Saw an advertizement in TA of SC for a new TrackData business called Trade-Track. They say they are direct access. I read the fine print and they accept order flow payments & royalties, so I guess what they mean is their direct access it to their clients and not for the benefit of their customers.
Got it inverted. TrackTrade it be. Just trying to tell people about the payment & royalties for orderflow and the implied fullfillment lag of broker directed orders.
I know their fine prints. Believe me, you can select INCA, ARCA, NYSE etc as well as HRZG, which of course generates payments. It is a DAT brokerage
I have been using these guys as a third account now for 2 months. Here is my report: Fast fills if you use the ECN's. No problem at all in terms of time or misfills. NYSE stocks using the Dot very fast and I have not seen any problems. Cheap ass commision .005 all in. (Sec Fees Extra) Platform: Userfriendly enough to put an order in fast with hot button keys you can make up or entry through level 2. However not a great platform in terms of guaging the market its more an entry platform with horrible charts. If you configure it to a watered down order entry platform and just deal with it that way its pretty good. I use realtick at Terra Nova Online as my main platform so that makes a big difference because that means TrackTrade can become just an order entry platform for me. Once again the fills have been incredibly fast at Tracktrade so for those knocking it without having tried it...saying its going to be slow, they're not the ones to listen too. I called the company directly there is no payment for order flow to the ECN's its only to NITE and HRZG. However who the hell ever routes to a market maker directly these days. I cant remember the last time I ever did that on Realtick..maybe in 1997...hmm. Anyway thats about it.
Quote from ChartingMarkets: However not a great platform in terms of guaging the market its more an entry platform with horrible charts. What is it that you don't like about the charts? Not necessarily disputing, just asking to understand what it is that people find so objectionable. I've been a myTrack user for many years and find the charts OK with a couple little annoyances. RT and eSignal also have their annoyances, in my experience. I called the company directly there is no payment for order flow to the ECN's its only to NITE and HRZG. That's not really true, though it's not what the original poster implied either. They receive the same rebates as anyone else if you add liquidity to an ECN. However who the hell ever routes to a market maker directly these days. Back in the days of the bubble, I traded at myTrack, and we absolutely killed HRZG by being able to hit their auto-ex at their ask when the stock had already moved right through it. Their systems were so slow, they couldn't keep up with the fast-movers. Took 'em a couple months before they shut it off The ability to hit an MM directly for a quick auto-ex is great when you think it's a better price than you can get elsewhere. As you said, it's up to the user to choose whether to do this or not. They are certainly DAT.
I second that. Loved those fast executions through NITE and HRZG when they had them. Sometimes when some MM showed 100 share size, NITE would fill you for up to 2000 shares instantly. MyTrack also payed for their mistakes. If there was a problem with an order they would eat it if you lost money or let you keep it if you were up. That was about 2 1/2 years ago, don't know how they are now. shneed
Basically what I don't like about their charts are that they are completey non user freindly. The graphics are crappy and hard to read. If you have used the realtick charts you would never want to look twice at these(tracktrade) again. This is my opinion. To go into it further would be futile. As for the payment for order flow. You say they get rebates for adding ECN liquidity. OF course they do...they just dont pass it through to the customer. However thats the standard for 90% of all retail direct access firms. Check RML Trading out if you want ECN Rebates by the way. Also do you still hit Herzog now or do you use ECN's mainly? Truthfully...do you hit HRZG or are you just being nostalgic? I mean you mention that point and reference the past, all the while I'm stating that today in the here and now its not necessary because ECN liquidty is so great now its not necessary to touch a market maker in 90% of cases. This is the last post for me on this thread. I dont work for Tracktrade nor do care if anybody uses them or not. Good luck.