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I use Leo Web also. In addition to the park orders there is one tremendous
advantage. Bolt is esentially e-mail to a broker who then calls the desk
and places the order after checking your margin etc. Leo uses the tops
system and goes to the pits. Then depending on the pit goes to a hand held
or to a printer on the floor and processed.
Miles Dunbar
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From: Mark Byrd[SMTP:markb@xxxxxxxxx]
Sent: Wednesday, February 25, 1998 6:57 PM
To: "bob.cannon@xxxxxxxxxxxxxxxx"@worldnet.att.net
Cc: omega-list@xxxxxxxxxx
Subject: Re: BOLT Trading
Bob Cannon wrote:
> Can anyone comment on "BOLT" online trading from Bressert. I daytrade
> the S & P, and quick fills (and their reporting) on entry are critical
> to my style. The Bressert flyer I just received promises "flash fills".
> Just how much flash might I expect on Market or FOK orders.
Bob,
I have not used BOLT but have spoke to them at length. I use LFG's LeoWeb
(AKA ZapFutures) which does the same thing. I daytrade only the S&P at
this time and plan on position trading other markets soon. LFG has one
HUGE advantage over BOLT. They have a feature called "Parking an Order".
What this means is that you can enter any number of orders ahead of time
and have them waiting in what appears to be a spreadsheet type of grid. By
unchecking a box the order becomes active and clicking the "SEND" button
transmits the order.
I have been using electronic trading for +/- 8 months and this was the
feature I waited for the most (sort of like TS5). I have a live BMI data
feed so I can enter limit orders very close to the market. I don't want to
have to spend the time to "type" the order when I want to get in and I sure
don't want to do it on "exit". I always have around 10 market orders
"parked" at ALL times. They are "Buy 1, Buy 2, Buy 3, Buy 4, Buy 8, Sell
1, Sell 2,.Sell 3, Sell 4, Sell 8" . This way I can reverse if I choose
to.
These are my emergency "exit" orders. I "never" enter stop orders. I
have an "exit" order on my screen ready to be sent with the click of the
mouse at all times. If I'm not in front of the computer I'm not in a
trade.
I should also tell you that I have 5 computer screens on by desk and 2
TV's. I use to own a software company and sold it in '96. So I have a
lot of "leftover" equipment that I use to trade. I have 12 phone lines in
my house so I can be on the Internet from more than 1 machine. I run the
LFG LeoWeb on a laptop (and that is all that is on the laptop) that sits in
front of me and it is connected to our network. I print an "order ticket"
on each order. LFG sends the fills back via the internet and via fax.
They also send their equity run via E-mail. I don't care to use the
machine that I trade from for other fucntions. I want to make sure that
when I want to communicate with LFG (via the Internet) that Win95 doesn't
cause me any grief. I have two seperate trading machines and then my
general purpose machine to do everything else. I use Excel to monitor a
trade once I am in it.
Bottom line, if it were not for the ability to "park" orders, I would say
that BOLT (or any other on-line trading software) would be equal. But
when the market moves against you in a hurray you don't want to be trying
to type in a order. If you want to know more, send me a private E-mail and
I will answer as much as possible about electronic trading in general. I
trade on the average about 10 S&P contracts a day so I use the system. I
find it much better that the "call the broker" or "call the floor" method
and the price is right. I am even able to have my OLD broker that I trust
implicitly as my account rep since he has recently become a rep for LFG
after seeing what I was doing. He is the person I turn to when I have
questions about the market. He has been around for 16 years so I value his
knowledge.
Electronic trading may not be for everyone but it works for me. If you
sign up with BOLT, let me know what you think. I spoke with them last week
and gave them the same dissertation that I am giving you here about
"parking" orders and they thought that was good idea.
BTW, I get fills back electronicly in about 15 to 30 seconds on my
screen. LFG's system has gone down a few times but nothing that caused me
any grief. You can always call the order desk in an emergency.
Mark Byrd
markb@xxxxxxxxx
Richardson, Texas
P.S. Needless to say, I'm just a poor trader scratching out a living and
have no connection with LFG.
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