They're finally here, and if you've been waiting for months like many Laser users, you're probably incredibly disappointed. Genesis' new stops are a very weak effort...for the following reasons: 1. ONLY ONE ROUTE: Genesis's new stops force you to use only one route (AUTO). If you want to enter a stop short order using ARCA (the "only" way to short on Nasdaq), you're out of luck. 2. ONLY ONE TRIGGER: There is now only one way to trigger stops--by the last trade. Genesis' previous stops let you trigger by bid/ask, which is CRITICAL to avoid slippage and to avoid false triggers (from bad ticks). 3. LOCATION OF ORDER: These new stops appear to reside on AUTO's servers. This begs two questions: 1) Should we be concerned that Automated Trading Desk (AUTO's parent) might be somehow gaming our stops (not an accusation, just a question); and 2) Did Genesis use AUTO for stops as a quick fix because they didn't want to code their own server-side stops? 4. NO MORE HOTKEYS: There's no hotkeys now for stops, a MAJOR inconvenience for those who use them frequently. 5. STOP DISPLAY: Stops no longer appear in the Stops window, which made monitoring them a lot easier before. 6. MISC.: You can no longer use stops with both Advanced Mouse Style and Level II Button Style enabled. Putting out this kind of garbage makes me wonder if Genesis thinks it's users are completely stupid. Cmon guys. Give us professional-level stops.
Anyone want to share their actual experiences with Laser's server-side stops released several months ago. I'm looking for positive or negative feedback... What kind of fills are people getting?
Read above. Those are actual experiences. The fills are ok in some cases and horrid in others--because of the route and trigger limitations.
What kind of stocks are you trading, Brown? Is there any pattern as to which stocks you are getting bad fills on vs those you get good fills on? Although I haven't verified myself, but i have been told NASDAQ stops will trigger on bid/ask, but NYSE will trigger on last price...i would be surprised if the fill is bad on something like AAPL or GOOG. Anyone else have experiences to share?
1. Fills on Nasdaq 100 stocks are good, but NYSE fills or smaller cap Nasdaq stocks SUCK because you can't pick the route (you're stuck with "AUTO"). For example, you can't use ARCA for your stop-short order. That means you can't short on the bid in smaller non-SHO Nasdaq stocks--so short slippage is high in many cases. 2. The inability to select a lower cost route than AUTO gets very expensive. For example, they don't let you use EDGX, which let's you route out at .0025 instead of .003 or .004. 3. The inability to trigger Nasdaq stocks on last price causes early triggers (when, for example, you're waiting for a stock to trade at a specific price). If you wait till the stock trades THRU the price instead then you pay more slippage or miss fills altogether Clearly, Genesis implemented these stops in haste. Laser stops are anything but professional.