Matt,
I'am having my own "Horror Stories" w/ PFG Best for trading the e-mini. Was lucky today and offset their error of the trading interface (they say a server was replaced) & ended the day out less then $3 on 4 trades.
When "boxing" a trade, & then doing a cancel, the orders remain in the system & show up as can/pending & are then are subsequently filled, ... after they have been diligently cancelled!!! This problem they claim was first caused by a change in at the Merc. & was corrected for a week or so and reappeared again today. Have to immediately call the desk & confirm a cancel. Problem is they take alot of time manually getting the orders out of the system & meantime can be filled. What I keep asking if it takes 1-3 secs to fill an order, how come it does not take 1-3 secs to cancel??? They now claim that cancels will work tomorrow(???).
Will no longer use "Stop-Limit" orders as on 3 occassions the system was not reporting the confirms. In one case it took over 20 mins and numerous calls to the desk & of course this cost me for their error. As to trade, I must know immediately if filled, & now will only use limit or market or stop orders w/ them. Only will have a confirm problem on a limit order if the swing stops right at the limit price & does not move through.
Other problems, the desk cancelled a market exit order (that was my profit)& claimed the link to globex went down, then later filled my stop that was in the system (at of course, ... my loss).
As any of these electronic interface things can go down at an instant, ... and PFG most certainly does, ...must immediately get the offsetting stoploss into the system on every fill, for if the system went down, one could end up in a position, "naked" without a stop.
If they ever get this trading platform working properly, it will be real slick & far better then calling a desk & fighting w/ a clerk to get an order to a floor or a confirm back. Until then, I'am being real careful w/ PFG.
Bob
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