cybertrader bugs?

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.