) the archaic charting capabilities will irritate even the most patient user.
Let me jump into specific illustrations of the issues. Using Fidelity Active Trader Pro, plot intra-day the NYSE Tick chart (symbol “.TIC.N”). Try adding a Simple Moving Average (or Exponential if you prefer) to the chart. It can not plot negative numbers!! That faulty Moving Average is on the Fidelity ‘to-do’ list for years!! Try to call and get status on that rudimentary capability that has a simple fix and has never worked properly. You will not be able to get any response!! As long as you are looking at that chart, you might wonder what a “.TIC.N” print, that occurs only once per 60 seconds, means. Fidelity does not know whether this is the Close value, the average value, or anything else.(Fidelity uses ComStock for data-feed – reputable vendor, so the issue is not with the data source). Fidelity claiming ignirance is not surprising if you experience Fidelity responses. I have just spent several calls and much time (hours) attempting to clarify a mysterious parameter (that only Fidelity has!) on their Keltner Channel indicator. No one in Fidelity is knowledgeable about this 20 year old indicator that is part of Fidelity Active Trader Pro for years.
The faulty Moving Average example is one of several hundred open issues that are unresolved. While users reported many issues over the years, there is no visible tracking capability while results are non-existence. Even simple straight-forward visible issues are ignored like selecting Help >> ‘ATP Charting Indicators’ will display a document that Fidelity promised to fix before version 6.1 is released (three years ago). Still every call about an indicator will end with forwarding me toward that faulty document.
Seeking telephone support is a prolonged frustrating process talking to nice people with lack of knowledge, ability, responsibility, or authority. That includes all telephone support options such as Fidelity Electronic Channel Support (800-544-7595), Fidelity Active Trader Pro experts (877-907-4421), Fidelity Active Trader Pro services (800-544-5115), Fidelity Trading Desk (877-907-4429), and so on. Try for instance to inquire why the German DAX (biggest Europe exchange) is suspended for several years after it was working properly, or ask for a date when the important daily dollar index chart (“.DXY”) will be fixed. Has the DAX gone the way of the Advance – Decline symbol (“.AD.N”) that was supposed to be restored years ago (Fidelity: “definitely in version 7.0” but never happened!). Getting Fidelity to respond is impossible. Fidelity Email support is even worse and seeking local representatives’ help (Los Angeles and Southern California area) is wasting time with personnel that lack expertise or desire or both.
Fidelity Active Trader Pro is not cheap. It requires the user to pay $1434 ($11.95 X 120) before getting access to the full capability of the tool. Thereafter, it is still cost significant more to use than competitors. That adds to the frustration of waiting on Fidelity to come through with promises such as extending their intra-day chart depth beyond ten days while free services provide twice as much. And there are other concerns like the speed performance of the tool depends on the random server assigned to your connection and other mysterious parameters (like user selection of sub-tools).
If this message resonates with other aggravated Fidelity customers, maybe Fidelity will hear from others, and perhaps this message will generate some heat that guide future effort in the area of supporting active traders. Fidelity urgently needs to address lack of technology and lack of talent which translates to lack of trading capabilities.
In the meanwhile I will continue to strive for change. Maybe shaming Fidelity is the right way. My short term goals are modest. For instance I am trying to convince Fidelity to allow users to use forbidden (why?) older Active Trader Pro versions that are more reliable and more stable (unsuccessful so far). For a longer range goals I continue to pursue a list of issues, reminding Fidelity some of their statements and their promises. For instance, while Fidelity refused to commit to commodities Futures it did stated, in 2004, that the Futures of the four major indices will be available within three to six months. How many active traders do NOT use Futures? Very few, even by Fidelity account.
Here is a list of issues I was trying to put on Fidelity Active Trader Pro list over the years:
--On-line status
--On-line fixes/issues/plans list
--Fault tolerance, error handling
--Data - depth, resolution, filtering bad ticks, period controls
--Data sources controls - Globex, exchanges, ECNs
--Data feed stream controls (performance related)
--Chart controls - area scaling, panning, intervals
--Chart drawing - colors, lines, over indicators
--Chart indicators – correctness, appearance, parameters, customized
--Watch lists - local controls, equations, alerts
--Market internals - availability, historical
--Scanning (filters) upgrade - custom parameters, more options
--Generic technology – hotkeys, custom folder paths, fonts, etc.
--Futures charts
--Futures trading
--Options based equity aid – implied/historical volatility charts, volume charts
--Options trading - reasonable utilities a la Thing or Swim or OptionsXpress
--Tick charts
--Volume charts
--API (user programs/indicators) for charting
--API (user programs/indicators) for watch-lists
--International indices - fix, extend, hours
--Depth Of Market execution portal (similar to other tool vendors)
--Methodology support - market profile
--Custom indicators support - custom equations based
--Custom links - alerts links to line crossing, equations, selected parameters (volume + pivot cross)
--Incorporation of other software - Excel
--Support by actual experienced users/traders
Fidelity Active Trader Pro (ATP) platform was a decent trading tool seven years ago, considering current technology at that time and offerings from similar big traditional brokerages. However, in the last five years capabilities of that tool were scaled down eliminated or frozen, reliability and performance sunk, support was reduced to superficial, and to top it all, Fidelity stopped conducting even the most rudimentary functional test with new releases.
Since Fidelity heavily promotes Active Trader Pro (ATP) as its flagship tool, and Fidelity made numerous promises about future capabilities of the tool, it deserves scrutiny. While it is hard to take serious a tool that does not allow the user to put a resistance line above the high of a chart, nor support line below the low of a chart (on the issues list for several years), the tool has potential and resources to realize that potential. But as of now (September 2008, ATP version 8.1) the archaic charting capabilities will irritate even the most patient user.
Let me jump into specific illustrations of the issues. Using Fidelity Active Trader Pro, plot intra-day the NYSE Tick chart (symbol “.TIC.N”). Try adding a Simple Moving Average (or Exponential if you prefer) to the chart. It can not plot negative numbers!! That faulty Moving Average is on the Fidelity ‘to-do’ list for years!! Try to call and get status on that rudimentary capability that has a simple fix and has never worked properly. You will not be able to get any response!! As long as you are looking at that chart, you might wonder what a “.TIC.N” print, that occurs only once per 60 seconds, means. Fidelity does not know whether this is the Close value, the average value, or anything else.(Fidelity uses ComStock for data-feed – reputable vendor, so the issue is not with the data source). Fidelity claiming ignirance is not surprising if you experience Fidelity responses. I have just spent several calls and much time (hours) attempting to clarify a mysterious parameter (that only Fidelity has!) on their Keltner Channel indicator. No one in Fidelity is knowledgeable about this 20 year old indicator that is part of Fidelity Active Trader Pro for years.
The faulty Moving Average example is one of several hundred open issues that are unresolved. While users reported many issues over the years, there is no visible tracking capability while results are non-existence. Even simple straight-forward visible issues are ignored like selecting Help >> ‘ATP Charting Indicators’ will display a document that Fidelity promised to fix before version 6.1 is released (three years ago). Still every call about an indicator will end with forwarding me toward that faulty document.
Seeking telephone support is a prolonged frustrating process talking to nice people with lack of knowledge, ability, responsibility, or authority. That includes all telephone support options such as Fidelity Electronic Channel Support (800-544-7595), Fidelity Active Trader Pro experts (877-907-4421), Fidelity Active Trader Pro services (800-544-5115), Fidelity Trading Desk (877-907-4429), and so on. Try for instance to inquire why the German DAX (biggest Europe exchange) is suspended for several years after it was working properly, or ask for a date when the important daily dollar index chart (“.DXY”) will be fixed. Has the DAX gone the way of the Advance – Decline symbol (“.AD.N”) that was supposed to be restored years ago (Fidelity: “definitely in version 7.0” but never happened!). Getting Fidelity to respond is impossible. Fidelity Email support is even worse and seeking local representatives’ help (Los Angeles and Southern California area) is wasting time with personnel that lack expertise or desire or both.
Fidelity Active Trader Pro is not cheap. It requires the user to pay $1434 ($11.95 X 120) before getting access to the full capability of the tool. Thereafter, it is still cost significant more to use than competitors. That adds to the frustration of waiting on Fidelity to come through with promises such as extending their intra-day chart depth beyond ten days while free services provide twice as much. And there are other concerns like the speed performance of the tool depends on the random server assigned to your connection and other mysterious parameters (like user selection of sub-tools).
If this message resonates with other aggravated Fidelity customers, maybe Fidelity will hear from others, and perhaps this message will generate some heat that guide future effort in the area of supporting active traders. Fidelity urgently needs to address lack of technology and lack of talent which translates to lack of trading capabilities.
In the meanwhile I will continue to strive for change. Maybe shaming Fidelity is the right way. My short term goals are modest. For instance I am trying to convince Fidelity to allow users to use forbidden (why?) older Active Trader Pro versions that are more reliable and more stable (unsuccessful so far). For a longer range goals I continue to pursue a list of issues, reminding Fidelity some of their statements and their promises. For instance, while Fidelity refused to commit to commodities Futures it did stated, in 2004, that the Futures of the four major indices will be available within three to six months. How many active traders do NOT use Futures? Very few, even by Fidelity account.
Here is a list of issues I was trying to put on Fidelity Active Trader Pro list over the years:
--On-line status
--On-line fixes/issues/plans list
--Fault tolerance, error handling
--Data - depth, resolution, filtering bad ticks, period controls
--Data sources controls - Globex, exchanges, ECNs
--Data feed stream controls (performance related)
--Chart controls - area scaling, panning, intervals
--Chart drawing - colors, lines, over indicators
--Chart indicators – correctness, appearance, parameters, customized
--Watch lists - local controls, equations, alerts
--Market internals - availability, historical
--Scanning (filters) upgrade - custom parameters, more options
--Generic technology – hotkeys, custom folder paths, fonts, etc.
--Futures charts
--Futures trading
--Options based equity aid – implied/historical volatility charts, volume charts
--Options trading - reasonable utilities a la Thing or Swim or OptionsXpress
--Tick charts
--Volume charts
--API (user programs/indicators) for charting
--API (user programs/indicators) for watch-lists
--International indices - fix, extend, hours
--Depth Of Market execution portal (similar to other tool vendors)
--Methodology support - market profile
--Custom indicators support - custom equations based
--Custom links - alerts links to line crossing, equations, selected parameters (volume + pivot cross)
--Incorporation of other software - Excel
--Support by actual experienced users/traders
