Discussion in 'Order Execution' started by pretzel, Mar 13, 2003.
I'd like to know the slippage, commissions and how quick the fills are reported?
Its been a while since I traded Crude Oil or the Currencies, the slippage is not bad, commissions usually between $10-$14. The reporting of fill takes 3-5 minutes. They are good for swing trading. If you want to day trade these, then you probably would want a broker who has direct lines to the floor, so you can call directly to the floor.
I'm using ANCO right now. Commissions are low but the fills are reported at EOD - very bad for trading, dont know whether you are stopped out or not or at what price you are stopped out until the end of day.
This is their explanation --
Which broker did you use?
Pretzel, I have been trading with Lind-Waldock (owned by Refco now) for over 15 years, they offer excellent service, whenever the fills are delayed I call up the order desk and ask them to do an order check. I also have an account with Tradestation they use Lind-Waldock as well to clear their trades. I have exchanged several messages here on ET, and we all agree that fills are very good with Refco.
The delayed reporting of fills is a problem sometimes, but waiting till the end of the day is just ridiculous. I have never heard of ANCO, also don't recall seeing their ads in Futures mag or stocks and commodities etc, ANCO is charging $10 RT, Refco charges around $14.
My advice would be to switch brokers, while trading stocks or eminis you can get by with just web based trading, but commodities due to pit trading is a very different game, you need a large broker who has good positions around the pits and a experienced order desk who is willing to provide good service.
I have traded crude for a while. Some brokers do have terrible service, but waiting for end of day is just beyond belief. What a crock, I would cancel that account tomorrow. Their explanation is bs as well. Many brokers will let you call directly to the floor. You get a fill while you're on the phone. How could you trade it otherwise? Make sure the broker has a desk right next to the pit you trade as well, or you will be waiting for minutes for some clerk to get back to the phone. Don't let them dick you around. If they can't give you immediate fills, go elsewhere. They can always hook you up with a NYMEX executing broker.
If you are not doing big size, why not trade crude over the globex system? IB offers it. cheap commish and electronic execution. Sometimes it is a little thin, but you can get a lot of slippage on the floor as well.
I just found out that IB also handles NY markets. I'll take your advice and close my account right away and do my trading with IB first.
how about the e-miNY for crude and gas? they trade electronic on Globex.....anyone have any experience with these?
fills? broker? etc
I have traded the e-miNY and they are fine. They can be a bit thin at times, if you're used to ES. I would strongly advise using another data feed with the pit traded contract, just so you know what's going on there and can avoid out of line prices.
Just a followup. I noticed today that the QM May contract, what IB for some reason calls "April", was very thin with wide spreads at times and last trade was often far off the pit price. Be careful out there.
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