Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: JEB who wrote (40052)	12/6/1999 5:18:00 PM
From: Matthew L. Jones	Read Replies (3) \| Respond to of 44573

For those of you who are considering using PFG Best as a futures brokerage (to trade the e-mini): I have posted what a great service this company provides. I believe that conceptually they have the slickest order entry platform that I have seen and their interface is directly to Globex (as opposed to going through CUBS or TOPS like some firms do). This allows them to also charge a lower commission ($15.04 all in). Today was a nightmare scenario with this firm. At about 9:50EST I went long one contract based on a 5 minute stochastic divergence signal for what should have been a quick 2 point countertrend pop. For some reason they had lost a good connection to Globex (no warning on the trading platform) and had to reset their servers. Market was 32.25 by .50. Fill happened 4 minutes or so later at 34! How about that for slippage? I immediately pushed the "close position at market" button to get flat. Problem number 2-their risk management interface didn't show me long the contract so it would not let me close the position. The market continued to slide. Meanwhile I am calling the trading desk and you can hear them scrambling on the other end (feverishly imputing the trade manually into my account. At the same time I am refreshing continually and trying to get flat. Long story short either their desk or their platform buys me another contract as the market slides further. I hassle with the desk manager about the trade (which they refuse to bust) and they say I own them (both contracts) for a now average price of 33 and change. The average between 34 and 32.25. By now the market is at 28.25 and I finally get flat. I'm so mad I'm shaking all over. The time and sales and the fill confirmations (not to mention the tape of the desk) clearly show I'm right. Meanwhile I'm directed to compliance to file a complaint. I RETRACT THE RECOMMENDATIONS I HAVE GIVEN OF THIS FIRM TO OTHERS ON THIS THREAD. Maybe sometimes you get what you pay for. This fiasco cost me nearly $600 which will probably take me weeks if not months (if ever) to get back from this firm. Hopefully tomorrow I will be trading at ZAP. While the direct link to Globex and the price make this a very attractive option to daytraders of the e-mini, I can assure you that the bugs have NOT been worked out of their system as of yet. Erik Lyons (broker) is a great guy-- however, the sales manager Clay Jones and the head trader (Jason something) will screw you if they get a chance. I felt that those considering this brokerage should know what they are potentially getting into. Please forgive this negative addition to the thread, however I felt a retraction of my previous endorsements was warranted to prevent similar things from happening to others. Matt