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Futures industry is having a hard time changing the way they have done
business for so long.
With ET there is no need for membership seats to be such an advantage or
priced so high without a pit or leasing either for that matter. Let them
hang on to the old way and go to stocks and get 2 second executions. Maybe
in another ten years they will catch on.
Robert
At 07:21 AM 7/29/1999 -0400, Zeus wrote:
>I know this is the omega list, but I figured this is good enough of a
>question to be up here.
>
>I have been trying to test my trading in futures and getting very frustrated
>with the future broker industry. I think I have tried all the "good" ones.
>
>Leo-web: The IB I was working with changed my account number in the middle
>of a trade without informing first. I got locked out of the software and
>lost money. System connectivity, Leo-web, TOPS, CUBS is useless during a
>more active day.
>
>Best-direct: Many times I had my trades show up in other people's accounts
>and other people's trades will show up in my account. Easily fixed till one
>of them involved a large loss and they tried to make me take it. Took three
>weeks to resolve. System connectivity was lacking, never knew if they
>received orders or not.
>
>PMBe: System locked me out because of a false margin violation on the EXIT
>trade, not the entry trade. The system treated my cover/offset trade as
>requiring additional margin. That trade was profitable. Calling the trading
>desk when you are an electronic trader is useless, takes a couple of minutes
>to get them to execute a trade. It is taking me over three weeks now to get
>them to kill the trade, still no results.
>
>My trading is very short term and requires a very reliable broker. I am
>basically a stock trader and I am used to reliable software. Is the futures
>industry not ready for electronic trading? I don't want to change my
>trading, it fits me too well. Am I wrong in expecting reliable execution
>from brokers? Is anyone working with a reliable broker? As in no
>connectivity problems or software problems?
>
>We trade as a group and this happens to all of us, not just me, so I know it
>is not a fluke. I am sick of arguing with brokers trying to get back what's
>rightfully mine. I am also sick of changing brokers, can't trade this way.
>
>I don't want to trade over the phone and I don't want to change my trading
>style. Any suggestions? Or should I give up and go back to trading stocks?
>
>Thanks in advance and I hope that this information benefited someone,
>
>#######################
>Shay Horowitz
>www.zeus-holdings.com
>www.teamzeus.com
>www.shoguntrading.com
>#######################
>
>
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