Like I said in the first post: Please don't ask me what firm I'm with now. I'm not bashing anyone, just trying to find someone with reliable connections.
I haven't had more than a few minutes outtage in years and years. Great rates. Nice platform. Super support. Amazing variety of markets. Other brokers are strictly kid's stuff - There is only one broker you need: http://www.interactivebrokers.com/en/main.php
Been with Cyber for years....very very rare for them to go down...and never ever for more than a minute.......if you have the capital why bog yourself down ......be truly independent!!!!
nope, Merryl caused me a $25,000 loss once and wouldn't do anything... I had a stuck bid on BBY (their DOT routing went down) for 25,000 shares... When I put the order out it wasn't acknowledged, but it somehow got to the floor and since it wasn't ack'ed in my software I couldn't cancel it... that was such a frustrating day... - mnx
Quote from giggollo: i heard merrill lynch does that...reimburse if it goes down... incredible! some people just babble with no idea what they are talking about.
As much as I appreciate the agony and irritation of having systems "go down" - there are so many variables involved that it's tough for anyone to guarnantee anything. As I said in an earlier note here, I wish I could charge cox cable everytime they went down for 1 minute or so (or any provider, for any reason). Lost "possible" income is going to happen every once in a while (I did comment that 2 straight days is ridiculous), but this thread brings to mind something that my brother and I have smiled about over the years........ Newer traders may have a couple of positions on, watching intently, and kick the cord, or the T-1 burps or something makes the screen go blank for a second or two....and they immediately holler out "oh no, please close all my postions, quick"....I smile at them and say...."Hmmm? 2 seconds ago you loved these positions, and now you want out immediately, hmmm? ...at least now you have a 50/50 chance of being right, which might be better than when you put them on in the first place"....(smoe minor attempt at humoring them, but it seems to work. In all seriousness now, redundancy is primary...controlling losses is mandatory, but "missed opportunities" are far less of a concern. Use the best services that you can, and go for it. Don
Good to know that...I never traded with Merrill so I don't know, but while negotiating with a firm that trades through Merrill, I was told that Merrill will cover losses incurred if their Tradespeed platform goes down...I was actually surprised when he said that, because I'd never heard of that before. Maybe he was just giving me empty promises... Also in this post, madmunny seems to be saying that his losses due to system failure were covered, although I may have misinterpreted the post: http://www.elitetrader.com/vb/showthread.php?s=&postid=1280047&highlight=5300#post1280047