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I had a bad experience trading with LeoWeb software and won't go back until
they've improved the technology.
I had placed an order to buy two mini s&p 500 contracts over LeoWeb. Then
within seconds I cancelled the order. My screen said "TXCNCL," which means
"transaction cancelled." Also on my fill report, I got fills back for the 6
other trades I placed that day, but no fill for this particular trade. I
thought that the transaction was cancelled. However, my broker called me the
next morning to tell me I had two open positions because he knows I never hold
things overnight. Given that my screen had said the transaction was cancelled
and that I hadn't gotten a fill on this order, I didn't think I should be held
responsible for these two contracts, but my broker said that a cancellation is
only valid if I had a cancellation number, which I didn't. So I ended up
taking a $600 loss.
My other complaint with LeoWeb software is that it can take up to six minutes
to get a fill confirmation back. You literally don't know whether you're in a
position or not. The quickest fill I ever got was two minutes on the big S&P
contract. My broker was way faster over the phone than LeoWeb is. However, I
am a beginning trader, so I somewhat expect that I'm going to learn my $600
lessons. That said, I still don't think LeoWeb is up to par.
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