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there are stop orders on nasdaq, however its up to the market-making firm
or ecn to accept them, which usually is a function of the stocks volatility.
i believe the major firms like schwab and fidelity allow their customers
to enter stop orders, again with restrictions on certains stocks.
anything internet related will get you a no stop order allowed.
tv
Ullrich Fischer wrote:
> Is there a more focused forum (list) for consumer reports on the various
> day-trading/active trading broker/datafeed options? I'm looking for
> something a bit faster but not a lot more expensive than my current broker
> where I'm getting execution on a 3 to 10 minute delayed basis. My broker
> tells me that Nasdaq does not accept stop orders. Is that generally true
> or a function of which brokerage you're using? (I'm using Bank of Montreal
> Investorline with eSignal realtime data). I've looked at www.gomez.com,
> but their criteria are confusing and they seem to only cover a small
> fraction of the online brokerages out there.
>
> -uf
>
> At 06:17 AM 10/5/99 -0700, William R Wood wrote:
> >I have been through the demo for CyberX a direct trading system for fairly
> >active traders. This is an offshoot of CyberTrader which is meant for
> >daytraders or very active traders. The CyberX concept is interesting but I
> >have some questions which I posed to Cybercorp:
> >
> > 1) What do the extra fees noted on your webpage amount to in reality. I
> >dont want to pay more than 14.95 per trade, in fact, I want to pay less.
> >Your webpage does not indicate whether most trades have extra fees or not.
> >I trade NASDAQ and NYSE stocks generally in lots of 500 shares or less.
> >
> >2) Main question is stop orders. I exit virtually all positions on stops.
> >Since the only way to impliment a stop in your system is to use a
> >conditional order which resides on my computer, the order will not be
> >executed when my condition is met unless your system, my computer and my ISP
> >are all working. If I am away and a power outage occurs it appears that I
> >will be exposed to a major risk that does not exist if I use my online
> >broker who accepts the responsibility for stops and charges a lower
> >commission. Is there a solution to this serious problem.
> >
> >3) Do you have any studies that demonstrate your system produces better
> >executions than Etrade, etc. I use Waterhouse Webbroker, cost 12.00 per
> >trade. I enter positions at the market and almost always get filled at the
> >current ask. I exit postions on a sell stop and only twice during the past
> >year has Waterhouse failed to fill my stop at the price I specified and the
> >two misses were only 1/16 off.
> >
> >4) There are occasions when heavy internet traffic makes it impossible to
> >execute trades quickly via Waterhouse. And occasionally the price of a
> >stock I am interested in moves against me as I wait for the trading screens
> >to load. Does this type of delay occur on your system as well?
> >
> >I received an answer from a Cybercorp sales rep that was pure gobbledegook.
> >He basically said to call him and he would answer all my questions.
> >
> >Has anybody used CyberTrader or CyberX who can compare that type of system
> >to a regular online broker and comment on my questions. I am not a
> >daytrader. 10 trades a months would be about my speed.
> >
> >Thanks for any input.
> >
> >Bill Wood
> >
> >
> > > -----Original Message-----
> > > From: Sigstroker@xxxxxxx [mailto:Sigstroker@xxxxxxx]
> > > Sent: Sunday, October 03, 1999 8:16 PM
> > > To: omega-list@xxxxxxxxxx
> > > Subject: Re: Tradecast
> > >
> > >
> > > In a message dated 10/3/99 6:29:44 PM Pacific Daylight Time,
> > > Perthuis@xxxxxxx
> > > writes:
> > >
> > > > I have looked at Tradecast and CyBerTrader. I like CyBer
> > > better but really
> > > > like Real Tick. It seems to have everything the other two
> > > have and more.
> > > > CyBer can sometimes have a lot more marketing savvy and use the same
> > > > standard
> > > > Real Tick ideas just with a fancy name.
> > >
> > > I disagree. Cyber has a number of features that rt3 lacks - new
> > > daily and 52
> > > week highs, stop orders on nasdaq, floating stop loss orders, ecn
> > > highlights
> > > on Level 2, and more. OTOH, rt3 has been around a lot longer, so has more
> > > support from 3rd party software suppliers.
> > >
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