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Actually the last few months have been extremely good and much improved.
The only major problem in the last three months was yesterday when it was
down all day. So they're not perfect - but show me an on-line system that is!
Simon.
At 11:56 13/04/2001 -0400, you wrote:
>About how many times have you noticed the PFG platform
>to have been down or have other problems in the last few months?
>
>Simon Campbell wrote:
>
> > Just to provide a full perspective on Interactive Brokers:
> >
> > IMHO the way they handle stop orders is inferior to other systems like PFG
> > Best Direct. IB places your stop order as "waiting" which means that it
> > only actually gets transmitted when the price is touched. This process
> > adds X seconds delay to execution and results in greater uncertainty on the
> > fill. Your stop order is not timestamped or queued in order of priority
> > when it was sent ...because it isn't even "sent" until the price is
> > hit. By contrast, PFG places your stop order physically on Globex in
> > advance. It's been timestamped and prioritised accordingly. Your fill is
> > instantaneous when the price is hit.
> >
> > In the Emini NQ this difference is most marked. If the market "runs"
> > through your stop price, with PFG you will get a fill at (or with very
> > little slippage at ) your price. While IB is still "sending" your order,
> > your fill could easily be several ticks away by the time it comes back. It
> > does you no good to save a few $$'s on commissions if you are paying
> > $20-$40 slippage on a stop order. Of course, there are times when the
> > delay in sending your stop order could result in a better price. But in my
> > opinion, this level of added uncertainty is NOT GOOD. In looking at the
> > statistics below I would ask the question: how many times were Dave's stop
> > orders hit with an extra $10-$50 slippage that wouldn't have occurred if
> > he'd used a different system? When analysing cost, there is more to
> > consider than just the commission rate.
> >
> > I'm not saying that PFG is perfect ...but one must be aware of what the
> > differences are between different systems before making an informed
> decision.
> >
> > Simon.
> >
> > At 20:58 12/04/2001 -0600, you wrote:
> > >Michael,
> > >
> > >Very well said. I just wanted to add my numbers for empirical evidence.
> > >I've been with IB since they went retail. Last year I made 1,113 trades
> > >with them (30% of which were ES and NQ trades), and I had one glitch,
> which
> > >was fixed with a phone call, very quickly.
> > >
> > >Just doing some quick math, compared with a $15 RT, I saved $10 per
> contract
> > >per transaction, or about $11K per contract last year. You might think of
> > >that as the price for a small telephone staff. Let's say I have 3
> "botched"
> > >orders or internect disconnects over the year while I'm in a trade. The
> > >commission savings covers about $4K per event or 80 points of "panic room"
> > >while I wait on hold for a broker. Insert your own numbers as
> appropriate.
> > >My point is that the total costs considering the "protection" offered by a
> > >large telephone staff ought to be considered.
> > >
> > >Check out some of the brokers that are using J-Trader as well. I'm
> sure you
> > >can negotiate some very favorable rates per RT, as this market for NQ
> and ES
> > >trading volume is getting very competitive. Some may have better phone
> > >staffs as well.
> > >
> > >Dave Nadeau
> > >Fort Collins, CO
> > >
> > > > -----Original Message-----
> > > > From: Michael Watkins [mailto:watkins@xxxxxxxxxxxxxxxxxxxxxxxxx]
> > > > Sent: Thursday, April 12, 2001 6:20 PM
> > > > To: LD; Omega List
> > > > Subject: Re: Online futures trading - any suggestions?
> > > >
> > > >
> > > > At 03:48 PM 4/12/2001 -0500, you wrote:
> > > > >Does anyone have consistently good experience with an on-line
> broker for
> > > > >execution of the e-mini's (SP and ND) that is reasonably priced? My
> > > > >definition of reasonable pricing would be at or less than $15 (all
> fees
> > > > >included).
> > > >
> > > > LD - my recommendation:
> > > >
> > > > Interactivebrokers - http://www.interactivebrokers.com
> > > >
> > > > I have used IB for about 18 months and find it an excellent resource. I
> > > > trade multiple ES and NQ contracts, and make extensive use of Stop
> Limit
> > > > orders for position entry. I can not recall more than once when my
> order
> > > > was not filled, and frequently one or more of my contracts will
> > > > be filled
> > > > at better than my limit price.
> > > >
> > > > They charge 2.95 per side per contract.
> > > >
> > > > For trading emini NQ/ES, for the price and execution speed, I do
> > > > not think
> > > > they can be beat.
> > > >
> > > > >It is very important to me that I be able to contact the desk if
> > > > the system
> > > > >(or my system) goes down to unwind a position. Many of the introducing
> > > > >brokers have very poorly staffed desks.
> > > >
> > > > IB will meet your expectations then, as they have a small help desk
> > > > facility. If you expect to have plenty of hand holding, do not
> select IB.
> > > > They expect their clients to be self sufficient.
> > > >
> > > > My recommendation - IMMEDIATELY after an entry order is filled,
> > > > place what
> > > > we call a CRASH STOP. Then you are at least protected should Internet
> > > > connectivity be interrupted or you have a heart attack.
> > > >
> > > > How useful this technique is to you may depend on your trading
> approach,
> > > > but I'm going to make a wild assumption that you use stops
> > > > extensively for
> > > > protection. Since I can't imagine entering a single trade without
> knowing
> > > > ahead of time when I am going to get out, using stops for price
> > > > protection
> > > > and computer/internet reliability protection seems natural to me.
> > > >
> > > > If a setup appears and time is short, I might set my crash stop an
> > > > arbitrary number of points away (usually only a couple for the setups I
> > > > trade) and one it has been transmitted then I might adjust its
> price and
> > > > retransmit. At least I'm protected.
> > > >
> > > > In all this time I've only once had to contact IB help desk to exit a
> > > > trade. I had my crash stop in place, so there was no panic, but the
> trade
> > > > moved very large in my favour and I wanted to take profits.
> > > > Again, they are
> > > > set up with virtually total automation up to and including
> > > > account set up,
> > > > so they do not have a huge fleet of people sitting there waiting to
> take
> > > > your call. They will charge you something like 30$ to place a
> > > > trade on your
> > > > behalf.
> > > >
> > > > For the self sufficient trader with reliable connectivity and a
> > > > sound stop
> > > > loss strategy, I think IB is a good choice.
> > > >
> > > > No affiliation, etc, just a happy client.
> > > >
> > > > Regards,
> > > > Michael
> > > >
> > > >
> > > >
> > > > Intelligent Speculator
> > > > Technical Tools and Trading Techniques for Investors
> > > >
> > > > Michael Watkins
> > > > Chief Technical Officer
> > > > watkins@xxxxxxxxxxxxxxxxxxxxxxxxx
> > > >
> > > > http://www.intelligentspeculator.com
> > > >
> > > >
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