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Re: Fw: Market fills



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<DIV><EM><FONT color=#000000 size=2>I am going to file a &quot;formal&quot; 
inquiry into this trade that went against me yesterday.&nbsp; they are using 
their time and sales excuse to support the level i got on the buy, but their 
clock was 45 seconds fast.&nbsp; When I spoke with Josepj Julian last night, he 
acted surprised as though there had never been a problem with it before.&nbsp; 
It seems that my order was sat on for some time before executed, and then the 
report was over 2 minutes.&nbsp; they use the, 'well the broker was busy and 
couldn't report the fill quicly&quot; excuse.&nbsp; I will post you on the 
outcome.&nbsp; </FONT></EM></DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM>&nbsp;</DIV>
<DIV><EM><FONT size=2>Gary</FONT></EM></DIV>
<DIV><EM><FONT size=2></FONT></EM>&nbsp;</DIV>
<DIV><EM><FONT size=2>P.S. I am not doing any more trading until this is 
rectified</FONT></EM></DIV>
<BLOCKQUOTE 
style="BORDER-LEFT: #000000 solid 2px; MARGIN-LEFT: 5px; PADDING-LEFT: 5px">
    <DIV><FONT face=Arial size=2><B>-----Original Message-----</B><BR><B>From: 
    </B>Michael Guess &lt;<A 
    href="mailto:mjg@xxxxxxx";>mjg@xxxxxxx</A>&gt;<BR><B>To: </B><A 
    href="mailto:gmkramer@xxxxxxxxxxxx";>gmkramer@xxxxxxxxxxxx</A> &lt;<A 
    href="mailto:gmkramer@xxxxxxxxxxxx";>gmkramer@xxxxxxxxxxxx</A>&gt;; 
    RealTraders Discussion Group &lt;<A 
    href="mailto:realtraders@xxxxxxxxxxxxxx";>realtraders@xxxxxxxxxxxxxx</A>&gt;<BR><B>Date: 
    </B>Wednesday, February 17, 1999 10:30 AM<BR><B>Subject: </B>Re: Fw: Market 
    fills<BR><BR></DIV></FONT>At 08:14 AM 2/17/99 -0600, Gary Kramer wrote: 
    <BR>&gt;&gt;&gt;&gt;<BR>
    <BLOCKQUOTE><?bigger>RESEND<?/bigger> <B><?bigger>-----Original 
        Message-----<BR>From:<?/bigger> </B><?bigger>Gary Kramer &lt;<A 
        href="mailto:gmkramer@xxxxxxxxxxxx";>gmkramer@xxxxxxxxxxxx</A>&gt;<BR><B>To: 
        </B>RealTraders Discussion Group 
        &lt;realtraders@xxxxxxxxxxxxxx&gt;<BR><B>Date: </B>Tuesday, February 16, 
        1999 7:03 PM<BR><B>Subject: </B>Market fills<BR><BR><?fontfamily><?param Arial>Does anyone who uses FTG have 
        &quot;complaints&quot; about quality and timliness of fills on Market 
        orders. Today, I had a real lousy buy fill (1 point) in a normal market 
        and they reported it back to me after over 2 minutes! Similar situations 
        have occurred since I started using them. Also, the system clock which 
        they use to record transactions was running about 45 seconds fast today 
        and has run fast on other days too. I have a web-based atomic clock 
        which I use to calibrate my trades and to see how timely my quotes are 
        coming in. They are trying to tell me that the system clock is actual 
        time but I dont believe them<?/fontfamily><?/bigger><?fontfamily><?param Arial><?bigger> Any 
        comments would be most welcome<?/bigger><?bigger> Thanks<?/bigger><?/fontfamily> <BR><?bigger>Gary Kramer<BR>Oak Park, IL 
        60302<BR><?/bigger></BLOCKQUOTE><?bigger>708-401-0382 (Voice mail and Fax)<?/bigger> <BR>&lt;&lt;&lt;&lt;<BR><BR>Gary,<BR><BR>You've touched a 
    nerve! From the start I've had complaints about FTG. First, Daniel Bardol 
    (their broker) can't get my commission rate correct. Several days pass 
    before my email daily runs reflect the correct commission rate. When I 
    remind him they owe me a credit for the difference he acts surprised, then 
    relents. However, I'm still waiting nearly a week later for that credit. To 
    add insult to injury, last night's run reflected a commission rate of nearly 
    *double* what I'm supposed to be paying! Back to square one. I'll be talking 
    to him when he finally gets into his office 3 hrs after the mkt 
    opens.<BR><BR>Re the timliness of fills: I decided to try out their emini 
    network &amp; interface before moving more funds into my account to trade 
    the spoo. From the start I was getting fills 20-30 secs late. Not just 
    reports, but filled where the mkt was trading @ that time. Reports 
    (especially on stops) came as much as 5 mins later. Twice I had to call the 
    desk to find out what happened to my stop. Both times it had been 
    &quot;misplaced&quot; because they were understaffed.<BR><BR>I've talked w/ 
    Ella &amp; Martin in Support (also my broker) re the ridiculous delays. I'd 
    been using Timberhill before (leased workstation, not the retail emini front 
    end) &amp; was accustomed to 2 second fills. I have several trader friends 
    who also got 2-3 sec fills on the emini using other brokers. I realize 
    there's been problems on CUBS/TOPS but most IB's have developed their own 
    API to directly access the system. Apparently, FTG still hasn't delivered on 
    their promise of &quot;state of the art&quot; as they still don't have their 
    API complete yet. I keep getting put off re when it will be ready. 
    Meanwhile, I finally got an admission from them that your emini orders are 
    *manually* keyed into a terminal that then routes your order for execution. 
    After it comes back to them it must be *manually* keyed into their reporting 
    network for you to get your fills, etc. If several orders hit their desk 
    near the same time they can get backed up as much as nine orders deep at 
    times. This is why we're not getting &quot;electronic&quot; turnaround 
    speeds!<BR><BR>Also, I agree re the clock issue. I've gone round &amp; round 
    w/ them about the &quot;true&quot; times of fills &amp; reporting. However, 
    today was the last straw. I closed out a long position that was profitable 
    this morning after the opening gap was being filled. I'd already C/R'd my 
    stop several times as I was trailing it on the way up. I left it @ my entry 
    for a breakeven &amp; when I closed out my position by exiting @ mkt, I 
    straight cancelled the stop @ the same time.<BR><BR>I was happy w/ my trade 
    &amp; was writing it up when I got a &quot;too late to cancel&quot; 
    e-message on my screen. Now I was short (due to the stop) &amp; had to close 
    out that trade. Stunned, I reviewed the report screen &amp; the mkt's 
    movement. I keep a 2 tick chart up to review questionable fills, and the mkt 
    didn't even get to the cancelled stop price for @ least 2 minutes!!<BR><BR>I 
    called the desk &amp; spoke w/ Ella. She basically said I'm supposed to do a 
    C/R on my stop to make it a mkt exit &quot;so that won't happen&quot;. 
    Excuse me? I've been going to arb desks in the spoo for yrs &amp; I 
    routinely got flash fills w/ straight cancels on my stops in less than 30 
    secs. Furthermore, you're asking for trouble doing a C/R when a straight 
    cancel is the KISS route to take. After getting disconnected &amp; lots of 
    &quot;on hold&quot; time I was finally trasnferred w/out explanation to Greg 
    Parks (who didn't ID himself re his function or why I was now talking w/ him 
    -- only that this was &quot;Greg&quot;). Greg's the margin monitor @ 
    Rosenthal Collins. Why I got him instead of T&amp;S I still don't know. 
    Anyway, he acts like it's an annoyance, puts me on hold, comes back &amp; 
    finally says he'll have to &quot;get back to me&quot;. I'm still 
    waiting.<BR><BR>I will not trade another contract @ FTG until all the above 
    is rectified. As far as I'm concerned, they've misrepresented their 
    operations on their web page. Unless you do thorough diligence (which I did 
    @ signup) you won't be told that they're not completely electronic -- yet. 
    And you'll still be put off re how much longer you'll have to wait for their 
    &quot;dream system&quot; to be fully operational.<BR><BR>I'm pissed, Gary, 
    and I'd like to hear from all other FTG clients to find out their 
    experiences.<BR><BR>Michael Guess<BR>mjg@xxxxxxx<BR>&gt;&gt;&gt;&gt; 
    <BR><BR></BLOCKQUOTE></BODY></HTML>
</x-html>From ???@??? Wed Feb 17 09:42:03 1999
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Date: Wed, 17 Feb 1999 11:49:58 -0500
Reply-To: netvest@xxxxxxxxx
Sender: owner-realtraders@xxxxxxxxxxxxxx
From: Steve Mcguire <netvest@xxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: Re: Point & Figure - Listen In
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Time quoted is EST.

Moe Drippins wrote:

> Steve Mcguire writes:
>
> > The program will be on the internet and for those in Chicago, you
> > can hear him on WGN AM 720 at 7:10 PM. He will be talking about
> > stocks but I also use P&F for futures.
>
> For the geographically-challenged, Chicago is in the central time
> zone, so do you mean 8:10 PM Eastern time?