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<DIV><EM><FONT color=#000000 size=2>I am going to file a "formal"
inquiry into this trade that went against me yesterday. they are using
their time and sales excuse to support the level i got on the buy, but their
clock was 45 seconds fast. When I spoke with Josepj Julian last night, he
acted surprised as though there had never been a problem with it before.
It seems that my order was sat on for some time before executed, and then the
report was over 2 minutes. they use the, 'well the broker was busy and
couldn't report the fill quicly" excuse. I will post you on the
outcome. </FONT></EM></DIV>
<DIV><EM><FONT color=#000000 size=2></FONT></EM> </DIV>
<DIV><EM><FONT size=2>Gary</FONT></EM></DIV>
<DIV><EM><FONT size=2></FONT></EM> </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 <<A
href="mailto:mjg@xxxxxxx">mjg@xxxxxxx</A>><BR><B>To: </B><A
href="mailto:gmkramer@xxxxxxxxxxxx">gmkramer@xxxxxxxxxxxx</A> <<A
href="mailto:gmkramer@xxxxxxxxxxxx">gmkramer@xxxxxxxxxxxx</A>>;
RealTraders Discussion Group <<A
href="mailto:realtraders@xxxxxxxxxxxxxx">realtraders@xxxxxxxxxxxxxx</A>><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>>>>><BR>
<BLOCKQUOTE><?bigger>RESEND<?/bigger> <B><?bigger>-----Original
Message-----<BR>From:<?/bigger> </B><?bigger>Gary Kramer <<A
href="mailto:gmkramer@xxxxxxxxxxxx">gmkramer@xxxxxxxxxxxx</A>><BR><B>To:
</B>RealTraders Discussion Group
<realtraders@xxxxxxxxxxxxxx><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
"complaints" 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><<<<<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 & 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
"misplaced" because they were understaffed.<BR><BR>I've talked w/
Ella & Martin in Support (also my broker) re the ridiculous delays. I'd
been using Timberhill before (leased workstation, not the retail emini front
end) & 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 "state of the art" 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 "electronic" turnaround
speeds!<BR><BR>Also, I agree re the clock issue. I've gone round & round
w/ them about the "true" times of fills & 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 & 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
& was writing it up when I got a "too late to cancel"
e-message on my screen. Now I was short (due to the stop) & had to close
out that trade. Stunned, I reviewed the report screen & 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 & spoke w/ Ella. She basically said I'm supposed to do a
C/R on my stop to make it a mkt exit "so that won't happen".
Excuse me? I've been going to arb desks in the spoo for yrs & 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 & lots of
"on hold" 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 "Greg"). Greg's the margin monitor @
Rosenthal Collins. Why I got him instead of T&S I still don't know.
Anyway, he acts like it's an annoyance, puts me on hold, comes back &
finally says he'll have to "get back to me". 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
"dream system" 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>>>>>
<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
References: <36CAE2D6.AD0C5EA9@xxxxxxxxx> <14026.59016.803511.177600@xxxxxxxxxx>
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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?
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