Trading Technologies (TT) Outages

[pragunameriya33]

Then what was the issue. If you had some kind monitoring on, you would know quickly and then close positions. Any technology can fail.

But totally agree 3 outages like this is unacceptable.

The broker was also flooded with calls to remove and cut orders and positions.
Plus, it's not only the 3 outages. There are so many bugs that TT has and still their system is rolling. A small example is that a simple order like TT OCO, which is an order built by TT itself, has been malfunctioning for 2 days and they haven't resolved the issue yet.
And i am not complaining and asking that a technology should not fail, it's just that the frequency with which TT is failing is very high.

 

[RedDuke]

The broker was also flooded with calls to remove and cut orders and positions.
Plus, it's not only the 3 outages. There are so many bugs that TT has and still their system is rolling. A small example is that a simple order like TT OCO, which is an order built by TT itself, has been malfunctioning for 2 days and they haven't resolved the issue yet.
And i am not complaining and asking that a technology should not fail, it's just that the frequency with which TT is failing is very high.

Definitely makes sense to stop using it and move to another platform. I use NinjaTrader, it works flawlessly.

 

[RedDuke]

TT used to be rock solid. I used it for manual trading integrated with excel, back in mid 2000s. Blue and Red Doms for Dax and Stoxx

 

[pragunameriya33]

The best of best trading platform will have outrage problem.
No point getting frustrated over it.

Always have backup computer, backup ISP,
backup trading platform.
And if all these don't help, just have to quit trading for a while.

TT used to be rock solid. I used it for manual trading integrated with excel, back in mid 2000s. Blue and Red Doms for Dax and Stoxx

The earlier version of TT was fine. It's the NewTT, which they claim to be even better, that is having so many bugs. TT right now has serious infrastrucutre problems.

 

[REDP1800]

Trading Technologies (TT), on August 13 2019, had a major connection outage at a global level. Beginning at 8:30 AM CT, order routing to CME from TT was interrupted for all users as a result of problems within the TT infrastructure. This continued intermittently over the following two hours.

For 2 hours, their connection wasn't restored because of which many traders got their orders filled and were left helpless since they couldn't do anything but watch their positions and P/L Statement getting hammered. I was one of the affected traders who lost US$50,000, because TT, who takes an exorbitant monthly cost, couldn't do its job properly. My parent orders were filled because they were converted to limit orders when the outage happened and no hedge orders could be deployed by the system. With more than 150 orders (mostly very safe ADL and Autospreader orders) deployed in the markets, and only 10% (14 orders were filled to be exact) filled, my career could have easily ended because of a very clear negligence and carelessness by TT, a software which claims itself to have an award winning unmatched power and speed.
This wasn't the first time when this happened. It has happened on numerous occasions. I vividly remember one such instance. On 27th March 2019, a similar thing happened in Euribor and traders in my company lost a considerable amount of money because of TT. Four months and a higher level of callousness later, on August 13 2019, another outage happened and on a much bigger scale.

TT has accepted its mistakes and has written an apology note regarding what had happened. However, it's too late to apologize now. They should have apologized when this happened for the first time and should have worked on the solution. A mere apology shouldn't be their way out this time. TT should take responsibility by reimbursing the losses that traders incurred because of no fault of theirs.

A trading platform's most basic function is to provide a connection between a trader and the exchange. And, if it is not able to do so on so many occasions, then it's a big question on whether the software (NewTT) is reliable and sustainable. And, in my honest opinion, NewTT is no longer a reliable trading software.

sounds like you knew about problems with them in the past and you decided to use them anyways. just because your auto spreader didnt fill your other leg doesnt mean you cannot pick the phone up and call the desk and exit your initial position or hedge it manually like we did years ago or have another trade service different fcm to hedge or exit. i have multiple accounts for this reason. it is not just mkt risk it is connection risk. even 150 orders filled..50k loss you sat on an unhedged position hoping to make good on it. then when u were directionally wrong..you got mad at tt. exit or hedge. you turned it into a directional trade. sucks but u played with fire n got burnt.

 

[REDP1800]

sounds like you knew about problems with them in the past and you decided to use them anyways. just because your auto spreader didnt fill your other leg doesnt mean you cannot pick the phone up and call the desk and exit your initial position or hedge it manually like we did years ago or have another trade service different fcm to hedge or exit. i have multiple accounts for this reason. it is not just mkt risk it is connection risk. even 150 orders filled..50k loss you sat on an unhedged position hoping to make good on it. then when u were directionally wrong..you got mad at tt. exit or hedge. you turned it into a directional trade. sucks but u played with fire n got burnt.

and if a 50k loss almost ruined you then chill on your overleveraging ..geeze..

 

[pragunameriya33]

sounds like you knew about problems with them in the past and you decided to use them anyways. just because your auto spreader didnt fill your other leg doesnt mean you cannot pick the phone up and call the desk and exit your initial position or hedge it manually like we did years ago or have another trade service different fcm to hedge or exit. i have multiple accounts for this reason. it is not just mkt risk it is connection risk. even 150 orders filled..50k loss you sat on an unhedged position hoping to make good on it. then when u were directionally wrong..you got mad at tt. exit or hedge. you turned it into a directional trade. sucks but u played with fire n got burnt.

I beg to disagree with your point. Obviously I haven't written the entire set of events that happened at that time. And i did contact the broker and got my positions cut. I have mentioned that in earlier comments too. I am certain you can find them up there. Also, i have mentioned in the comments that i am not complaining and asking that a software should work perfectly all the time, but anybody who knows the risks involved in trading can agree to the fact that 3 outages in the past 6 months is a lot. And this time, it happened for 2 hours, which in my opinion was a lot. Certainly, you must be knowing how many calls the brokers get during such outages, so by the time the broker removed my orders and cut my positions, it was already a 50,000 dollars drawdown. And definitely, the outage was responsible for that. Even TT agrees to this point and that is why they have posted an apology note.

 

[REDP1800]

I beg to disagree with your point. Obviously I haven't written the entire set of events that happened at that time. And i did contact the broker and got my positions cut. I have mentioned that in earlier comments too. I am certain you can find them up there. Also, i have mentioned in the comments that i am not complaining and asking that a software should work perfectly all the time, but anybody who knows the risks involved in trading can agree to the fact that 3 outages in the past 6 months is a lot. And this time, it happened for 2 hours, which in my opinion was a lot. Certainly, you must be knowing how many calls the brokers get during such outages, so by the time the broker removed my orders and cut my positions, it was already a 50,000 dollars drawdown. And definitely, the outage was responsible for that. Even TT agrees to this point and that is why they have posted an apology note.

lots of competition in the autospread space. hft eats your lunch on all orders so might as well leg in and out manually. also tt is cheap if ur making money

 

[pragunameriya33]

and if a 50k loss almost ruined you then chill on your overleveraging ..geeze..

Nobody said it ruined me. I can take such a hit certainly, but in a normal course of trading. And, i was in no way over-leveraging. It's funny how people are supporting TT even after having 'so many' technical glitches. (Of course, i mean no disrespect for anybody's opinions. They are most welcome).

 

[Collagen]

open another brokerage account so You can hedge in emergency situations..