Thank you for your reply,
...We apologize for any misinformation and or confusion that we may have caused. All
documentation has been rectified as to avoid any further confusion.
No, actually the online "CyberX walk-thru" still plainly shows a conditional order being based on
trade price on your web site at: cybercorp.com
I won't download the CyberX simulator again just to see if it still has the trade price option but I
suspect it probably does.
While saving alerts and conditional orders as a file is a feature on our CyBerTrader Platform, it is
not currently an option on CyBerX. ...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.
Here again, I won't download the 2MB pdf docs just to see if it's still there but...
It reads at the bottom of page 13 in my CyberX pdf docs:
"Logging off, existing the system, or closing down the account manager will clear all settings' alerts
unless these have been pre-saved in a file."
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".
Understood. But I still do not have a workable solution to my conditionals based on the "bid" being
triggered when the bid falls off dramatically just after market close. As stated in my previous post, I
suppose I could setup a conditional stop loss based on the ask (where the ask is my stop loss price)
and make the close position a market order but I do not typically place market orders. The last
market order I placed just the other day for example didn't work out so well at all and although I
phoned Cybercorp and talked with a representative who reviewed the order I really didn't
understand the explanation. I placed a market order to sell NGEN while the bid was at 38.
Although the bid showing on my CyberX screen remained at 38 during the time my order was
executed and remained between 38 and 38 1/8 for several minutes afterwards, my order executed
at 36 7/8???
Never-the-less, given your explanation above concerning conditionals based on the bid/ask, why
not let the software check to see that the trade price is equal to or greater than the bid AND equal
to or less than the ask anytime a conditional based on trade price is used? If the trade price is
indeed situated between the bid/ask, then execute the order, otherwise keep checking.
Wouldn't that be a simple, effective solution to the bad tick problem? From a programming
standpoint, it should just be a matter of some conditional branching in the code. Not that
complicated, ask your programmers and see if they don't agree. Heck, send me the code snippets
that the program currently uses to validate conditional orders and I'll even plugin the needed code to
facilitate the above process for you.
We hope that we addressed your questions and concerns and would urge you to reconsider
using CyBerX as your Direct Trading Platform.
You did address my questions and I appreciate you taking the time to do so. But unfortunately for
me, no solutions were presented. As I indicated in my previous post, I am only comfortable with
conditional orders that are based on trade price so unless the issues that are being discussed here
can be resolved somehow I do not expect to stay with the CyberX platform.
If you haven't already done so, you may also consider looking into the possibility of using our
more advanced CyBerTrader Platform.
Yes, I am indeed considering moving to the CyberTrader platform.
According to a Cybercorp representative the trade price option is still currently functional within the
CyberTrader platform. My concern of course is that I make the move to CyberTrader and in a
short time the trade price option is also removed from that platform.
But why would not the same problems with the trade price exist within the CyberTrader platform?
Does the CyberTrader code do some conditional branching as I discussed above or does it
otherwise use some sort of filtering or data cleaning, scrubbing, etc. to eliminate the problem with
bad ticks?
If you can take the time to further address these issues, please do. I am thoroughly impressed with
the CyberX platform and would like to continue using your trading platforms.
I am looking at the CyberTrader simulator right now and it looks like a real winner.
Thanks again,
AL. |
