Open E Cry what a disappointment!

Discussion in 'Retail Brokers' started by saxon22, Sep 7, 2007.

  1. Guys you will not believe what just happened to me. About 10 minutes ago, my account was 2 pt up and it just went through my order like it did not exist TWICE. I mean went over a couple of tick, went down below a couple of ticks TWICE. I called Open E Cry trying to find out wha's up. After 7 rings a nice lady picks up the phone and acts like there is nothing wrong with the system. After I told her that I could not get out of my position then she admitted there was a problem. I asked her to tell me if my positions were filled and she in a cold and a calm voice told me that they can cancel all working orders or place them. She could not tell me anything else. Mind you this is when the market took that swing down. I asked her if she could tell me if they went through and she said that she will go and check. I was on the phone for 13 minutes and she still was away when I told the other genius to cancel all my working orders. Needless to say ..
    I am looking for a new broker. This is unheard of. What a piece of shit place. Yes the DOM and the charts are for free, but today I probably lost enough to cover Ninja trader for a whole year and I have E signal already. I am so disappointed! As we speak the system is still malfunctioning.

    BTW. I know this is not the place but do you guys have any suggestions and could recommend a good and decent ES broker, that runs a tight ship instead of a dorm room like OEC .
  2. I had similar bad experience last week when Tradestation's trade servers went down. I will continue using TS, but have funded my IB account to use as a backup in case something happens again. That way, I can at least hedge any open positions at TS with the opposite position at IB.
  3. I am equally upset with OEC today. Normally they have been good but they dropped the ball today. I was able to hedge my position with YM but this mess lasted more than an hour and certainly negatively impacted my P/L today.

    OEC's Chat Log informing clients:

    10:12 AM General
    Any trades called to our trade desk will be entered in your trading platform. We are in the process of entering these orders now.

    10:48 AM General
    We are having to reboot our CME connection machine
    All other exchanges are fine
    This CME will be re-booted therefore there will be no prices or no orders while it is restarted

    11:17 AM General
    The system restart is complete

    11:38 AM General
    As an update to what happened today with our system
    The CME exchange was not recieviing a "heartbeat" from our datacenter
    Therefore, by FIX protocol if you are getting a hearbeat you drop the connection
    The CME drop our connection to the CME
    When they did this we restarted the connection
    However, we were still having issues with the CME and felt to best correct any issues to restart the entire CME server
    We did this and the connection has been restored
    We applogize for any issues this may have caused
    We do not like down time and are disapointed this happened
    We are working with our data center and the CME to determine why they did not see our heartbeat when all other exchanges were fine
    We understand that trading is hard enough and we will strive to do better.
    External fills for orders placed over the phone with our trade desk are being entered now.
  4. OMG I'd be friggin PISSED if I were you.
  5. OMIGOSH :
    entire CME server = ONLY ONE ?
    No back-up ?

    CME connection = ONLY ONE ?
    No alternate ?

    WOW - these guys are running cheap....with no redundancy for such critical data.
  6. nkhoi

    nkhoi Moderator

    yes my long orders got stuck for awhile, no broker to answer my question. I got out for b/e but it could have been worse (actually it couldn't have been worse because market cont. to move up but I kind of afraid of getting stuck again).
  7. Changing brokers over one glitch is questionable. Every broker I have ever used for any length of time has done something to make me grind my teeth. OEC gets good reviews. I had a broker who gave me a couple of problems a week when I pulled out.

    Best you can do, is use 2+ brokers who get good reviews. You can always offset your position at the other broker if you need to "hedge" a broker problem.

    I am sure there were plenty of people at Refco who swore by them before they went under.
  8. Good advice.
    Guys, learn from this. You know what do.
  9. Minetoo


    I have my own reasons for being pissed at Open Ecry, execution being the least of them. If you want a solid platform with very nice features try Transact and their AT platform - it is a thing of beauty. Alternately, Infinity Futures are fairly good and they use Transact's AT too.
  10. First I dont really think their explanation about being only a problem with CME servers. Other exchanges were also not working in their platform: eCBOT and EUREX.

    And I am still not able to pass any order on their software :(

    Sux big time

    #10     Sep 7, 2007