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To answer your question, this was the first order I had ever cancelled in
LeoWeb or otherwise. However, the instructions for LeoWeb do not say anything
about a cancellation number being necessary. My broker, Scott Hicks at Trade
Center, told me after the fact that I should always get a cancellation number.
Now I (and you all) know.
Somebody wrote me privately and asked who the IB was on this transaction,
which question I just answered above. But I'd like to make it clear that I
don't think it's their fault. In fact I'm grateful to my broker for notifying
me that I still had two open positions. I think the problem is with the CME's
TOPS system and how it communicates with LeoWeb. It communicates back to the
trader too slowly.
I was using a 200mhz Pentium processor computer with a 56K modem. LeoWeb was
the only software running on it. I run TradeStation on a separate computer.
So the slowness in receiving fills is not due to my system.
LeoWeb works well for the big S&P 500 contract or other contracts that 1.)
allow market orders and 2.) are going to be held for a length of time where a
precise entry point is not critical. It fails at placing limit orders and
giving timely fills. In fact as I wrote earlier, I got no fill on this
particular trade. Even though my end of day fill report showed fills on the
other trades I had made this day, there was no fill showing for this
particular transaction. That combined with the fact that the working order
screen in LeoWeb read "TXCNCL," I thought I was in the clear.
My real beef with TradeCenter and other IBs who are promoting LeoWeb is that
they are not honest about its limitations. As I said, I got faster fills
through my broker over the phone. Their ads say orders can reach the trading
floor in as little as 12 seconds. But if it doesn't get filled and if you
don't know what's what, it's pretty useless and costly. And the IBs and the
CME aren't paying the cost of this learning curve. The trader is.
Hope this helps some others...
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