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SOMEWHAT OT & A VERY LONG MESSAGE!
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Clarence -
I, too, recently started using the QChart/CyberX combination. Prior to that I was trading via RealTick and MBTrading. My impressions:
- QCharts is a far superior product in terms of software engineering than RealTick. I don't have access to cable modem or DSL where I live so I have to use 56k. With RealTick, I could only use charts mid-day, not at the open or close, I could only track about 2-3 dozen stocks in a stock list and I could only have 1 or maybe 2 level II windows open depending on the velocity of the stock. I most certainly could not have a Level II open on a Yahoo, Dell, Microsoft at the open or close. With QCharts' superior data compression/transmission algorithms, I currently run 4 level II windows, 5 charts and 3 stock lists with a total of about 100 stocks + the Island book (when working) and 2 time of sales windows. The Level IIs are often high volume stocks like those mentioned above. I know there's more capacity but that's about all I can monitor at once. In other words, the constraint is my brain power, not the software.
- You can run multiple copies of QCharts and just click an icon to switch to a different workspace that's already loaded. With RealTick, you have to shut down one page and load another, usually waiting 20-40 seconds for the page to load. If all you want to do is confirm shrinking volume or a resistance/support point, 20-40 seconds can be a lifetime.
- QCharts had problems on Monday and everybody was moaning. I guess I was lucky because the only problem I had Monday was my charts were slow to load/redraw when I switched symbols. But in the amount of time I've been with QCharts, its been down far less than the typical down time I experienced with RealTick or several other quote vendors I've tried over the years. However (a) Monday's problems point out the benefit of having multiple server farms (Herndon/MtnView) which Townsend doesn't have and (b) albeit a bit later than we might have wanted, Gibbons sent out an email & acknowledged the problem. All too often MB denies problems until such point where its just so blatantly obvious the problem is on their end that they have to acknowledge it. One related note - RealTick is supported by Townsend Analytics which is owned by the same people who own the Archipelago (ARCA) ECN. There's been no improvements in Real Tick in the past year (well, that's not entirely true - they added more colors to the color selection list). The future revenue streams for those owners will be from ARCA as it grows in volume/significance (recently companies like GoldmanSachs & ETrade have taken an interest in ARCA). My guess is the owners are not going to be putting scarce resources into improving RealTick but rather into promoting/improving ARCA. OTOH, Quote.Com specializes in data delivery. I've seen *3* new releases of QCharts since I've recently joined up and all one has to do is follow the onelist (*) thread to know they listen to their customers and will implement changes that make sense.
(*) if you haven't done so already, I'd encourage all QCharts users to visit www.onelist.com, join, search for QCharts and join their mailing list; far more robust than this thread and Gibbons + a few other Quote.Com personnel monitor the list throughout the day.
- Neither QCharts nor RealTick provide reliable option quotes. I trade options at Schwab so I use their 'real time' quotes and delayed quote chains for that.
- The ONLY significant problem I have with QCharts is the absence of telephone support. If you've ever called in, held for 10 minutes and then been told 'leave a message', you know what I'm referring to. Its especially annoying because I've yet to receive a return call for one of those messages I've left.
So far as CyberCorp/Penson, I'm finding them superior to MBTrading/Southwest Securities as well.
- I've yet to be disconnected from the order server with CyberX. Happened daily with MBTrading and all too often there was no indication of such until I tried to place a trade. And there's nothing more stressful in trading than going to close a position only to find you have to shut down, reboot, reconnect to the internet, reload your software all the while crossing your fingers that the stock hasn't moved much in the interim.
- My daily reports tie to the penny. Southwest has a habit of overcharging anywhere from pennies to a dollar on trades. These are not ECN fees. MB will acknowledge the problem but their view is the customer just has to 'eat it' and that's a direct quote from one of their principals, Steve Demarest. Let's see, a few 1000 customers x $1/day x 22 trading days...that's a nice way for MB to make another $50k per month. They have no incentive to fix the problem which is probably why it still exists almost a year after it started.
- Cancellations of orders is much, much quicker with CyberX. Island cancellations are seemingly instantaneous to the point that I don't believe them. I've also noticed my Island orders appear in the Island book a lot faster with CyberX than with RealTick. With CyberX, by the tim I toggle over to the Island book, the order is there. With RT, I could wait upwards to 5 seconds.
- RealTick integrates order entry with quotes so you can load up your order entry box 'quicker' by clicking on a stock list or Level II box. With CyberX, you have to click open a stock list and select a stock to load or type in the symbol manually. However, with RealTick, once you select a stock, you have to wait for it to look up the price which can be upwards to 10 seconds. With CyberX, there's no waiting even in fast markets.
- I've had 5 problems with CyberX:
1) They signed me up for CyberTrader initially and subsequently overcharged me for the trades I made on my first day. I called it in an hour before market open. By market open, a credit had been applied to my account. Compare to MB Trading where in March they overcharged me $300 for data fees. It took 3 weeks, several faxes to document for them what they could see if they just looked at the margin reports and a half dozen phone calls for the adjustment to hit my account.
2) CyberX offers 'Smart' routing and 'Cyber' routing. I didn't understand the differences (they're not well documented) and I ended up with a partial fill and quick cancel as a consequence. The good news: I immediately placed a second trade for the remaining/cancelled shares and was filled through Island. As it turns out (also not documented), with CyberX, if you place multiple trades on the same side (buy/sell) within 5 minutes, you're only charged 1 commission. Doesn't have to be the same price or same channel (SOES/ECN/Selectnet/etc.).
3) On Thursday morning, my margin as reported in CyberX, was incorrect. This was a general problem. I called it in, reached support right away, and they manually corrected it. With MB, I was once told "the problem is your ISP". At least once a month with MB you're told 'don't trade by the margin that's noted in RealTick, its wrong. Use your daily margin reports'. No willingness (or maybe ability due to RealTick's architecture) to manually correct this. That would be fine but the margin reports aren't always available on a timely basis, often not appearing until late in the day or the next day. I've yet to have Penson not have their margin reports up on the web by an hour before market open.
4) The only time I couldn't get through on the phone to Cyber, I went into their chat room. They asked me for my telephone # and called me back within 2 minutes. At MB, when they get overloaded, you get a recorded message, "This party is not answering their phone at this time". And in their chat room, its not uncommon for questions to simply be ignored. Never did they ask for a phone # and call me back.
5) Friday I placed an order on Island and received a partial fill. I 'let it ride' waiting for the price to return. When it did return, I felt the trade would move against me so I went to cancel the remaining order and it had disappeared. I quickly called Cyber, got through immediately and they were able to cancel the trade before I was hit. A similar thing happened with MB in May. I called & they cancelled the order; I reentered it a bit later and it was filled. I then found out they had not cancelled the original order and I was double filled. To their credit, we went to the tape of the phone call where the rep clearly stated 'you're out' and they made good on it but what a hassle it was.
- I generally make around 100 trades a month. With MB, that's $1800 in commissions. With CyberX, that's $1500 + $140 for QCharts. I actually save a bit more because of CyberX's 5 minute '1 commission only' rule as I often take a partial position initially and then increase the position once the stock starts moving in my direction. If I take a few weeks off some month, my MB per trade fees increase (commission is based on volume) + I may be subject to a $300 data fee charge. None of that at Cyber. Trade as little or as much as you want its always $15 per trade.
- In terms of attitude, I get the sense Cyber believes they work for the customer. Too often, MB made me feel like I worked for them. Cyber is willing to acknowledge responsibility for problems. MB assumes the problem must be with either you, your computer or your ISP even when its clear (as evidenced by multiple customers having the same problem simultaneously) its somewhere in their network.
- This may not be significant to you but with MB, if you want to get money out you either (a) fax in a check request, (b) fax in a wire request or (c) set up a checking account. With the latter you have to fax in a request to transfer funds from your trading account to your checking account, wait at least a day for that to happen and then you write your check. With Cyber, you can write checks against your trading account. Steve Demarest tried to tell me (and I have this in writing via email) their convoluted set up was an SEC requirement which is a bunch of baloney. But then, spewing baloney is sort of the hallmark of MB. So far, I've gotten none of that from Cyber. Only a willingness to listen and help resolve whatever issue I may be raising. |
