TradeMaven/Transact Meltdown

Discussion in 'Order Execution' started by 123r34, Feb 23, 2006.

  1. 123r34


    Transact and Trademaven have had repeated outages for the last month. It has gotten extremely bad the last week especially if you use Trademaven. Last week I got burned for an amount slighty over $6000.00. I had an order in short the ES with limit bracket orders around it for my profit and loss protection. When Trademaven/Transact went down it wiped out my stop limit orders. The contracts would have sold for over a $550.00 gain but turned into over a $6000.00 loss by the time I could get through on the phone to get the order unstuck. The limt orders I placed should have been sitting at the CME, not in their computer system somewhere. The owners of Trademaven and Transact said it was a tough deal but that is the breaks in trading. Trademaven and Transact have had a falling out and Trademaven is taking all of their business to Mann Financial as of 2-24-06. TradeMaven and Transact have been close to unusable since 2-14-06. The criminal part is that neither company would put out a single email to tell their clients that their system was unstable and to trade at your own risk. I found out because I am in a very large alert room that has close ties to Trademaven. TradeMaven recommended to the Instructor that he not use their platform until they moved to Mann Financial. Got to keep those commissions rolling in I guess. I got tired of it and filed a complaint with the NFA(National Futures Association) I like Trademaven's platform when it works but their lack of ethics and customer service are the pits. I could not recommend these 2 companies to anyone.
  2. all i can say is you deserve what you get. transact has been the pits for 5 months. YOU GET WHAT YOU PAY FOR. how the hell are transact's commissions 20% cheaper than anyone else? they ahve to be skimping somewere to do that and now we know were. i got fucked with them many times as there severs went down constantlymonths ago. i had situations were orders were showing on transact but not trade maven. were ar eyou going now?
  3. Luckily, I just closed out my account with Transact due to their server down problem without losing a single penny. They just sent back my money.
  4. r-in


    Was your broker Transact or were you using an IB that offered Trademaven via Transact data feed? You should have been able to get to an order desk right away!
  5. its kinda sad when you think about it - bacuase a year ago - TradeMaven with the transact datafeed was the best way to go - let us see if the mann data feed with trademaven will be any good - I have that Mann uses pats as there data feed - is that correct ?
  6. I am sorry for folks that had TradeMaven TransAct problems. I never used it, but I am switching from X Trader to Ninja Trader with TT data. I have spent a fair amount of time on the demo it is good and they have charts now too.
  7. I'm going through a similar issue with RCG and their use of "synthetic" orders, held on my local computers.

    I've had 3 close encounters in the last 6 weeks or so due to power outages. (Lot's of construction going on in my neck of the woods) Everything was fine in the the end without loss, but without a full working understanding of the RCG synthetic orders, I could have potentially been triggered the moment the platform restarted. This is BS.

    I understand StrategyRunner holds orders on THEIR computers. But personally I'm not impressed with SR or it's per trade fee structure.

    I also know that for eCBOT (I'm a YM trader) Open-e-Cry transmits to the exchange. I should ask about CME, huh?

    I'm looking to pull my accounts from RCG for this reason. Nothing synthetic about it!


    BTW: I've ordered new battery backup units... should be here by Monday.
  8. why do companies use synthetic orders? why don't they put the stops on the cme and cbot? i have a feeling it's a cost issue
  9. Actually most traders do not want stop orders seen. You run the risk of being hunted when placed on exchange.

    I agree, and I *think* its mainly retail traders using the method, but I also think it's the better choice.

    Regardless, its a programming issue. Not all exchanges accept all order types, so from platform development standpoint develop to least common denominator... change as needed/requested.

  10. they'll hunt your order? the es trades massive volume and is stacked with 100's on each side all the time. if they want your lousy 2-5 contracts with 2 or 3 pt stops god bless them
    #10     Feb 23, 2006