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Alex,
I agree with you that a trader has every right to cxl or day-around their
order all they want...the method in which they do it should be held to
scrutiny. I have traded by phone for years and I have rarely had any problem
getiing anyone on the phone or modifying an order...(my firm has a 2-ring
policy where the phone is picked up by a trader within 2 rings...much better
than any internet site)...I do not know of many firms which have such a
no-internet-cxl rule and then again i have never heard of the internet
trading giant Freeman Wellwood...it soulds more like a logging company than a
b/d...they might have hampsters running around a wheel powering their web
site...other firms like schwab, ameritrade, etrade, etc. don't even need to
take up issue with the need for bandwidth because they are making $$$ and can
afford to buy servers, routers, and other tech crap until the cows come
home...Freeman could be making brownies in the other room and may fall below
it's net cap req. by tonight...they're a no-name and the fact that you rely
on such a no-name for internet trading is like drinking and
driving...bandwidth problems do, in fact, kick in as soon as 9:15am when all
the retail orders flow in and the problems only magnify themselves after the
9:30am open...further compounding the problem is inferior technology at some
firms...i can't see clients wandering around web pages while on hold
either...reading about firm principles, firm clients, bla bla bla won't cxl
my order...there is an advantage to this practice for the firm, albeit a poor
one: less $$$ on technology spending in exchange for a pissed off client.
You are not giving the mm 5 minutes to execute a trade...you are giving him 5
minutes to position himself accordingly until the market opens...then he can
execute your order...I would love to have the opportunity to have 5 minutes
to execute a trade...i can go to the bathroom, get a drink of water,
etc...the fact is, when i start getting customer orders (usually around 9am),
i will start to position myself accordingly. I have changed my mind about
trades on many different occasions, although I am usually pretty confident
when I make a trade and rarely re-neg. The only difference is that I have
planned my strategy to exit the trade (if it was executed tltc) or plan a
strategy to try to get an out on the trade (it does not include searching for
web pages or holding on the phone).
Phil,
If you are going to trade online, go to a big name and don't settle for
start-ups. Too bad you didn't hold the trade...it had a nice day Friday. = )
Your genius friend,
Chris
Comments welcome.
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