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Electronic trading problems appear usually in the following order
1. ISP connection problems.
2. Your system crashing (the client software or OS)
3. Broker system crashing. (the bummer, then you go to the phone).
If you got a good ISP, a major headache is gone.
For Timberhill, you will definitely need a backup account somewhere
or if you go thru an IB, you are treated as an instituational account with
the USD 900 overhead and initial charges to pay.
At 10:13 PM 1999-07-08 -0400, DLCRL@xxxxxxx wrote:
>First let me apologize for the cross posting I know it is bad manners as
many
>of us are on all the lists but i felt it was important to get this message
>out to as broad a population of potential PMBe customers as possible . I
have
>been a PMBe customer for about 4 or 5 weeks and twice have been faced with
>heart failure due to electronic trading problems and a lack of reliable back
>up systems between PMBe and timberhill ... On both occasions I was in the
>market ( i day trade the spoos ) with both a protectictive stop and a
resting
>profit target limit order when i decided to exit the trade at the market and
>cancel the limit and the stop on or about the time the sytem went down .
This
>resulted in my having no idea whatsoever of my postion in the market and
>having no way whatsoever to place offsetting orders through other channels
to
>control my exposure. The periods of total uncertainty were about a half hour
>the first time and 40 minutes today . neither occasion actually cost me
money
>fortunately but as i have personally lost over 10,000 dollars on a one lot
in
>about 3 minutes ( last october when i shorted 30 seconds before the suprise
>rate cut) i can tell you that in a half an hour with no idea of your
postion
>and no way to get out and no way to put on a spread in another account that
>electronic trading thru PMBe is a disaster waiting to happen and "murphy"
>will make sure it happens to you ....
>
>nuff said
>
>Dale
>
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