Interesting day. My order entry software was very buggy. Dropping the status of orders which does not allow me to respond to a change in status including canceling an order or covering a position, showing me in up to five open short positions which was not possible, and so forth. I had to give up the trading today over this. Even though the people support at my broker is very good, and the application itself on the PC for placing orders is slick, it is buggy along with problems that I can identify as the broker's computer system. So I am thinking of looking for another broker. But I am finding that getting both a good and reliable order entry interface along with good telephone support is very difficult indeed to find in the futures business.
First there was Interactive Brokers. Here was very poor telephone support, the worst I have ever come across, including five minute holds to the trading desk and a very bad attitude by its employees. The application had it glitches but when it worked, it worked well. Then there were times of very slow response along with large slippage. This is because they had implemented stops on their own computer system instead of Globex. And more than one incident of system down time within a couple week period of time. So here there are some significant problems with both the system and the telephone support.
Next there is PFG Best that provides very good and timely telephone support, including chasing down the cause of problems and concerns. Their order application is slick and when it works is the best I have come across. But problems started to develop both related to the application, the broker's computer systems, and Globex. Their interface to Globex has the Globex computer handle the stops. Very nice when it works. But due to the way it was implemented on Globex, during busy times, stop orders turn out to be unreliable. This means I may not be able to reliable cancel or even enter stop orders. And sometimes even market orders are returned as rejected. I was told this is a GLobex "problem, even though I did not understand why the broker is not able to deal with these exceptions in a more robust and timely manner. The order history on the PC side can be erroneous with missing orders that I require a status for fill information for example. Also erroneous open positions can be displayed on the screen. While some of the above problems can be attributed to Globex, other problems here relates to the implementation on the broker's computer. This includes finding alternative ways to deal with the problems that Globex provides in order to provide the broker's customer with a workable and reliable order entry system. Now today the order entry application is virtually unusable. So here there are at times significant problems with the handling and display of orders. But the telephone support is A+.
Some say to deal with these problems since there appears to be no "adequate" solution available right now from any broker, for there is always problems with brokers and their online systems. But I say how can I trade when stops are not unreliable, my only form of protection in the futures markets. Who cares if they are 90% reliable, that is not good enough for me over the long run. And when market orders can be rejected, there is no extremely reliable means of a emergency exit from a position. But the telephone support from the trading desk is very good. Others say that it is more important to have a speedy interface that is "resonably" reliable than a broker who answers their telephones. I say this depends ones trading approach. And when I am in trouble with problems from the order entry application or broker system or my own communications, which will never be very reliable on the Internet, speedy and reliable telephone support from the broker is a must. For even with the best systems, there is that uncommon instance of a crisis that needs to be resolved quickly through a telephone call to the broker's trading desk, which if not handled properly, can cost the trader allot of money in the markets. It will pay over the long run to have this type of emergency backup support.
Right now I think that if PFG Best can find a quick solution to these software bugs, I may stay with them a while longer. And if they can handle these Globex exceptional issues in a more robust and timely way or perhaps even eliminate them through their own software, I may stay with them over the long run. I certainly will not go back to Interactive Brokers where the retail client is treated IMO as shit. Otherwise, I may need to look for another broker very soon now.
So what do you all think?
Bob Graham |
