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I have had two different experiences, with two different firms, so it can go
both ways.
At Lind on Line the fills took between 3 minutes and a half hour, and you
never knew which trade would take how long, sometimes limits would be
faster, sometimes market orders, and if the market went to my price and
backed off, I was unable 95% of the time, so I usually moved my price by a
tick or 2 just to make sure I got in.. So I know the feeling of having to
bend over just to get in the market.
I now use FTG which is a division of Rosenthal Collins. I have been using
them for 2 weeks, and my longest wait time has been 2 or 3 minutes max in
the bonds. On market orders, the files are reported back in between 15
seconds and a minute. It rarely takes longer than that. I have also been
surprise at how many fills I get when the market trades at my price and no
higher, maybe 50% of these get filled, where at Lind it was less than 5%.
The FTG software also allow for a real time message window to check unables
with the floor or clerk. This is also a handy feature.
I guess it pays to shop around, but IMHO you won't really know how good any
firm is untill you use them for a couple of weeks. Also some firms allow for
the trading software to track positions based on the current price in real
time. This is handy if you trade at a lot of different prices. If anybody
knows of a software that can track positions based on the real time prices
in Tradestation, using excel or some propriatary software, I'd be very
interested.
Hope this helped,
Dale
> > The bonds have been super fast much faster than calling your orders in
> until today using ET.
>
> Great wondering who you use?
>
> > I used market orders and knew where I fill was but it took maybe five
> minutes for the report to come back. I can't say why has been very good in
> the past, btw my fills were accurate just late reporting.
>
> My problem is that I see the price 5-10 minutes before I place the order,
> and so I place the order at a reasonable mean of what is being traded. it
> will tick all around it - sometimes I'm filled exactly at my price on the
> phone. sometimes they hit the price for up to 20 minutes ticking back and
> forth, it must have hit my price at least a zillion times. then the
> dreaded un enabled phone call comes, of course I'm thinking it's my fill.
> in a heart beat I go from glad to mad (not good for me I think, thought I
> enjoy stress).
>
> I would just like to know who the hell has been getting fills for the past
> 20 minutes? with the volume averaging 1000 contracts a minute, it must
have
> been our federal government or something! good and pissed by now, I go to
> market. well hell, I might as well have told them I'll give you two ticks
> to stick it to me! and have been done. I think the guys who were kicked
> outta the SP pit for front running are being retrained or rehabilitated in
> the bond pit. Yea must be one of those government sponsored deals.
Anyway
> I have learned that to quote my price and give em a tick is what has been
> working best.
>
> I just hope that someday the electronic trading gets for futures as good
as
> it seems to be for stocks. Last year writing covered options on larger
than
> usual profitable trades overcame the slippage I experienced. But I guess
> I'm like everyone else - I wanna do better if I can. mb
>
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