flaws in cybertrader software

Y

yesdeck

I have discover a costly flaw in the trading window of the cybertrader software. (Make sure you upgrade to the latest version.) If you try to enter an invisible limit order through inet and you do not enter maximum in the max. box the amount in the price box will default to the best ask or bid. This does not happen immediately and if you see your limit price is the same and then hit the buy button the limit price will change to the best ask and will then be sent.

I found out the hard way and even though they admitted it was a software issue that has been fixed they were only willing to refund a portion of what it cost me.

Anyone know an attorney familiar with brokers?
 
When you say the "maximum" box, are you talking aobut the number of shares displayed? Are you saying if that is set to zero, then the limit price will default to the offer if you're buying, no matter what price you entered?
 
Quote from yesdeck:

I have discover a costly flaw in the trading window of the cybertrader software. (Make sure you upgrade to the latest version.) If you try to enter an invisible limit order through inet and you do not enter maximum in the max. box the amount in the price box will default to the best ask or bid. This does not happen immediately and if you see your limit price is the same and then hit the buy button the limit price will change to the best ask and will then be sent.

I found out the hard way and even though they admitted it was a software issue that has been fixed they were only willing to refund a portion of what it cost me.

Anyone know an attorney familiar with brokers?
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There is no such thing as the Max box in the software. Also you have control over the routing. If you place an invisible limit order it is your responsibility to specify a limit price. You can't blame CT for your mistakes.
 
The "max" box is enabled when you choose settings on the menu and under the orders tab click the box for "advance order types and conditions". Then when you choose inet as the venue, the max box apears in the lower left corner.
I am told by cybertrader that this has been fixed in the latest version.
 
There is a max box in the version released around Dec. 06. read above to enable it
I specified a limit price and after clicking on buy the trading window changed it to the default, best ask, (thats the lowest posted price someone is willing to pay) and then executed at that price.
 
Quote from yesdeck:

There is a max box in the version released around Dec. 06. read above to enable it
I specified a limit price and after clicking on buy the trading window changed it to the default, best ask, (thats the lowest posted price someone is willing to pay) and then executed at that price.
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There is no max box. The only box for specifying price is a box at the lower left marked "L". You can either manually input a price in this box or click on a price level to populate that price automatically in the box. When you place an inet invisible order you specify the price by using the procedure mentioned above, choose inet and choose limit invisible. I've done this several times without any problems with older versions as well as the current version 6.19.1
 
Cyber as a whole has and continues to go down the toilet. Ever since their decision to shelve CyberPro and merge the company and all of its clients into Schwab their software continue to deteriorate, the customer and tech support both are quickly fading; basically they have taken the active trader and said "GET LOST".....

Very dissapointing....considering I have been with (and will be with them for about 2 more months) this firm (and fed a shit load of commission through them) for about 2+ years.
 
I suggest you use the old trading window model. Under settings, general, click "use old Trading window". The max box is used to specify the max floor i.e. the max number of shares you want to display on level II. That is its only function. You can avoid confusion by using the old trading window, check mark special conditions, choose inet as the venue , choose limit invisible and specify the max floor number of shares in the pop up window.
 
There is, in fact, a Max box. First right click on the trading window and choose "show menu" click "settings" then "general" then the "orders" tab then under "executions settings" go down 4 boxes and add a check mark in the box next to "Show advanced order types/conditions. Then click OK. Then choose the venue INET and a max box appears in the lower left hand corner below Qty and Limit.
This is version 6.18.16
The problem occurs when you enter an incorrect figure in the max box. An error box comes up and when you click OK on the error box all the fields are reset to defaults. Sometimes the resetting does not happen immediately and it looks like nothing has changed until you hit buy or sell and then it defaults to the best ask or bid price in the limit box.
Anyway I don't mean to slam CT. They admitted the problem. In fact only one of the online help persons was familiar with the problem but they all are now because I complained and they refunded part of my loss. Just wanted to let other traders know and find out if any others had the same problem.
 
Quote from yesdeck:

There is, in fact, a Max box. First right click on the trading window and choose "show menu" click "settings" then "general" then the "orders" tab then under "executions settings" go down 4 boxes and add a check mark in the box next to "Show advanced order types/conditions. Then click OK. Then choose the venue INET and a max box appears in the lower left hand corner below Qty and Limit.
This is version 6.18.16
The problem occurs when you enter an incorrect figure in the max box. An error box comes up and when you click OK on the error box all the fields are reset to defaults. Sometimes the resetting does not happen immediately and it looks like nothing has changed until you hit buy or sell and then it defaults to the best ask or bid price in the limit box.
Anyway I don't mean to slam CT. They admitted the problem. In fact only one of the online help persons was familiar with the problem but they all are now because I complained and they refunded part of my loss. Just wanted to let other traders know and find out if any others had the same problem.
More...

The max box is only for entering the max floor share size. It serves no other function. I have used their software and routed inet limit invisible orders without any problems. for example: You want to sell 10,000 shares but want to show only 500 shares on the offer, then you would enter 500 in the max floor box. Before routing your order you have to make sure that the correct quantity is entered in the max floor box.
 
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