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At 05:57 AM 10/10/98 -0600, Earl Adamy wrote:
>Have we all been burned badly enough by so-called electronic order systems
>that we're all waiting for someone else to take the arrows? Are there no
>Real Traders who have been using this system long enough to offer some
>constructive criticism?
>
>Earl
Earl,
(This is a repeat post from another forum)
I use Timberhill's Interactive Broker. It's the "godfather" of all EOS's.
Been used for yrs by institutions & large traders. Now it's filtered down
to small retail. Rather large margin requirements (to be sure they don't
get burned). Other firms may use the IB network (like PMBe) but their
interface is what I call IB "lite" because even tho it uses the same
network, it's still filtered thru PMB's computers before it enters the
network. Also, their interface may be OK for many traders, but I find
Timberhill's original "industrial strength" interface totally fulfills my
requirements. You get RT bid/ask, last price (faster than BMI satellite
feed!), arbitrage meter (for premium), ability to park orders, multiple
pages (for setting up different mkts or if you're a broker, customers), and
-- my favorite -- mappable function keys. This means you can be watching
your charts w/ the bottom edge of the IB peeking under. You see a trade
developing & want to execute: click on one of the function key icons @ the
bottom & the IB page comes to the top w/ your order parked & ready (say,
sell 2 @ mkt). If you use multiple monitors as I do, you can watch the mkt
(charts) on one while following faster price feed on the other (IB
monitor). At the moment of truth you either hit the Transmit function key
(or click on Transmit onscreen).
Yesterday, when the mkt was moving in half/whole handles I got acknowledged
that the broker in the pit received my order on his handheld computer (my
entry goes directly to it from my keyboard -- nobody rekeying or calling,
etc.) in a second or so. Count the time for open outcry & him keying in I
was filled (6 or 7 seconds -- beep!) & then another 3-4 seconds for him to
verbally confirm the fill w/ the broker on the other side of the order &
then key in the fill price. I'm filled & *reported* in <20 seconds!! On
other days I've had faster, in *fast* mkts it's taken a little longer (but
no running the order in "on paper", eh?). Stops/limits fills run about the
same or a little longer. I've NEVER had to wait longer than a minute or so
no matter what the conditions.
Timberhill is a totally professional operation that doesn't rely on
CUBS/TOPS. Their network is proprietary so you don't suffer when CUBS/TOPS
goes down on high volume, etc. You can actually scalp off-floor during news
events (Greenspan?) tho I wouldn't do it -- not my style.
If you're using the net already (eg, Quote.com) you owe it to yourself
to have the last edge: electronic order thru the company that remains
pre-eminant in the field, Timberhill. No, I'm not affiliated, etc. Just
waited nearly a yr for their margin requirements to come down to affordable
levels so I can compete on a level playing field. I'm happy!
Michael
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