[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

Re: Online stock trade execution



PureBytes Links

Trading Reference Links

Mark Simms wrote:
> 
> Try Brown & Company....response is always fast.....execution is top-notch.
> Web site is highly reliable.
> There are limits however:
> 
> no stop orders for stock/index options (I know, this is bad !)
> no e-mail confirmations (they still do it by regular mail !)
> 
> > -----Original Message-----
> > From: Sigstroker@xxxxxxx [mailto:Sigstroker@xxxxxxx]
> > Sent: Sunday, November 15, 1998 5:17 PM
> > To: omega-list@xxxxxxxxxx
> > Subject: Re: Online stock trade execution
> >
> >
> > Well, what you refer to as poor execution, others might call a
> > lousy broker,
> > period. Datek's servers have been down in a similar fashion a lot
> > recently.
> > Cyber (www.cybertrader.com?) has an interesting feature - a
> > 1-button get-me-
> > out-of-everything. Don't have Cyber, so I don't know what kinds
> > of orders it
> > does. By "lightweight", I mean no Level II data, just order entry. Two or
> > three mouse clicks to enter an order. For the volume you do,
> > though, most of
> > the high-end brokers will waive the trading system fees and
> > charge commissions
> > only, plus maybe exchange fees for data, $50 a month if you want
> > Level II. For
> > that small amount, you might try it for a month to see if you
> > like it. I would
> > caution you NOT to become so entranced with it, you forget to use
> > your current
> > methods. It can easily happen.
> >
> > BTW, any Internet connection to a broker is prone to these
> > problems. You might
> > check in your area to see if you can get a direct dialup connection. Cyber
> > even offers frame-relay direct connections, very expensive, but
> > could be worth
> > it for high volume traders.
> >
> > In a message dated 11/15/98 5:24:33 PM, jaustin@xxxxxxxxxx writes:
> >
> > > Thanks for your reply.  I use the BMI feed and average 100 - 150 round
> > >  turns/month on the higher volume NASDAQ stocks.  If I understand you
> > >  correctly, you are saying that Level II data would allow me an
> > additional
> > >  1/8th of a point per trade. I would consider that a big deal
> > indeed if it's
> > >  true.  Any thoughts on this?
> > >
> > >  Let me give you an example of what I mean by unacceptable
> > execution.  On
> > >  Fri., Nov. 13, I was long INTC and MSFT and was nicely up in
> > both trades
> > >  when I decided to exit at 11:30.  First I needed to move to
> > the order entry
> > >  page and that took several seconds as the server response was
> > sluggish.  I
> > >  entered the INTC sell order, hit the send button and got the message
> > "server
> > >  unavailable", try another.  That required another login and a
> > re-entry of
> > >  the sell order.  In short, it took 3 1/2 minutes to get out of
> > that trade
> > >  and then I had to repeat the process for MSFT. It took about the same
> > amount
> > >  of time and combined, these delays cost me over 1/2 point and
> > compared with
> > >  previous similar occurrences, that's not bad.  The previous
> > week, I lost
> > 7/8
> > >  of a point on INTC alone in the same fashion.  It is happening to me at
> > >  least once a week.
> > >
> > >  Correcting this problem alone will pay the difference between
> > $10 and $20
> > in
> > >  base commissions, but what about the fees?  You mentioned "lightweight"
> > >  execution systems and I've checked them out, but who would you consider
> > >  "heavyweight" execution systems?  I would really appreciate
> > opinions as to
> > >  what firm is really the best at this.
> > >
> >

I'll second the BrownCo recommendation (from a position trading 
persepective, not day trading). Very professional. As a recent example, I 
had an stop order in short NEM. It didn't get executed but it had hit my 
stop price. With the stock 7/16 higher, they made the trade good at the 
stop price. No hassles. Just excellent service. I've been with them for 9 
years. 

Regards,

Bill Vedder