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Trading Reference Links
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Leo is LFG's proprietary browser-based trading system. IB's are independent
brokers who serve as agents for futures clearing merchants (like LFG). FCM's
perform the actual execution and clearing and hold the customer accounts. LFG
also operates several wholly owned brokerage operations under various names
including ZapFutures.
See Discount Brokers Ranked http://www.sonic.net/donaldj/futures.html for a
fairly comprehensive list of brokers with information, rates and comments. This
together from other comments you get here should provide a starting point for
your own investigation. The one thing you will need to determine is the level of
service which you will require which can range from virtually no broker contact
(discount electronic) to full service brokerage where the broker will watch
markets for you, execute discretionary orders ("if sugar reaches 850 and looks
like it will hold, buy a contract for me, and then put a stop in at 825"),
provide trading advice and recommendations, and teach you about trading.
While I'm in process of switching to an LFG owned brokerage and LEO, I have no
experience yet upon which to base a recommendation.
Earl
-----Original Message-----
From: John Manasco <manasco@xxxxxxxxxxxx>
To: eadamy@xxxxxxxxxx <eadamy@xxxxxxxxxx>
Cc: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Friday, July 24, 1998 1:10 PM
Subject: Re: Discount Brokers
>Earl
>
>Maybe you can answer a couple of questions from a novice. First, you
>mention LFG's LEO. What is LEO? I've seen ads for ZAPfutures from LFG,
>is that different?
>
>Second, what is an introducing broker and why do I need one. Several
>people have recommended LFG but your post says there are many LFG
>brokers, some wholly owned by LFG while others are indepentent
>Introducing Brokers.
>
>I'm confused.
>
>
>Thanks for your time.
>
>John Manasco
>
>Earl Adamy wrote:
>>
>> I took a hard look at JC's system and was not impressed. When I relayed my
>> disappointment to the system developer, they said it was an early version and
>> would eventually get better. I'm not aware of any significant improvements
>> released since I looked at it several months ago. It is my understanding that
>> the JC system does nothing more than route your order to a desk where it is
then
>> called into the pit and the fills are then entered into the computer and sent
>> back to you. It was my opinion that it would be faster to call the broker
desk
>> direct so I never used it. Unlike LEO it is not connected to CUBS/TOPS which
>> communicates directly with hand-held terminals in some CME/CBOT pits. From
what
>> I can tell, although not perfect, there is nothing better in the industry
today
>> than LFG's LEO and I'm in the process of transferring my account to an LFG
>> broker - there are many LFG brokers from which to choose. Some are wholly
owned
>> by LFG while others are independent Introducing Brokers.
>>
>> Earl
>>
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