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Personally, a phone line direct to the pit is my preference. I don't want
opinion, but I don't want to risk an electronic loss or mistake.
Stewart
At 01:45 PM 5/27/99 -0600, Earl Adamy wrote:
>I don't mean in any way to be disrespectful of those who earn their living
>taking orders from traders, however I want no part of them. I make my own
>trading decisions based on my own charts and I don't want opinions. I set
>and watch my own stops and orders and don't wish to delegate that
>responsibility. Pulling the trigger is difficult enough without dealing with
>people who may be overworked, harassed, have personal problems, or are not
>suited to deal with the public (at least half of the staff on most order
>desks). It is most unfortunate that those of us who want no part of the old
>system remain saddled with less than state of the art electronic systems and
>outmoded commission schedules. When I sit at my electronic order system and
>wait 30-60 minutes for fill notices from some of the pits (e.g. cattle), I
>get hacked enough to move my account and I've been through a few brokers.
>
>Those trying to get into the market for $5-$10 are generally those day
>trading the e-mini which is electronic end to end with negligible costs to
>the brokerage firm. It is the low commissions and slippage reducing instant
>fills which make the e-mini competitive with the full S&P.
>
>Earl
>
>----- Original Message -----
>From: <Jdonato98@xxxxxxx>
>To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>Sent: Thursday, May 27, 1999 10:36 AM
>Subject: On-Line Trading & Commissions
>
>
>> It never ceases to amaze me, we as traders, especially Future and options,
>> that we spend thousands of dollars on books, magazines, day-trading
>> subscriptions, trading systems, software, real time and delayed quotes,
>and a
>> host of other services to help us find the "Magic Trade", but we won't
>spend
>> $20 to $30 to place a trade directly with a broker.
>> Everyone is trying to get into the market for $5 to $10 and then complain
>> about bad fills, delays in execution, and a loss of money because of it.
>> Do you realize we are talking about less than 1 tick on the bonds or crude
>> oil or any of the other commodities?
>> A good broker with a reputable firm will save you more than that and give
>you
>> your fill while you are on the phone and watch your trades and stops. Plus
>he
>> will normally assist you with his own view of the markets.
>>
>> All the Best,
>> Jerry Donato
>
>
Stewart Taylor
Taylor Fixed Income Outlook
Voice: 501-219-9774
Fax: 501-228-0963
E-Mail: staylor@xxxxxxx
Web Site: http://www.cei.net/~staylor/
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