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Joe,
Would you elaborate further on PATS?
eMini Commissions, interface/ease of use, speed, quality of fills, support,
whatever else...
Thanks!
Eliot
^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Eliot Kaplan
20211 Croydon Lane
Topanga, CA 90290
Voice: 310.455.3810
Fax: 310.455.3085
email; eliot@xxxxxxx
web: www.isu.com
> From: "Joe Duffy" <joeduffy@xxxxxxxxx>
> Organization: SmartedgeTrading.com
> Reply-To: realtraders@xxxxxxxxxxx
> Date: Sat, 16 Dec 2000 21:21:07 -0500
> To: <realtraders@xxxxxxxxxxx>
> Subject: Re: [RT] Interactive Brokers - stops
>
> Phil:
>
> I use the PATS interface which uses the exact same methodology as IB. I
> agree with you unequivocally. Real money experience points to it being no
> worse a procedure, and very often a better procedure for execution of stops.
>
>
>
>
> ----- Original Message -----
> From: Earl Adamy <eadamy@xxxxxxxxxx>
> To: RealTraders <realtraders@xxxxxxxxxxx>
> Sent: Saturday, December 16, 2000 11:13 AM
> Subject: Re: [RT] Interactive Brokers - stops
>
>
>> What is there to "think over"? Did you present evidence that IB staff was
>> wrong when they confirmed that IB's emini stops are not queued directly on
>> the Globex2 servers? Did you present evidence that the Globex2 execution
>> algorithm for orders at the same price is not first-in, first-executed?
> Did
>> I claim that once a stop area is hit, prices would never rally resulting
> in
>> better execution for orders holding a later position in the queue? Were
> the
>> relative advantages and/or disadvantages of using in-the-market stops
>> germaine to my warning? Does stop order handling in an end-to-end
>> electronic system have anything to do with stop order handling in pit
>> trading? Did I indicate that the use of native Globex2 stops has not on
> many
>> occasions incurred slippage, both negative and positive?
>>
>> I think not. The crux of the information was an admonition that the IB
>> system does not use the Globex2 stop mechanism, that IB customer stop
> orders
>> at the same price are likely to be queued for execution behind native
>> Globex2 stop orders, that this information may not be known to IB traders
>> electing to use emini stops, and that the consequences could prove costly.
>> It is up to each trader to perform due diligence on their trading and
> order
>> systems and to determine suitability to their trading style. Obviously,
> the
>> stop handling is an issue for me or I would have already re-opened an
>> account with IB and cut my trading costs by five figures annually.
>>
>> Earl
>>
>> ----- Original Message -----
>> From: "Phil Schuch" <lists@xxxxxxxxx>
>> To: <realtraders@xxxxxxxxxxx>
>> Sent: Saturday, December 16, 2000 3:11 AM
>> Subject: AW: [RT] Interactive Brokers - stops
>>
>>
>>> What do you want to tell us with your mail? Honestly said; I do not
> agree
>>> with you that the simulated stop orders are a disadvantage. We are
>> currently
>>> doing heavy trading at the CME through IB and the execution of stop
> orders
>>> are almost the same. A good part of the position mostly gets executed
>> better
>>> than the stop price. Working with stops in fast markets; you have a
>>> disadvantage anyway. I suppose you are familiar how stop orders gets
>> handled
>>> on the pit, as well the execution? Therefore; I would suggest you think
>> over
>>> the contents of your mail once more.
>>>
>>> Phil
>>>
>>>
>>>
>>>
>>>
>>> Von: Earl Adamy [mailto:eadamy@xxxxxxxxxx]
>>> Gesendet: Saturday, December 16, 2000 2:42 AM
>>> An: realtraders@xxxxxxxxxxx
>>> Betreff: [RT] Interactive Brokers - stops
>>>
>>>
>>> Anyone using IB to trade should closely examine the manner in which they
>>> handle stop loss orders on futures and stocks - I no longer have the
> links
>>> but they do post the details on their web site. I used their TW for some
>> 6-8
>>> months several years ago for scalping the emini and they supported stops
>>> when they were not supported on Globex. I subsequently closed the
> account
>>> when my emini trading activity dropped off, however I am once again
> doing
>> a
>>> good bit of emini trading and was quite interested in their new Java
>> applet.
>>> In the course of my re-investigation of IB, I learned that the IB system
>>> continues to simulate Globex stops rather than use the now fully
>> functional
>>> stops on Globex2.
>>>
>>> What does this mean? Lets suppose you place your stop with IB at point
>> which
>>> is likely to attrace a lot of stops. My (non-IB) stop will be held on
>>> Globex2 queued for execution in order of receipt. Your IB stop will be
>> sent
>>> to Globex as a (psuedo) market order when the IB receives notice (via
>> quote
>>> stream) that the price has been hit on Globex. Bottom line is that your
>> stop
>>> will go to the end of the queue and incur more slippage, particularly in
>>> fast markets. Customers who trade the emini with IB should be aware that
>>> slippage costs may far exceed the savings on low commissions.
>>>
>>> Inquiries to IB regarding their plans to replace the simulated stop
> system
>>> with true Globex2 stop execution elicited the information that there are
>> no
>>> plans to change the system.
>>>
>>> Earl
>>>
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>>>
>>
>>
>>
>>
>>
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>>
>>
>
>
>
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>
>
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