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This is very interesting, as I am about to open an equities account with
Tradestation. Can you tell us what percentage of the automatic orders were
ignored, and what percentage were incorrect? Automatic execution can be
wonderful, but automatic error generation can be disastrous.
Andy Demartini
----- Original Message -----
From: "Robert Linders" <mugsnug@xxxxxxxxx>
To: <omega-list@xxxxxxxxxx>
Sent: Thursday, February 07, 2002 9:02 AM
Subject: TS6 yet an other award
> Hi guys (girls),
> For several months I am using my personal account at TS but I also trade
> several accounts for other people.
> In my opinion the awards given to TS must be a scam, here is an overview
of
> what happend:
>
> -> 10 free trades after much more than 10 trades are still not credited in
> my own account (they tell you it will be credited by the end of the month
> you reach 10 trades).
> -> I knew about it, the other accounts never got 10 free trades anyway.
> -> wrong commissions were put into several account (of course not in our
> favor).
> -> the automated trading signals would many times simply skip a signal and
> keep a positions reversed from the actual signal
> -> a few go Long signals would be "interpreted" as go short (quite a
> disaster for a system)
> -> trades were put into the wrong account
> -> paperwork is very labourly and they keep coming with new documents to
> sign
> -> statements from some accounts were send to the address of other
accounts
> -> short in IRA was allowed than not allowed than allowed (delaware
switch)
> and now are not allowed
> -> for delaware they assigned new account numbers but didn't tell us (so
we
> were auto executing in th wrong accounts, missed positions that were
> switched over to the new accounts etc.).
> -> it is irreponsible to trade right now using automatic execution, hence
> 1.5 million is standing on the side lines.
> -> they never get it right and for instance you can not trade multiple
> system in the same symbol (TS doesn't "net" your position as it should but
> complains that you can not be long and short at the same time).
> -> worse is that they keep promissing new software, they confirm a date
> (11/30, 12/25/ 1/7 etc. and last weekend) but they never get to actually
> releasing their software. Better tell us it can not be fixed for the next
3
> months !
>
> If after this weekend they still have not managed to fix some of the bugs,
I
> believe we will terminate all of the accounts (go back to TS2000i).
> How this institution can get an award is beyond me, it is impossible that
> the people who gave the award ever did actually trade with them.
>
> I believe that is it. Be aware of hefty ECN fees (it really add's up). I
> can't believe that these fees are just past on without any "markup". Maybe
> it is mostly markup !
> 5000 shares commission is now 14.95/9.95, great but in ECN fees it is $25
!!
>
> I have an award of my own, it is just one finger up.....
>
> Robert
>
> ps. Not to say that if you manually enter your orders you can work with
TS6,
> the data stream is reliable (not too much outage) and I love it not to
have
> to download my data all the time. Just for "institutionals" it is not the
> place to be. Also those people are always quite friendly, but does that
> cover up so many mistakes?
>
>
> ===============================
> Robert Linders
> Orlando, FL
> email: mugsnug@xxxxxxxxx
> ===============================
>
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