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I have been through the demo for CyberX a direct trading system for fairly
active traders. This is an offshoot of CyberTrader which is meant for
daytraders or very active traders. The CyberX concept is interesting but I
have some questions which I posed to Cybercorp:
1) What do the extra fees noted on your webpage amount to in reality. I
dont want to pay more than 14.95 per trade, in fact, I want to pay less.
Your webpage does not indicate whether most trades have extra fees or not.
I trade NASDAQ and NYSE stocks generally in lots of 500 shares or less.
2) Main question is stop orders. I exit virtually all positions on stops.
Since the only way to impliment a stop in your system is to use a
conditional order which resides on my computer, the order will not be
executed when my condition is met unless your system, my computer and my ISP
are all working. If I am away and a power outage occurs it appears that I
will be exposed to a major risk that does not exist if I use my online
broker who accepts the responsibility for stops and charges a lower
commission. Is there a solution to this serious problem.
3) Do you have any studies that demonstrate your system produces better
executions than Etrade, etc. I use Waterhouse Webbroker, cost 12.00 per
trade. I enter positions at the market and almost always get filled at the
current ask. I exit postions on a sell stop and only twice during the past
year has Waterhouse failed to fill my stop at the price I specified and the
two misses were only 1/16 off.
4) There are occasions when heavy internet traffic makes it impossible to
execute trades quickly via Waterhouse. And occasionally the price of a
stock I am interested in moves against me as I wait for the trading screens
to load. Does this type of delay occur on your system as well?
I received an answer from a Cybercorp sales rep that was pure gobbledegook.
He basically said to call him and he would answer all my questions.
Has anybody used CyberTrader or CyberX who can compare that type of system
to a regular online broker and comment on my questions. I am not a
daytrader. 10 trades a months would be about my speed.
Thanks for any input.
Bill Wood
> -----Original Message-----
> From: Sigstroker@xxxxxxx [mailto:Sigstroker@xxxxxxx]
> Sent: Sunday, October 03, 1999 8:16 PM
> To: omega-list@xxxxxxxxxx
> Subject: Re: Tradecast
>
>
> In a message dated 10/3/99 6:29:44 PM Pacific Daylight Time,
> Perthuis@xxxxxxx
> writes:
>
> > I have looked at Tradecast and CyBerTrader. I like CyBer
> better but really
> > like Real Tick. It seems to have everything the other two
> have and more.
> > CyBer can sometimes have a lot more marketing savvy and use the same
> > standard
> > Real Tick ideas just with a fancy name.
>
> I disagree. Cyber has a number of features that rt3 lacks - new
> daily and 52
> week highs, stop orders on nasdaq, floating stop loss orders, ecn
> highlights
> on Level 2, and more. OTOH, rt3 has been around a lot longer, so has more
> support from 3rd party software suppliers.
>
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