cybertrader bugs?

Discussion in 'Trading' started by lmann25, Mar 11, 2002.

  1. lmann25


    many old prior posts on this forum have bashed cyber and reported numerous software problems with them. Since i am thinking of switching from IB to cyber, i just wanted to make sure the cyber software bugs have all been worked out.

    Since i mostly scalp trade high volume Nasdaq stocks, the level II order routing is a must for me and IB's level II order routing ability is very limited...

    Past comments from this forum also mentioned cyber's smart automated ordering and cyberxchange was too slow for execution or did not execute at all. Is it better to route your order manually via Island, Arca, SOES rather than using their automated system?

    your comments please
    thank you..

  2. Dustin


    Cyber's software is top notch, although you will have better results with REDI than their CyberXchange routes.
  3. Magna

    Magna Administrator

    Although I no longer use CyberTrader I did use it extensively, and I agree with Dustin on this point. Their CyberXchange algorithms do many strange and bizarre things. For instance, their CyberXchange Market order is actually not a market order, but instead a series of limit orders at the inside market. In a fast moving market that can present quite a problem. Let's say you're long and you WANT OUT. It would hit the inside bid, but if it moves before you get to the front of the line and are filled, it then hits the new (lower) inside bid. Unfortunately each time it places you at the end of the queue, so depending on the liquidity at the inside you may keep not getting filled.

    Then there's the CyberXchange Limit order which has it's own quirks. If there's no (or few) ECN's on the inside it will keep SuperSOES'ing the inside market maker. Unfortunately they often (usually?) only show 100 shares, and in a fast moving market will step off their price anyway. So what's the big deal, you say, eventually someone will fill you? Not necessarily. Unless Cyber has changed it (and I sure bugged them enough before I gave up), the algorithm maxes out at 20 attempts. And which point your order becomes null 'n void, as if you had never placed it (!), and you're left sitting on your shares thinking the algorithm is still trying to fill you. I got nailed that way a few times, what fun.:mad:
  4. their support is unrivaled in my experience. Software is very stable. If you trade nasdaq there is simply no way around routing yourself. I finally settled on ISLD and stopped using soes and selectnet (now obsolete anyway).
  5. Gold_Rik

    Gold_Rik Guest

    Well Cyber has improved, about damm time..LIsten stop by the site and pm me. I will have cyber call you ,Dont just be another user at least signing ,with this you will get 3 months of trades for 9.00 bucks.
    Hope it Helps.................................Rik