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

To: sandiegobear who wrote (43006)	12/29/2000 2:47:16 PM
From: Louis V. Lambrecht	Read Replies (1) \| Respond to of 44573

David - thanks for the reply. I am aware of some shortcomings in the all electronic clearing system. FIX API, although the last technology, also has drawbacks. I even posted QCharts for some black-outs in the data, and it appeared to be a computer flaw at the exchange. I've read somewhere in the special Electronic Trading Agreements fine-prints that you are responsible for the survey of the executions, cancellations or other messages you would get. (In English: even if you have a stop order in place, keep monitoring that and be ready to phoneyour broker if any problems arise). IB's fine-prints are even worse at that level as they would not take any responsability for eventual errors. (In English: you've already signed that you will pay for the errors). Also heard that IB is perfect for market orders, fast market order fills, and that their RT data are reliable. Also, they are the cheapest in the industry. For my part, I prefer trading on-line, but with a possible phone broker back-up and, taking VIP - the last mentionned here - as an example: self directed phone order= $25/RT (inclusive exotic orders) against $35 at IB with non-friendly phone desk. If you expect one of 5 or one of 10 orders to be exotic, better choose for a phone friendly broker. And, trust me, I would never wait 10 minutes for a fill, I would be at the phone within 30 secs of my electronic order to cancel that one by phone immediately. And change trading platform/broker on the third occurence.