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I don't know about others, but there is a psychological barrier in having to
deal with a human being to place a trade. That human being may take too long to
answer the phone, may be having a bad day, may be short handed, may be rushed
.... I don't deal with humans in making my trading decisions and I don't want to
deal with humans in executing them. I don't care what the broker thinks about
the market or my trading decision so I gain zero feedback value in talking to a
human. For years I executed NYSE trades in size with no human contact and it
worked very well for me. As a small futures trader, I was not accorded the
privilege of direct floor access so I had to wait while my (very large discount)
broker called the floor to get a fill and was on the receiving end of all the
things I mentioned above. I hated to pickup the phone to place an order! I
recently switched to LeoWeb and am a very happy camper except when the CME's
CUBS system is down. I don't have to talk to a human, I can fire off an order
instantly because I keep an open internet connection and the software already
knows my account info, I have an order confirmation back from CME TOPS in under
3 seconds, I have fill reports on market orders within a few more seconds, and
slippage has dropped noticeably.
Earl
-----Original Message-----
From: Austowne@xxxxxxx <Austowne@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Sunday, August 09, 1998 2:08 PM
Subject: Re: Fut:POP's rule #1
>Perhaps I am a dinosaur in using direct floor access, resisting the tidal
>movement toward interneting orders. The notion of relinquishing human contact
>is a tad unnerving to me, but, again, this may be the Pleistocene in me. I
>C/R with 3-5 contracts and have not generated ill will. The fact that I
>generate 200-300 roundturns per month is not lost on them either, I'm sure.
>But keeping the floor happy or tolerant because I am a cash cow is not my
>primary intention. If there are other reasons for making the switch to
>mouse/keyboard trading, I'd appreciate your thoughts in this regard. I
>presume this is your implication by alternatives.
>
>Dave Austin
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