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In a message dated 02/09/2000 10:09:37 PM Central Standard Time,
elangley@xxxxxxxxxxx writes:
<< I use both LEO and BEST. LEO fills will be faster for the big S&P and
Bonds. This system uses the handheld terminals that the brokers carry in the
pits.
***** Both of those systems are routed to CUBS2 units at the CME, which are
pen-based laptop computers which sit atop a pedestal in a fixed location in
the trading pit. There are two screens on a CUBS2 unit, one for the clerk
and one for the broker.
***** At the CBOT, the EC terminals, which these systems also route to, are
similar to CUBS2 (Fixed, pen-based), but there is only one screen operated by
the clerk.
***** Interactive Brokers is the only firm that I am aware of having brokers
who carry handheld/wireless units.
Best is signaling or running the orders in, so fills are much slower coming
back. I have had to wait 20 or more minutes to get BEST fills and then only
after badgering them. For the e-mini they seem identical to me
As for the software and ease of use BEST is much easier to use initially.
However, once you get used to parking orders in LEO it's okay.
In my mind LEO's big drawback is no position manager. This came back to
haunt me one day when I had traded many NQ contracts and thought I went home
flat.
****** You should be able to check with the trading desk and get them to look
at the back office system to see what is in your account. My firm sweeps the
TOPS fills into the GMI back office system every 15 minutes. I would assume
other firms are similar. I have access to this right on my desktop, so I can
compare what my online system says versus the GMI. Many firms have online
systems which allow you to look right into GMI or other back office systems
and this is separate from the online system. This is a good way to check
out for yourself if you are an online trader. My FCMs online system will
allow the client to compose their own specific query reports. Other firms
offer the same kind of functionality, so ask about it.
I wasn't and carried -3 on an overnight when the market went lock limit up
on the overnight. Ouch.
So I think its worth keeping that in mind. BEST has a very good position
manager that now even calculates closed P/L right on the main screen.
***** My online system does this too, but it is good to double check with
the desk or an online account system to double check, particularly after a
busy trading day with big ranges. I once had a client forget about a 70 lot
in the S&Ps. We had to play the tape for him in the middle of the day to
convince him he had made that trade. "Oh yea" I remember that now". Yikes!
With online trading, the trader is assuming many of the roles the broker used
to perform. Brokers check trades several times. We keep a running total of
trades by hand for our online traders, just in case of technology problems,
and check it before the close to make sure the daytraders are going home
flat. We check the trades after the close and then again in the morning.
Online traders should think about taking similar care to checking and double
checking their trade. Some firms can set it up so you receive an automatic
e-mail at the end of the day with an activity report, prior to your statement
being processed. If your firm does not have online access to your account
information, you might want to check into that as an alternative.
***** Regards,
John J. Lothian
Disclosure: Futures trading involves financial risk, lots of it!
Disclosure: John J. Lothian is the President of the Electronic Trading
Division of The Price Futures Group, Inc., an Introducing Broker.
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