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Just read your other post after commenting on the first! Re your last
paragraph, you are absolutely right...leoweb orders do get to the floor very
fast, but it still needs a (good) floor broker to execute the order and get
a good fill. IMO the only use for leoweb is with the e-mini and globex
trading, with its inherent limitations.
-----Original Message-----
From: Vicki Cl <VickiCl@xxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Thursday, January 01, 1998 5:25 PM
Subject: LeoWeb problems
>To answer your question, this was the first order I had ever cancelled in
>LeoWeb or otherwise. However, the instructions for LeoWeb do not say
anything
>about a cancellation number being necessary. My broker, Scott Hicks at
Trade
>Center, told me after the fact that I should always get a cancellation
number.
>Now I (and you all) know.
>
>Somebody wrote me privately and asked who the IB was on this transaction,
>which question I just answered above. But I'd like to make it clear that I
>don't think it's their fault. In fact I'm grateful to my broker for
notifying
>me that I still had two open positions. I think the problem is with the
CME's
>TOPS system and how it communicates with LeoWeb. It communicates back to
the
>trader too slowly.
>
>I was using a 200mhz Pentium processor computer with a 56K modem. LeoWeb
was
>the only software running on it. I run TradeStation on a separate
computer.
>So the slowness in receiving fills is not due to my system.
>
>LeoWeb works well for the big S&P 500 contract or other contracts that 1.)
>allow market orders and 2.) are going to be held for a length of time where
a
>precise entry point is not critical. It fails at placing limit orders and
>giving timely fills. In fact as I wrote earlier, I got no fill on this
>particular trade. Even though my end of day fill report showed fills on
the
>other trades I had made this day, there was no fill showing for this
>particular transaction. That combined with the fact that the working order
>screen in LeoWeb read "TXCNCL," I thought I was in the clear.
>
>My real beef with TradeCenter and other IBs who are promoting LeoWeb is
that
>they are not honest about its limitations. As I said, I got faster fills
>through my broker over the phone. Their ads say orders can reach the
trading
>floor in as little as 12 seconds. But if it doesn't get filled and if you
>don't know what's what, it's pretty useless and costly. And the IBs and
the
>CME aren't paying the cost of this learning curve. The trader is.
>
>Hope this helps some others...
>
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