|
PureBytes Links
Trading Reference Links
|
there many things that can go wrong with TS.
- bad ticks is the main one...
- stop orders don't work in Naz so you can't use
if .... then
buy ... stop...;
this implies a stop order must be place on every
bar... not possible in Naz unless Trad did a resting
stop which is basically market order ready for
exe at stop price penetration....
if it's not the case then
- must use market order EL rule in which case
markets in TS are executed on the open of the next bar..
clusterf....k
if they were smart they'd figure it out...
- next is order routing which is the main thing.
how they rout the orders is very important...
what are their priorities, are those assignable by
the user or fixed... what is the routing algorithm?
who knows? slippage and fills will depend on
the algorithm...
- next we got black charts... almost every day now
TS charts go black once in a while... means
missed executions or problems...
- next we got TS failure...
- next we got fast market, slow speed which
is very often the case...
- next we got data server problems that happen
regularly..
- next we got line to the exchange problems and
orders being lost or unexecuted...
- next we got brownouts and blackouts and power losses...
on and on and on...
this is a mission critical application means it has to be
99% reliable...
mean you have to supervise every order generated by
TS...
the idea is great... but there are many details to work out.
i know all of those problems because we designed
the autoexe system already... including the routing, etc...
TS had no order IO functions, probably on purpose
to make it harder to extract orders out for autoexecution.
now that the gig is up we can talk about it...
bilo.
ps. if all goes well Trad is on its way to becoming the
top exe broker... cqg is next in line...
within the next 5 year autoexecution and intelligent routing
will be as common as L2 box now...
next thing will happen is we will go to supernasdaq and then
there will be no routing needed anymore...
but..... above all of that bullshit the main thing that's worth
1000 times of all of the sophistication of your routing and
your platform, etc... is YOUR SYSTEM....
if you got none then nothing's gonna help you...
it's true that "getting liquidity" is the second main variable in the
equation
but the first one is still " how good are your signals"
----- Original Message -----
From: "B W" <tradewynne@xxxxxxxxx>
To: "Jim Bronke" <jvbronke@xxxxxxxx>; <catapult@xxxxxxxxxxxxxxxxxx>;
<omega-list@xxxxxxxxxx>
Sent: Thursday, June 14, 2001 11:53 AM
Subject: Re: TRAD announces autoexecution
>
> --- Jim Bronke <jvbronke@xxxxxxxx> wrote:
> > That's where I'd expect the bad tick to come from.
>
> If you trade you know what I mean: some "bad" ticks are
> busted trades, some are not. A recent 50 point spike
> in the ES was busted weeks/days(?) later. I've seen other
> spikes that were "good" and not busted. How are you going to
> filter that if there is no warm body around?
>
> BW
>
>
> >
> > Jim Bronke
> > Phoenix, AZ
> >
> >
> >
> > ----- Original Message -----
> > From: "B W" <tradewynne@xxxxxxxxx>
> > To: "Jim Bronke" <jvbronke@xxxxxxxx>; "Bill Wynne"
> > <tradewynne@xxxxxxxxxxx>;
> > <catapult@xxxxxxxxxxxxxxxxxx>; <omega-list@xxxxxxxxxx>
> > Sent: Thursday, June 14, 2001 8:29 AM
> > Subject: Re: TRAD announces autoexecution
> >
> >
> > >
> > > --- Jim Bronke <jvbronke@xxxxxxxx> wrote:
> > > > The system definitely needs a bad tick filter.
> > >
> > > What if the "bad" tick is from the exchange? What
> > > if the feed or your system is a few seconds slow?
> > >
> > > BW
> > >
> > > >
> > > >
> > > > Jim Bronke
> > > > Phoenix, AZ
> > > >
> > > >
> > > >
> > > > ----- Original Message -----
> > > > From: "Bill Wynne" <tradewynne@xxxxxxxxxxx>
> > > > To: <catapult@xxxxxxxxxxxxxxxxxx>; <omega-list@xxxxxxxxxx>
> > > > Sent: Thursday, June 14, 2001 8:11 AM
> > > > Subject: Re: TRAD announces autoexecution
> > > >
> > > >
> > > > > I agree, and there are so many details beyond or marginally
> > > > > under TRAD's control: bad ticks, bad orders, etc. With the
> > > > > current state of E-markets and data I wouldn't turn my account
> > > > > over to my 'puter and/or Bill and Ralph. Would you fly the
> > > > > Concord with no pilot on board and the Cruz crew playing with
> > > > > the joy-stick on the ground?
> > > > >
> > > > > It'd be nice to have something like this "park" the orders and
> > > > > then you single click to send on TS4....
> > > > >
> > > > > BW
> > > > >
> > > > > >From: DH <catapult@xxxxxxxxxxxxxxxxxx>
> > > > > >To: Omega List <omega-list@xxxxxxxxxx>
> > > > > >Subject: Re: TRAD announces autoexecution
> > > > > >Date: Thu, 14 Jun 2001 07:48:52 -0700
> > > > > >
> > > > > > > FWIW, my prognostication is that progressively within a year
> > TRAD
> > > > will
> > > > > >be
> > > > > > > able to deliver or provide an online trading application and
> > service
> > > > > >that
> > > > > > > integrates stocks, futures, and options on both.
> > > > > >
> > > > > ><rant mode on>
> > > > > >
> > > > > >FWIW, my prognostication is the very best TRAD can hope for is to
> > > > > >achieve the quality of IB..... great when it works but you're SOL
> > and
> > > > it
> > > > > >costs you big money with no recourse when it doesn't.
> > > > > >
> > > > > >There's a lot more to being a good broker than providing flashy
> > looking
> > > > > >software. For starters, the software and computer infrastructure
> > should
> > > > > >be 100% reliable (belt) and, when that fails, there should be a
> > good
> > > > > >phone backup (suspenders) where you promptly get a real broker on
> > the
> > > > > >line, not some techno nerd who tells you to reboot your computer
> > and
> > > > try
> > > > > >again. Would anyone seriously consider trusting their trading
> > account
> > > > to
> > > > > >the Cruz brothers? Do you believe they will make it right when
they
> > > > mess
> > > > > >up and cost you money? I sure as hell don't. It would be like
> > putting
> > > > > >your life savings in 'Crazy Joe's Used Car Lot and Savings Bank.'
> > :-)
> > > > > >
> > > > > ><rant mode off>
> > > > > >
> > > > > >--
> > > > > > Dennis
> > > > > >
> > > > >
> > > >
> > >
> > >
> > > __________________________________________________
> > > Do You Yahoo!?
> > > Spot the hottest trends in music, movies, and more.
> > > http://buzz.yahoo.com/
> > >
> >
>
>
>
|