CyberTrader SMART (dumb) routing: 18 cents slippage on stop to cover 100 RIMM!

Discussion in 'Order Execution' started by zzzap, Mar 12, 2005.

  1. zzzap


    CyberTrader smart engine just kept sending and canceling order on inside ask until I was finally filled. I was of course filled on top of the short time wave, otherwise it could be much worse.
    I can't imagine what would happen if the stock kept going up.
    I'm getting some slippage almost daily, which I think wouldn't happen with IB.
    I already shared some of my experience with CyberTrader and Interactive Brokers SMART routing in this thread:

    I asked CT help if there is something I can do to improve my fills for SMART routing. They told my to target ECN directly :eek:
    This is not acceptable for me since I'm closing my positions with hard stops most of the time. I'm also using stop limit orders to enter the trades and I don't get filled some of the times in which I think I would get filled wit IB.
    I already decided to move my account back to IB. I'm saving few hundreds/month in commissions with CT, but losing much more in slippage.
    I read some good comments about CT's good executions. Am I the only one having this kind of experience? Or am I the only one using hard stops? Am I doing something wrong?:mad:
  2. hmmm. 18 cents on RIMM is nothing. In the old days, a SOES trader could have 50 cent or more slippage on a market order. Sometimes they would not get filled for MINUTES. You can be slow by 1/2 second and miss 18 cents in a stock like RIMM.

    By the time you see the action, orders are ahead of you.

    IB is prob faster than Cyber but I don't think that's your problem.
  3. Rimm has been moving fast the last few days since that annoucement. Hard to know how much IB exectuion would have helped.
  4. dont use smart use cyberxchange routing. Much better always instant for me
  5. zzzap


    Yes, I was using cyberxchange routing.
    I thought that the problem culd be caused by my slow internet connection. Because my quotes from Cyber are sometimes few seconds behind my another data source.
    But I was assured by Cyber represenative that this is not the issue since all simulated orders are resting on Cyber servers.
    Anyway, I moved my account back to IB. My usual slippage on Ebay there was 0-1 cents. On Cyber, 5 is the norm (comparable market conditions). Can't wait to start trading on IB tomorrow again.
  6. CYBERTRADERS............has anyone noticed improvements in their order execution speed? i like the .006/ share commission structure but am afraid of giving all that savings back and more in poor order execution speed. thanks.
  7. I noticed their OTC BB executions will rape you dead. Does that count?