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I have seen so much discussion on newsgroups about Electronic Trading
(who's the best firm type of questions).
Why is this so interesting to people?? I admit, it was interesting to
me too and in retrospect, I am not sure why. But I did open an account
and here are my observations.
First, the company has treated me fine, the fills are no worse than
normal and no major errors yet;
BUT
why is it such a problem to make a phone call?
-Internet trading is MUCH slower than picking up the phone.(unless you
have a continuos connection)
-It is not more accurate. The system will sometimes allow me to enter a
trade that the broker doesn't understand (a 1x2 option spread at even
money) so then we spend 30 minutes trading e-mails to get it right. I
also have to enter orders more than once for the system to accept if I
haven't refreshed my order screen every time.
-It is very frustrating for this trader to sit and wait for a fill
instead of being able to call and do an order check. Computers can sense
urgency.
-Costs are less for the broker, but commissions don't seem any cheaper.
As for me, I am going back to the good old low tech method of talking
with someone.
Eric
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