Refco Cancelling Prop Trader
- Thread starter cgjung
- Start date
If you were using Prop trader, I assume you are looking for an alternative platform for electronic contracts. Have a look at Interactive Brokers as your primary platform. Aimed at self reliant traders, good executions, and cheap. Have a few quips about system downtime, but no firm is immune to this. Think about setting stops. You might also want to consider maintaining a secondary account on a separate platform at a different firm in the event you are unable to enter an order at IB. Could look at Man Financial (call in orders + access to non electronic markets), though commissions are considerably more. They use J-trader (same as Prop trader) as well as a browser based order entry system.
IB is the logical route but their downtime and other assorted glitches lately is so bad that I am now literally placing stops before I place the primary order.(Dangerous also because your stop could get filled without you getting the primary order placed if they freeze up). I have heard a lot of talk lately about Ffastrade and TradeTechnologies but am not sure if, who, or what their broker links are.(Are these brokerages also?) Would like to know.
I think that you are mistaken about Refco shutting down the prop trader platform. They are shutting down the Refco electronic (formerly PMBe) platform. Take a look at http://www.pmbinc.com/ and read the first paragraph.