def, since you are monitoring this thread, I thought I would post here. It would be good if IB offerered simultaneous buy and stop orders and automatic trailing stops. Cyber offeres these functions so it's technologically possible. In particular, this features would be good for trading the e-minis, so I don't know if that would present different problems. Also, is IB doing anything about getting charting for the e-minis? It's frustrating to think about paying for a full charting package when all I want is the ES and NQ with just a few tech indicators. But overall I think IB is one of the best brokers for active traders because the commissions are probably the best of any for frequent small-lot traders, and executions are top-notch (based on one week of use). The features mentioned would just make me even happier.
I'm using CBOT A/C/E and Eurex, so I can't speak to the e-mini's. I have associates in the office who trade currencies on Globex. There are also a couple of guys who trade U.S. and overseas index futures like e-mini's, DAX, FTSE, CAC. We're also hooked into the interbank currency system, cantor e-speed, and brokertec. I recently installed my own server and gateway, and I believe that I can tell a slight difference (could be reality or perception). One thing I KNOW FOR SURE, however, is that when everyone is trying to enter orders at the same time, like during an economic release, that the entire MIS system (Eurex and A/C/E) slows down. Happened yesterday. I won't get a confirmation back on a fill for a few to several seconds. I just wouldn't want to route through an extra clearing or give-up pathway and exacerbate the issue. If IB works for you, and you're getting your one to five lot orders done, then you should be happy. At some point in time, when your carreer as a trader continues to progress, you will need them all. Yes, THE bid or offer. You will be very pissed if you miss them, or if you have them on for several seconds in a rapidly moving market and you don't know that for sure vis-a-vis a fill confirmation. PS: Same problems happen in the pit, only worse.
Bone, If the exchange is causing a delay on reporting trades (it happens on the HKFE every now and then during fast markets), everyone gets the same delay. Are you stating that your direct connection doesn't have any limits set, margin checking, etc? If so, then whether you know it or not, you are going through someones server and/or software. If you don't then you've got a potentital time bomb sitting in front of you. As a prop trader doing size I know speed is important. However, when news comes out and the exchange systems are slow, your orders get on the order queue just like anyone elses. If you are manually entering in orders, I'll stand by my contention that you don't have an edge over IB or a number of other direct access futures brokers. BTW (you mention 1-5 lots), IB has a who's who's list of institutions, CTA's and i-banks as clients. They seem to be more than pleased with the executions they receive. Firms doing serious size will quite often install their own T1 for stability or those that are automated will connect their software direct to the API.
Def, you must feel a certain sense of satisfaction that you're picking me off from HK with a 56K modem. Kudos to you, mister fast twitch index finger. I have the direct access front-end, bank clearing, T-lines, as well as the mega-servers and gateways for certain times like 07:30:03 the first Friday of every month, when the entire world is trying to squeeze an order through the same pipeline. Besides, why should I give IB the vigorish and create an additional order path on 200,000 futures contracts per month when I already have the same exchange status as they do?
bone you big swinger, i'm not saying you should use IB. nor am I saying I can pick you off from my laptop at home. But, I do not think you have as big of an edge as you believe nor do I think if you are manually entering orders you're able to pick anyone off. My point is simply that with the speeds as great as they are, there is not much if any advantage between your setup and a few of the better brokers serving the non-members. In short, if we both see a price on the screen and want to place an order, the time it takes to make the decision on whether or not to pull the trigger makes the difference of who gets to the exchange first.
Thanks everyone for the reponses! I still would like to kn ow what features do u like? forget about the commish for a sec. Also what about a platform for other future contracts than ES and NQ?
Also make sure that your own internet connection has a fast connection to the main back backbone and a point of presence which is not too distant from you. That varies by type of broadband connection, level of service, area and ISP. The ultimate speed weapon would be to put in a dedicated phone line with a point to point internet connection to a fast ISP. This effectively bypasses your local data aggregators (Qwest, ATT Broadband and the like).
Bone, what software are you using for your CME orders? Are you connecting directly to the CME's API? The monthly fees for such a setup must be fairly steep.
Never mind bone. I saw your TT x_trader thread which outlined all the issues with that type of platform.