TS is NOT Direct Access

I don't know about hot keying stock orders, but I can find out for you if you want. You will get DA ES quotes (but not orders) and DA stock quotes and orders.

 

Thanks. And for all the help. That's whay I like this forum, everyone is helpful.

 

I posted a message for TS asking when TS will be DA for futures and if you configure TS for single keystroke orders. I'll let you know what they say.

 

TradeStation 6 is indeed direct access.

As with all direct access protocol, orders submitted electronically are sent from the user's PC (i.e. the front-end order execution application) to an order execution server which routes the orders to the appropriate exchange ( eg. CME for mini-Naz orders) with no human intervention in the process. With TS 6 we currently use a Refco front-end order execution application, but we will be providing clients our own proprietary front-end execution application with TradeStation 7.

 

would this have comparable functionality to IB TWS/JTrader?

 

Please just answer the concern that BobbyMercerFan has as well as mine.

Using speed keys do you have instantaneous fills on stocks and futures or do you not? It's that simple.

Why does BobbyMercerFan experience up to two minute delays?

 

Yes with our hot keys you will have instantaneous fills on stocks and futures.

BobbyMercerFan's experience is not the norm and I would suggest that when this does happen that you contact our trade desk so they can review the order.

 

Michael,

Will a trader be able to perform end-of-day scans with TradeStation 7?

PTR

 

Thanks for the reply

 

I'm not a scalper but, based on what I know about the features that scalpers require, TS6 is not good for that trading style. Here's why:

1. Windows aren't linked.

2. Level 2 not linked to the order bar.

3. There is only one order bar - you cannot have multiple orders staged and ready to go.

4. No hot keys for placing or cancelling orders.

5. There are way too many limitations when placing orders. For example, if you're long SPY and have a stop order in, you cannot exit the trade without first cancelling the stop order, waiting for confirmation and then entering your exit order - min 30 seconds of delay.

6. OCA orders aren't supported.

7. The stop server functionality needs work - i.e.: a little more intelligence or, at the very least, a few more options that allow the end user to control what circumstances will trigger a stop loss.

8. Certain market depth features just aren't available right now.

9. For equities, the data feed is lagging - especially in fast market conditions. Users have mentioned that the futures quotes have improved.

TS7 promises to remedy most of these issues but, for now, TS6 is more suitable for swing and position trading, not for scalping.

Note: The above is for equities only, not futures. There is a separate futures order entry application that is even more limited in functionality. Again, TS7 promises to remedy this.

-eLindy

PS: Disclosure - I'm an active user of the TS6 platform.