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"Barry Small" <unitel@xxxxxxxxxxxxxx> wrote:
> I trade direct to the pits as well as using Leo Web. I have never used Leo
> for the S&P, but have used it for other markets using limit orders. I like
> the security of "instant" fill and confirmation of my price when going
> direct. I have a friend who trades the S&P using Leo and he loves it.
I daytraded the S&P using LEO in September & October. I'll preface
my comments with the caveat that things have changed and improved
since then, and it may be more reliable than it was when I used it.
But I found it unacceptable for daytrading. There were just too many
things that could (and did) go wrong. Within only a few weeks of
trading, I had LEO crash (repeatedly, especially with an easy-to-make
entry error), CUBS crash, TOPS crash, the fill server crash, etc.
You were never quite sure if a slow fill was due to a fast market, or
because something had dropped your order on the floor.
Fills were usually reported within 30-60 seconds. But sometimes
something would go wrong, and it could take many minutes to get a fill.
I had fills take as long as 45-70 MINUTES. (Even calling the broker
did no good that time, since TOPS was down and they couldn't find
my fill in the system. That's when you wish you had just called it in
to the floor...)
When it worked, it was great. But it seemed like it always went boom
just when you needed it -- when the market suddenly went fast, etc.
I loved the convenience of electronic entry. I just found LEO to be
too shaky for day-trading a fast market.
If you do decide to go with LEO, I recommend Shane Wisdom at Trade Center.
Shane's very professional and took good care of me.
Gary
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