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I just revisited www.timberhill.com. I remember now that the only retail
brokerage they offered on web pages was the e-mini and that appears to still
be the case. While I day trade the e-mini when spoo ticks and spreads are
wider than normal (like now), I do day trade the spoo and position trade
currencies, tropicals, and other futures. I do note that you refer to pit
trading so there must be additional account options not displayed on the web
pages. Margin requirements appear to be about twice exchange minimums but I
don't leverage to exchange minimums, so that's not a problem. Can you
provide more details regarding trading of other futures? Also, what backup
system do they have in place when the primary system goes kaput? Thank you.
Earl
-----Original Message-----
From: Michael Guess <mjg@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Saturday, October 10, 1998 1:40 PM
Subject: Re: FTG Futures Trading Group
>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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