I applied to open the account. It's taking loooong time. they already took away my money from my bank account, but the account is not ready yet. They never reply my email. Last friday, when I called them, they say my account is available a couple of hours later. Today I called them, they also say it's available after a couple of hours. It's past 3 hours already but still no answer from them. Now, I am beginnig to worry about their quality of services..... anyone using cybertrader?
Why would you ask -after- you opened the account. Check the BROKERS tab at the top of the screen. Best. By the way, loooove your screen name.
Why did you permit transferring the money when your account is still inaccessible to you? If you do a search on ET, you will find that you are not the only one had to wait a long to open an account with them.
Schwab will squander your money because of their mediocre order execution and order routing logic for equites and options. You might not even be aware that it is happening. If anybody knows about any broker who routes orders as well as Interactive Brokers, then please let us know.
If you do direct routing instead of using their CyberExchange, are you still going to have bad executions?
I'm pretty sure you'd be ok doing that. I also had a problem with quotes. When the market was busy, right at the open for example, there would be all kinds of frozen quotes, usually all on one side (bid or ask).
No, you won't generally be OK using direct routing. If you are trading a security which does have meaningful order routing choices, and for which quotes vary as quickly as they routinely do for those having strong electronic liquidity during regular trading hours, then you, as a human being, will be mentally and physically incapable of direct routing your order to the best routing choice. The best choices change too quickly, in comparison to human reaction times. If you could possibly perform this task, it would be highly burdensome and distract you from your other trading decisions. Order routing generally can and should be automated for most trades in most situations (there are exceptions for which a direct routing decision should be made). If you needed to calculate the square root of a number, would you use an electronic device, or would you do it by hand? do you even know how to calculate a square root by hand? If your broker does not provide adequate order routing, then you might try using the order routers provided by ARCA or BRUT. I have no experience with them, because my broker, Interactive Brokers, does not allow its customers to route orders through other market centers. I have heard complaints about BRUT's order router chronically malfunctioning. I'd like to hear more about the pros and cons of routing through ARCA and BRUT.
I agree with you totally here, but I think he was asking whether you would get screwed by Cyber if you routed directly. If that's the case, I think you would get a fair fill, but I agree, it's very difficult not to have the best smart order routing algorithm.
I just talked with someone from Tradestation. They said that Schwab (who owns CyberTrader) also owns ARCA. Is this correct? I wonder if this is the reason for their inferior smart executions. Maybe they're attempting to route everything to ARCA.