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Tiger Broker is not for “serious” day traders

I have been using Tiger broker since Feb 2021 and was really comfortable with using it. However, as I learnt more about trading, I realized Tiger does not provide me with enough weapons to fight the battle.

1)     Recently my “Stop Loss” order was suddenly missing and now I am left with “Limit Order, Market Order and Stop Limit Order” which are the bare minimum to fight a battle. I am only left with “Stop Limit Order” now to defend (cut loss).

2)     Not able to make concurrent orders such as “Stop Loss Order” and “Limit Order” for the same trade. I make at least 100 trades a month and sometimes having as many as 10 open positions. How can I possibly monitor the price of every single one of them and manually do a buy or sell?

3)     Being in Asia and trading US options, there is a huge time difference and I will not be able to monitor the market overnight. Each time, I have to choose to either defend (Stop loss) or attack (Limit order). I have no choice but to defend first. But so many times, the market went up and came down, taking out my stop limit order.

4)     No “Trailing stop loss order” to choose from. This is a very useful weapon and allows you to ride the up or down trend until it reverses. I am not sure how everyone else is trading with Tiger, but if you are a serious day trader, you certainly need this weapon.

5)     I have changed to Moomoo and now I have 8 weapons to choose. “Limit, Market, Stop Limit, Stop, Limit if Touched, Market if Touched, Trailing Stop Limit and Trailing Stop”. Best of all, I can also make concurrent orders for the same trade!

6)     This is really important because by setting all your stop loss and target gain in advance, you completely remove your emotions and let the bot execute your plan. You only have to focus on finding the right setup for entry. How many times have the market come down and you find yourself hesitating to cut the loss, hoping it will rebound and then market just goes down further and further until you bleed till you have no blood left?

7)     Lastly, I made >100 trades a month to qualify as a “Gold trader” and I got 1 x free UBS share worth around US$17 from Tiger. For Moomoo, I deposited S$2.7K and I got 1 x free Pfizer share worth around US$47. After I made 3 trades, I got another 1 x free Pfizer.

If you find yourself losing more than winning with Tiger, you have to wonder is it your problem or you don’t have enough weapons? I have already feedback to Tiger but so far nothing changed. This will be my last post with Tiger and good luck to all the brothers and sisters fighting the battle here. Cheers!