myTrack service from Track Data Message Board

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Non-Tech : myTrack service from Track Data

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To: wmwmw who wrote (206)	1/9/2000 12:04:00 AM
From: JD	Read Replies (1) of 571

Yes, you are right. The dreaded "marketable order not cancellable" message has cost me many times. I bet you there was a lot a giggling over at Herzog after they suckered MyTrack into that deal!! It gives them carte blanche to hold off filling the order for as long as they want - and when the order does get filled, it is always to Herzog's advantage - at the expense of the MyTrack client!!! Even changing your preference to nite does not help very much - orders still routed to hrzg too often. As far as I can tell, MyTrack is the only OLB who has this rule. AB Wately & AMTD will allow any order to be cancelled at any time - as long as it has not been executed (and you know within minutes if it has). The last time it happened was about a week or so a ago when I was playing a MM walkdown on ANTS. Price had dropped from 21 to 10 when I started buying, but didn't get a first fill (@10) until price was down to 8. I made a killing on that walkdown / bounce - but I would have made $800 more if I could have cancelled my first buy. I was not surprised when I didn't get the fill (and I tried to cancel that darn open order twice) - why should hrzg give me a fill until they see if the price move is in their favor? They know I can't cancel the order, and on BB stocks they (in theory) do not have to fill the order. Now, if that same order comes from AMTD or EGRP they will be sure to fill it - because they (hrzg) can't afford to lose that big a client. Having to phone in a cancel totally negates any advantage of their software trading platform for those orders. My overall experience still has MyTrack outperforming AMTD for BB trades - the speed of submitting orders more than makes up for the infrequent "not cancellable...." messages I get. Have not used "point & click" on MyTrack for listed stocks - but will be using it soon. It will be fun to compare it to AB Wately platform. Jerry One other thing - I would never have just one OLB account. The technology is still new and unreliable, its always nice to have a choice (every OLB has had periods of time when it's system has gone down during market hours).

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