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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Gary E who wrote (23989)5/22/1999 1:43:00 AM
From: Patrick Slevin  Read Replies (2) of 44573
 
Well, I did not care for it today, the pits were too thin.

I would bet dollars to doughnuts that an Order Desk would have been faster than LeoWeb.

I had fills that took as long as 3, 4, 5 minutes.

The problem there, is that I was scared out of trades because of the delay. A trade that I would have placed over the phone would have been left on while the Fill on the Entry took so Long that I felt that I had to book the profit because I had no clue about how long it would take to exit.

Now I suppose you are doing the mini. I could do the mini very quickly over the phone but I am trading the spoo. Never have I had to wait so long for such an order. That can scare the daylights out of you in a fast market....4 minute fills. I presume it was due to the thin pit. At least I hope so.

You know though? Even Thursday I was getting Fills 30 to 50 seconds after transmitting. This is not faster than an order desk. The time variation comes from hitting a speed dial button. On the other end, the desk knows me, I say "Sell x June SnP's at market" and they do it.

On Electronic, You hit XMit and it first crosschecks your account to ascertain validity.

I'm not sold on the speed issue. Particularly with 4 and 5 minute waits on Fills today.

Again, the spoo is different than the Mini. It's all relative I suppose. I think the real advantage to the Electronic Transmission is the snap judgement. You decide that you want in, you decide that you want out.....there is no delay that may cause one to "think". It's instant gratification.

That's the attractive part of it. But I think one will overtrade as a result.

It's neither here nor there. I've been on both sides now and I really think the speed isn't the thing, the concept that people like is the ability to enter or exit without thinking too hard.
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