Thought I would check out Cybertrade's venture into the futures market, and read that they will liquidate all open posistons at 4:30 EST. What's up with this?
IMHO... Cybertrader sucks... period! I left them last year... got tired of their slick stuff! All they care about is... THEIR..... risk! And they could care less about their trading customers IMHO based upon my experience with them! Ice
I agree Iceman, nice platform, but I never could be sure of the cost of an equity trade with their Additional Exchange, SelectNet and ECN fees! Lobster
You sure about that eod stuff? Where does it say that? If it's true, then its just about the dumbest thing I've heard in a very long time. I withhold judgement.
http://www.cybertrader.com/faq/faq_display.asp?question=4032&category=1152 FAQ Can a client hold a futures position overnight? CyberTrader futures trading hours are 6:00am-3:15pm CST and 6:00am-3:00pm CST on Fridays and the day prior to market holidays. Trading after those hours is not supported. Technically, a client may unintentionally leave a position open thereby creating an overnight position. CyberTrader, in most, if not all cases, will be forced to liquidate any open positions directly at the open of the next trading session thereby closing those positions. Positions held at 3:00pm CST on Friday will be liquidated at 3:05pm that same day. LOL ....what a joke!
Thanks Cdntrader, I spent an hour trying to find that small print again with no luck, thought it might have been a flash-back from the 60's
Well, the folks at Cyber may not be the sharpest tacks on the block, but I didn't think idiocy was part of the culture. Has anyone ever heard of such a thing? And who would be dumb enough to actually trade under those conditions?
The people at Cybertrader have once again shown what a bunch of unaccomodating jerks they are... Cybertrader was, not too long ago, a market leader in the trading game... but they lost their edge when other brokers started doing per share pricing and Cyber didn't budge from what was, at the time ridiculously high commissions, something like 20 bux each way + fees, as I recall... and this was in addition to the platform charges they were making if your monthly volume wasn't high enough... These jerks are now looking increasingly like a has-been... it's pretty laughable that they are only just getting into the eminis... talk about a lag time! And talk about being restrictive when it comes to their "new" futures offering... by having cut-off times at which point they liquidate your positions, they are cutting you off from keeping your positions exposed for lucrative after-hours movement... Cybertrader really have little idea on customer requirements... Unless Cybertrader changes its policy on its Futures trading, I just cannot see how it can compete with what is already out there...