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Pastimes : ETRADE Sucks!
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To: John Ritter who wrote (901)1/2/1998 7:23:00 PM
From: Philip R Berber  Read Replies (2) of 3262
 
John: I agree with you - traders using first generation Internet based brokerage services should pay attention to your remarks. If they dont, they'll probably find out the same way you probably did - the costly way!

Worst still is that Internet based traders think that their orders are being directed to the "market' for best execution - in most cases they are not. Orders are being routed to one or two market makers who pay for this "order flow", pick and choose which orders best suit their book, and least suit the trader, and then excute sometimes only part of the trade. And the trader is left wondering why he got a partial fill, 1/4 away from the market and had to wait minutes for the privledge!

What people are begining to understand is a concept called "SLIPPAGE" - the true cost of a transaction, including both the commission paid to the broker plus the difference in the price the MM excuted the trader versus what the inside quote was at the time that the order was entered

CyberTrader was designed to do just what you say - to put traders on more of a level playing field with the Market Makers. In our Trader Training seminars we speak of "Trading is War" and explain that the Market maker is the primary enemy.

Find out more about CyBerTrader and the Training Seminar at www.cyber-corp.com

PRB
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