J-trader Questions

W

weewilly

I'm in a trial evaluation of J-trader and I want to ask these questions:

1) When removing liquidity, is it the case that limit orders will never get price improvement (which is what I am observing with the demo)? Say I'm long 10 ES and want to sell them in a downdraft by placing a limit order below the current market, i.e. I want out. Will J-trader (or the server or globex) improve my price if possible? So far I do not see any evidence of price improvement in the demo.

2) Limit orders must be transmitted to the exchange book for display (of course), but where are stop orders stored -- locally on my machine or on a server somewhere, etc?

3) My J-trader data feed (live data) is consistently about 1 sec faster than my DTN feed. Can anyone recommend an (internet) feed that is any faster, i.e. that keeps up, or do I need something much more sophisticated than a retail internet feed?

TIA

wee
 
Quote from weewilly:

I'm in a trial evaluation of J-trader and I want to ask these questions:

1) When removing liquidity, is it the case that limit orders will never get price improvement (which is what I am observing with the demo)? Say I'm long 10 ES and want to sell them in a downdraft by placing a limit order below the current market, i.e. I want out. Will J-trader (or the server or globex) improve my price if possible? So far I do not see any evidence of price improvement in the demo.

2) Limit orders must be transmitted to the exchange book for display (of course), but where are stop orders stored -- locally on my machine or on a server somewhere, etc?

3) My J-trader data feed (live data) is consistently about 1 sec faster than my DTN feed. Can anyone recommend an (internet) feed that is any faster, i.e. that keeps up, or do I need something much more sophisticated than a retail internet feed?

TIA

wee
More...

I don't know the answer to #3. However as far as Question one, not only is price improvement possible it is mandated. You cannot sell a futures contract below the prevailing bid, or buy above the lowest offer!!. As far as stops, depending on what firm you use, stops either reside on your firms server and are turned into stop-limits upon a trade at that price and then sent to Globex, or your firm automatically "translates" your stop into a stp limit (Globex doesn't accept straight stops) and you go to Globex directly.
 
You might consider a separate stand alone charting program such as Investor R/T or Ensign.....or others...and use a datafeed such as E-sig.

Your use of indicators and periodicity might adda load to the cpu in calcualtions. Tick charts also use up the CPU. So the speed of your charts might be contingent upon your complexity and management of your resources.

Michael B.
 
OK so you are telling me that, in the absense of any other competing orders to remove liquidity, limit orders to sell below the best bid will get elected at the best bid and limit orders to buy above the best offer will get elected at the best offer......excellent and phew... not tradeable otherwise I would think.

As for the feed, I was running only a single t&s and nothing else and observing DTN.IQ consistently 1 sec behind the t&s of the J-trader. I do not plan to scalp with a split second timeframe however, so this may not be devastating. Can't say I'm overjoyed about it though. I am trying Ensign btw on top of DTN.IQ in a trial.

wee
 
Quote from weewilly:

OK so you are telling me that, in the absense of any other competing orders to remove liquidity, limit orders to sell below the best bid will get elected at the best bid and limit orders to buy above the best offer will get elected at the best offer......excellent and phew...
More...

YES......

It wouldn't be fair to those higher bids to skip them over. Also, who would sell at a lower price then someone wants to buy?

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You are running J-Trader and DTN on the same connection so I think DTN's reliability/speed is suspect. Try other feeds and compare: CQG, Futuresource, Esignal, Quote.com, etc.........
 
I use ensign off the esignal feed. I tried the dtn feed on the computer next to me because it is cheaper than esignal and I was hoping to save some bucks. I had both feed running the same chart setups and the dtn-iqfeed was always atleast a second slower than esignal, all times of the day, american market or euro market. So, you might need to pay up a bit for a faster feed if that will affect your trading.

You get price improvement on J-trader when you cross the bid or offer with limits.
 
The demo version of J-Trader does not offer the full market liquidity. They are working on an upgrade that will include it and should be available within 4 weeks. In real trading you obviously get a better fill than your limit if you entered an order a few handles below or above the current price.

Stop orders via J-Trader to the CME are held as synthetic orders in your pc. When the price trades at your stop level a market order is sent to CME. A market order at the CME is handled as a market-limit order: ie The bid or offer is matched for your size as your order hits the exchange server, the balance is left working as a limit. In real trading this is virtually unnoticeable thanks to the liquidity of the E-mini products.

Stop limit orders are excepted by the exchange and held locally on their servers, if your internet connection is lost your order will still be working at the exchange. Simulated orders held locally are lost when you lose connection and have to be resubmitted.

Hope that helps.
 
Quote from weewilly:



1)Say I'm long 10 ES and want to sell them in a downdraft by placing a limit order below the current market, i.e. I want out. Will J-trader (or the server or globex) improve my price if possible?

More...

Since mkt orders are not available in Island ECN, this sounds like the technique I use to use while trading the QQQ's on ISLD. By doing this you turn a limit order into a mkt order.

However this is not necessary while trading futures, a mkt orders achieves the same effect and guarantees an exit at the prevailing bid/ask...
 
OK, only a couple of million more questions about J-Trader and I should be good to go:

1) What is the difference between a STOP and a STOP# order or a LIMIT vs LIMIT#, etc. What does the # signify?

2) In the DOME window, when displaying the T&S at right, is there a way to alternate colors so I can see the movement of identical prints? If many prints all go off at the same price, you can't see any movement in that window at all. They should display the time of the print !!

3) OCO (one cancels the other) orders are only allowed for the same side of the market??? I can buy this contract OR buy that contract -- why cant I buy this OR *sell* that? The latter would be useful for breakout trading, up or down of the same future.

Again, I am looking at the demo version (2.8.3)

wee
 
ww,

I can only answer Q1. # = synthetic. The orders are held on your pc and only entered to the globex server when the price trades.

Q2, no idea. Q3 not many products offer buy oco sell orders I am afraid. You will just have to enter 2 orders.

Hope this helps.
 
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