JTrader, Patssystem, elocal

Discussion in 'Trading' started by pethof, Oct 3, 2001.

  1. pethof


    I am using jtrader, patsystem from elocal to trade futures. The first what I would like to say, this is a great direct access order entry system. The best and fastest I have ever used. (Refco direct, Best direct and IB to compare with). And this is the reason why I want to solve the problem I have with it. Maybe someone can help me or give an advice. Here is the problem

    I am referring to Tick-Bars. See User Guide 5.1.6. "Enter a trade using the tick bar". When the mouse pointer is moved over the Bid and Offer columns of the Hot Screen, a blue or red pop-up tick bars comes up. The prices within the tick bar are around the current market levels in step of 1 tick. In my case, this works most of the time with the execeptions of 2 - 3 times a day. In this faulty situation, the prices within the tick bar are around zero in steps of 1 tick.
    The bid, ask and last prices in the Hot Screen are displayed correct and are up and running, so do the DOME. These prices are ok and reflect the current market levels. That is the reason, I don't believe it is a connection problem, because the Price-Server is up and connected and the market levels are uptodate. It is just the Tick-bar which displays zero values. I did also graph the traceroute (1 trace every 10 seconds, graphed 1 hour back) and cannot detect any faulty situation after the problen occured. Unfortunatly, I can't see the problem when it occures, because the market levels (prices and volumes) are always ok. Only when I move the mouse pointer over the bid and offer colums and the tick bar pops-up I see there is a problem and I normally do this only, when I want to place an order. And then I have to logout and login, because this is the only way to work around, the tick bar will never refresh alone. Any Idea? Someone who has the same problem?
  2. Sorry, I have no clue about your problem. I would like to know what you get with J platform that IB doesn't have. Is there charting? I don't understand how it could be faster than IB, since all electronic executions are basically instantaneous. Maybe the internet routing they use is faster for you. Since you seem to like it, I would be interested in why you think it is better than IB. Thanks.
  3. js1257


    So you are saying JTrader from PATSystems is faster than Refco,Bestdirect and IB? What are you trading?
  4. tymjr


    pethof: “In this faulty situation, the prices within the tick bar are around zero in steps of 1 tick.”

    I’ve not observed this when using the tick bar, but then I rarely use it for orders. The DOM feature, though, has displayed the same phenomena you’ve described, albeit very irregularly. So irregularly, I can’t honestly remember what I did to fix it. More than likely, I simply closed and re-opened the DOM window.
  5. pethof


    often it took a longer delay with IB to change the status from lightblue to green. (pending order to working order). But it is also the handling. With Jtrader you move the mouse pointer over a bid or ask field, the tick bar pops-up and you move the mouse pointer to the price field and click. That was it to place an order.
    The market depth screen is very fast too. with IB I have the feeling this are more like flash quotes, updating only every 5 or 10 seconds or so. Maybe this has something to do with the bandwith the broker is providing. I trade futures only.

  6. What are they charging you all inclusive per round turn?
  7. pethof


    rt all incl. $5.34. The minimum commision per month are $500.-- you have to generate. Go to their webside www.elocaltrading.com.
  8. pethof,

    I have to say I think you are right about IB status light and depth of market. You can test it for your self by putting in an order and seeing how long it takes to show. Couple of seconds in my experience, so it is not instantaneous. Still, I don't think it matters, it's so much faster than calling the floor.

    Can you trade only the e-mini's or also the big index contracts during RTH? I know the big contract trades afterhours on globex but I don't know if they trade side by side like the currencies do.
  9. pethof


    during the RTH the big S&P contract are traded in the pit only. I did so with my former broker Lind Waldock. Their brokers are using handheld devices called CUPS and my orders are transferred within seconds to these devices. But the trade was done down on the floor in open outcry and fillreports, cancellations, etc. have to put in manually by them. This slows down the whole process, although it is much faster than doing it by phone. Speed depends mainly on how busy the brokers are. To get a fill it is not a matter of seconds rather than minutes. With the deep commissions, the speed and liquidity in Globex2, I decided to trade only the mini contracts. I can only trade futures based on electronic exchanges like Globex2, a/c/e, etc.
  10. Hans-Peter,

    I thought that was the case with the big contracts. I traded them for years over the phone, finally I couldn't stand the slippage, even though I got what I considered great service from the pit desk I used. I got fills in seconds literally on market orders, but the slippage issue was costing me huge every trade. Now I trade the mini's and it is so much better I would never go back.

    I wonder if you are able to trade the NYMEX energy futures direct to the handheld unit in the pit or does it go through TOPS to a desk?
    #10     Oct 4, 2001