Silic2,
...the first thing I noticed was that the "trade price" option on conditional
orders was missing. The Cyber-X simulator that I was testing had the "trade price"
option and the documentation available and the demo images on the web site indicated
that the "trade price" option was a part of the Cyber-X platform.
Thanks for your post. We apologize for any misinformation and or confusion that we may have caused. All documentation has been rectified as to avoid any further confusion. As you have stated, it is true that we did remove the "trade price" as a variable option from the Stop Loss/ Conditional order entry window. Please note however that this was done in an effort to protect you as a customer from having orders trigger at a price nowhere near your "trade price" selection.
Because stocks often have trades that are executed at prices that are considerably off of the inside bid and ask, many traders that were using "trade price" as a variable, were seeing their orders trigger when in fact the current market price for the stock was no where near the trade price. As for what causes these trades, there are a number of different possibilities;
a) delayed trade postings (i.e. despite the current market price of a stock being 30, a trade that took place earlier that day at 20 ¬ is being posted late by one of the market participant)
b) trader error in price entry (i.e. a trader accidentally enters order to sell a stock at 20 ¬ instead of 120 ¬, resulting in an immediate fill)
c) market participant error in execution (i.e. a trader sends an order to buy a stock at 20 ¬ while the stock is currently at 120 ¬ and as a result of a market participant oversight, the order is filled)
In each of the above scenarios, the time and sales data would have displayed a trade price that is considerably off of the current market price resulting in the possible triggering of your Stop Loss/Conditional order. It is this type of problem that we are trying to protect traders from.
The only thing that I have heard is that the "trade price" option was removed
because orders were being triggered due to bad tick data. Following that logic
why wouldn't the "bid price" and "ask price" options be removed as well?
Because traders are not allowed to post orders that cross or lock the market, and most market participants have safety features to prevent such scenarios, the posting of an order that crosses the market is considerably less likely and rare. It is for this reason that we consider the "bid price" and "ask price" a liable alternative to the "trade price".
I also discovered that alerts and conditional orders could not be saved to a
file as indicated in the Cyber-X documentation.
While saving alerts and conditional orders as a file is a feature on our CyBerTrader Platform, it is not currently an option on CyBerX. However, we are currently working on providing such an option, and expect to have it available in our CyBerX 1.7 release. If you have found documentation stating any such feature as being available on the current CyBerX release, we would greatly appreciate your assistance in letting us know exactly where it is located so that we can take care of the discrepancy.
We hope that we addressed your questions and concerns and would urge you to reconsider using CyBerX as your Direct Trading Platform. If you haven't already done so, you may also consider looking into the possibility of using our more advanced CyBerTrader Platform. Please let us know if you have any questions, or if we can be of any further assistance.
Sincerely,
CyBerCorp.com |
