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Working this weekend with yet another upgrade. Thought I'd
give my 2 cents while waiting for a compile.
The most efficient way to place orders, without exception,
is to have an open line to the guy who does the signaling.
With call-down lines, which are direct lines that remain
open all session, all you have to do is "yell" the order
and you'll get an instant response. Anything less and
you're decidedly disadvantaged if immediate execution is
important.
Call-down lines average about $400 a month per line
nationally. Oh and you'll need a "special" phone system to
boot. A typical trader-phone handles around 10 call-down
lines simultaneously and you have control over who can here
you, but you choose to hear everyone else. It may sound
expensive, but if you're in this business for real, that
is, its your livelihood, its one of the costs of entry if
you will.
The alternative for execution sensitive or dependent
strategies is very expensive over a year, given slippage,
order-flow ignorance, etc. I've said it before, and no one
ever challenges me, applied technology is one of the best
bang-for-the-buck investments a full-time trader can make.
Without it, I'm eating your lunch ol' boy!
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> From: JFC37@xxxxxxx
> To: Omega-list@xxxxxxxxxx
> Subject: Direct trading to pits
> Date: Saturday, February 14, 1998 11:54 AM
>
> I am looking to trade direct without calling a broker via
the internet. I
> discussed with my broker and he suggested I look at LEO
through LFG. Is there
> much difference with these internet firms? I know there
has been much
> discussion about this recently but I do not know how to
access the archives. I
> would be interested in this address as well.
> Any web-site or publication rate these services? The
market I will be trading
> will be the S&P. Any comments or suggestions would be
appreciated.
>
> Sincerely,
>
> John Curry
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