Fidelity autotrading: minimum trades required
Author: genelong
Creation Date: 11/22/2013 2:04 PM
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genelong

#1
I just found out that Fidelity requires you to have 500 trades in the past year in order to be qualified for autotrading with wealthlab. Do people have suggestions for brokers that are more friendly to autotrading?
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Eugene

#2
Fidelity is exclusive. There are no other brokers* with automatic order placement compatible with Wealth-Lab Pro.

*Except for some Russian brokers and other custom broker providers developed by 3rd parties.
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genelong

#3
Really? So everyone using wealth lab pro has met that 500 trades a year requirement? They said their compliance department was very conservative with autotrading.
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Eugene

#4
Are you sure? According to this FAQ at Fidelity's site, it is 120 trades per year to get WLP:

Wealth-Lab Pro® FAQs

QUOTE:
Wealth-Lab Pro® is available to investors in households that place 120+ stock, bond, or options trades in a rolling 12-month period, and have at least $25,000 in assets across their eligible Fidelity brokerage accounts. For more information about these requirements, call our Active Trader sales team at 800-823-0175.

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genelong

#5
I think that's to get the software. I spoke with them twice, and they refused to give me autotrading because I only have some 300 trades this year.

Is there anyone out there using WLP with real live account trading that is under 500 trades a year? I suppose once you start autotrading, 500 trades a year is nothing, but for manual traders, that's quite a lot of trades.
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sedelstein

#6
I think some Fidelity brokers will work with you. My guess is that 300 is enough and I have heard 120 works as Eugene suggests. You can get at least a 30 day free trial. If your account is large, they will work with you though I'm not sure how large it has to be. They have a high net worth group you can work with. They might be more helpful than their other brokers.

You might try the phone number for Fidelity Electronic Channel Support 800-544-7595
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dwitzel

#7
Forget that - went around and around. Fidelity claims auto-trading is to dangerous for smaller accounts. I have an account through other broker <name removed by Eugene> where I can auto-trade even on highly leveraged futures. Fidelity is like dealing with Mr. Haney (Green Acres) when it comes to auto-trading - they want a lot of commissions for just limited use of WLP. Fidelity plays favorites for the big accounts. never ran into anything like that at the other tier-1 brokers.
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Eugene

#8
The 120 trades requirement was dropped last year. These days just 36 trades are sufficient to get WLP according to Fidelity's website:

QUOTE:
Wealth-Lab Pro® is available to investors in households that place 36+ stock, bond, or options trades in a rolling 12-month period, and have at least $25,000 in assets across their eligible Fidelity brokerage accounts. For more information about these requirements, call a trading specialist at 800-564-0211.


I'm not aware how many trades are required for autotrading with WLP, though.
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airation1

#9
Just fyi, I just signed up in July, 2015, and Fidelity did require 500 trades per year history. They would not accept my forex trading (far exceeds 500 trades/year), but they did accept my stock and options trading (also well above 500/year). I think a better requirement would be not allowing you to auto-trade live until you have 500 trades in a Wealth Lab paper account...

For the record, I have auto-trading authority, and am trying to get Wealth Lab Pro to trade my strategy. Regardless of your experience trading manually (or with another automated trading program for that matter), it will not determine if you can successfully get Wealth Lab Pro to trade your strategy properly. I am 3 weeks into a simple Wealth Lab (rules based, and wizard built) trading strategy, and still trying to get it to work properly.