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> I am just about to switch to LEOWEB and still trying to ask around and get
> as many people's opinions as I can. I think you said that it is possible
> to have a back up with ANOTHER BROKER ?? How would that be possible If
> lets say I bought 1 contract using my account with LFG's (LEOWeb) and then
> say CUBS went down so I would call another broker (?) to exit the position
> ?? How would that be possible ( I think I am confused and didn't
> understand right ...) Please help me...
Just have another account (or at least a phone contact to your broker) so you
can offset whatever position you have before with a trade on the other side -
with a different brokerage that results in long 1 here and short one there but the
marketrisk is ZERO until systems do work again.
> Also if You are using the LEO ( most of the time or occasionally ? ) what
> do you think in general about it and with all its drawbacks.. Do you
> recommend using it as a way to do the business better then calling direct
> to the floor ? And just a hint from you. Is it possible and realistic to
> say that ... If using LEO and puting an order to BUY AT MARKET , as soon
> as I got the TOPS ID # back I would send my Stop -loss and My Limit order
> right away, considering that if buying at MARKET, even though there might
> be some delay in getting the actual fill report back, by "ANY MEANS" I
> should be filled "somewhere around " where the market is trading in 30-40
> seconds. (I understand that it is not very precise way but still trying to
> find out if that would work that way? )
>
> If so, then I wouldn't worry very much about the eventual delay with the
> fill report since; 1) I bought at MARKET ( supposely very fast filled ) 2)
> My STOP (placed Immediately) is far enough not to be triggered to soon. 3)
> And my objective LIMIT order is way far away so that I feel somehow safe.
>
> What is your opinion and would the LEO do the Job.
I have not enough experience with LEO to comment on speed - others here can
do better, BUT:
I wouldnt use LIMIT but MIT (as said in an earlier post) and combine both
orders with an OCO - so you dont have to cancel the other as soon as the first
one gets hit but its done automaticly and you cant forget that.
Maybe BIG PETER who keeps bashing LEO and LFG here, but does not state
for what reasons and what alternative to use, can tell more - or at least I will
get the usual private insult mail from him.
rgds hans
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