I would like to say that I have been trading for over 6 years for the old Macfutures and now Refco Trading services. The new software imposed on us by Refco is terrible. Just today over Greenspans testimony the system crashed over 3 times. This is completely shocking seeing as Refco has had over 3 months now to prepare for the end of TT. On top of this the lack of attention the top managers are giving to some of there biggest clients is also very discouraging. What with competition now springing up from other companies like Saxon Financials, which is a smaller more dynamic prop shop, Refco should be very careful not to lose there top position. They have already lost the bulk of their best traders in Chicago so which country is next?
Now i, like most, realise that using a new system may take time to get used to but at the moment Refco Pro is anything but Professional. Infact it's pony. The thing I still can't understand is how it is so difficult to see and feel what is happening in other markets. I traded the 10yr over Greenspan today and found it impossible to watch the 30yr at the same time....I was even missing 500 clips up and down in the tbond which are a pretty big deal. The only people who are going to benefit out of this change are companies who make headache/sea-sickness tablets and opticians!!
Can't blame Refco for trying to get a piece of TTs marketshare. They see the $500 or whatever it is a month each of their traders pay to TT as a potential additional revenue source. It really adds up. I just feel sorry for the Refco traders who have to beta test unproven software for the next x number of months/years with their own money. All just so Refco can enhance their bottom line.
I trade on Refco Pro and at first I thought it would just take some time getting used to - no big deal - thought the long term benefits would outweight some of the near short term disadvantages. Well, after having used it during the 2nd London bus bombings, subway evacs, etc. I think the biggest problem with the software is something that Refco Pro can do nothing about - the slider. Basically the slider constantly recenters the market on the ladder ticket so in fast moving markets like this morning it is (at least to the way i trade) a huge disadvantage of not knowing where the market is in terms of its range. Felt like I missed out on a few thousands this morning. Feeling somewhat disheartened at the present moment.
With any luck they should be able to slow it down soon - i don't see why not seeing as Ecco is much much slower??? Seems a bit slow taking orders aswell, at market, even when clicking well above market. Or am i just slow?
Yeah huge delays here too, we use an in house platform that also sucks because of the auto centering thing.