I know a lot of you wanted feedback on the MBTrader experience; I used it today for the first time, let me give you my (ex Datek user) impressions:
Firstly, I spent last night setting up my screen, customizing the fonts and colors to my taste. Going through the manual making sure I knew which buttons to press.
The market opened, a slight panic set in as it dawned on me that I now had to learn the difference between SOES, ISLD, ARCA, INCA, etc.
Each Level II window can have its own buy and sell buttons attached, alongside routing options. Buying is as simple as clicking on the price range inside the Level II window that you desire to set up the price. Point and click ordering.
I took the plunge and did a SOES market order which took about ONE second including everything to the point of getting a response on the screen saying EXECUTED.
At one time, I wanted to cancel an order - ONE second - done!
I the only delay came when I could actually see that my limit order wasn't marketable. At no time did the system freeze on me. At one point, an order was executed almost exactly as I raised my finger off the mouse click. I was truly amazed. The system looks ROCK SOLID.
Now, its me who's got to catch up with the technology. I need to do a lot more reading about the different methods of execution. My trading decisions will not be influenced by trying to compensate for lag in the system or quickly getting out of a trade because the browser is screwing up. I'll never be left wondering whats happening with the trade. Cancelling a trade is as simple as double clicking on the "Live" order. That's it - its done.
During the morning, I phoned MB about six times, each time the phone rang twice maximum, a live support person answered and quickly, courteously answered my question. I felt totally at ease phoning for the slightest query. I felt like we were on the same team (of course, we're NOT!)
I did four round trips (eight trades) within an hour or so. Makes the 50 trade a month (get it all free) level look like peanuts.
I really don't think anybody who uses this system for a day will ever want to go back to a browser. Also, note that I'm using it on a regular 33.6/56k modem from 2,500 miles away.
I encourage all (except the Jerry Springer crowd) to try it!
All the best! |
