get 500 ES traders only trading 2-5 contracts, all with their stop at the same area and you get a different picture.
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TradeMaven/Transact Meltdown
- Thread starter 123r34
- Start date
get 500 ES traders only trading 2-5 contracts, all with their stop at the same area and you get a different picture.
Quote from bighitter1:
they'll hunt your order? the es trades massive volume and is stacked with 100's on each side all the time. if they want your lousy 2-5 contracts with 2 or 3 pt stops god bless them
You are not hunted personally, LOL, but the price levels most definetly. Especially when/as/if more traders place hold orders on the exchange servers.
Quote from osorico:
I'm going through a similar issue with RCG and their use of "synthetic" orders, held on my local computers.
I've had 3 close encounters in the last 6 weeks or so due to power outages. (Lot's of construction going on in my neck of the woods) Everything was fine in the the end without loss, but without a full working understanding of the RCG synthetic orders, I could have potentially been triggered the moment the platform restarted. This is BS.
I understand StrategyRunner holds orders on THEIR computers. But personally I'm not impressed with SR or it's per trade fee structure.
I also know that for eCBOT (I'm a YM trader) Open-e-Cry transmits to the exchange. I should ask about CME, huh?
I'm looking to pull my accounts from RCG for this reason. Nothing synthetic about it!
Osorico
BTW: I've ordered new battery backup units... should be here by Monday.
UPS back up and DSL are your best friend. As far as stops, if you use a stop limit on ECBOT they are held on the exchange even if you computer goes down. SR holds them on their servers. A little birdie told me you can get SR for a straight monthly fee of $50 with no per side charge if you want. The charts are not TM quality, but it works for me.
I don't believe a word of this. Stop-limit orders are held on the CME servers unless you specifically choose to use synthetic orders held on your end. And it would be very unusual to be not able to contact TradeMaven (formally eLocal) customer service by phone to take action. Not to mention that there's a kook here on ET that consistently rants against TradeMaven and then, when he's shown up to be a liar, he creates a new user name and starts all over again.Quote from 123r34:
Transact and Trademaven have had repeated outages for the last month. It has gotten extremely bad the last week especially if you use Trademaven. Last week I got burned for an amount slighty over $6000.00. I had an order in short the ES with limit bracket orders around it for my profit and loss protection. When Trademaven/Transact went down it wiped out my stop limit orders. The contracts would have sold for over a $550.00 gain but turned into over a $6000.00 loss by the time I could get through on the phone to get the order unstuck. The limt orders I placed should have been sitting at the CME, not in their computer system somewhere. The owners of Trademaven and Transact said it was a tough deal but that is the breaks in trading. Trademaven and Transact have had a falling out and Trademaven is taking all of their business to Mann Financial as of 2-24-06. TradeMaven and Transact have been close to unusable since 2-14-06. The criminal part is that neither company would put out a single email to tell their clients that their system was unstable and to trade at your own risk. I found out because I am in a very large alert room that has close ties to Trademaven. TradeMaven recommended to the Instructor that he not use their platform until they moved to Mann Financial. Got to keep those commissions rolling in I guess. I got tired of it and filed a complaint with the NFA(National Futures Association) I like Trademaven's platform when it works but their lack of ethics and customer service are the pits. I could not recommend these 2 companies to anyone.
You are entiltiled to believe what you want. I posted my experience with Trademaven/Transact as it happened last week. One of the principles of Trademaven, Doug Zalesky, told me personally that limit orders sit at the CME and not on their software. Yet neither he or a principle in Transact, Mark Gordy, could tell me how my limit orders disappeared. The interesting thing is that Mark Gordy of Transact said relations had gotten so bad with Trademaven that they would not return his calls so he could get to the bottom of this limit order problem. When I looked up their addresses their offices are in the same building. Others in our trading room have experienced the same problem. I don't know if the problems lie with Trademaven or Transact as they both blame each other. The bottom line is that the service got so bad that these companies parted ways as of tonight but didn't have the decency to let their clients know weeks ago that there were severe problems and they should trade at their own risk. That would have been the right thing to do.
Quote from 123r34:
The bottom line is that the service got so bad that these companies parted ways as of tonight but didn't have the decency to let their clients know weeks ago that there were severe problems and they should trade at their own risk.
Sounds like a great place to keep your money at. One of my brokers directly told me back in December there would be serious problems once TM tried to bully everyone and partner up with Transact. I am thankful that I took his advice and dropped them faster than rubberbird's account equity.
i truely belive transact's problems were the result of low commissions and not being able to spend the rigtht money on infrastructure or cutomer service. when i was with them a year ago they were ok but as the flood of traders hunting lower commissions assaulted them they didn't keep upwiththe hardware. it's ironic we all want bare bone commissions but when we get bad servie we rant
Easy solution to the problem of these second/third tier brokers and their dubious technology and support:
http://www.interactivebrokers.com/en/main.php
http://www.interactivebrokers.com/en/main.php