Review of Open ECry (futures broker)

[Guest cooter]

My brackets are fine Cooter, so I didn't ask.

 

If it's that big of a concern, then shop around and see what's out there. There's plenty of FCM's and IB's to trade through; however, I wonder how many would step up AND take responsibility like OEC has done.

 

Very few, actually. And that's the good part, I suppose. But I think that a lot of the issues that OpenECry are facing are simply because of growing pains, since they made a push in February to grow the retail side of the business.

 

And with that growth comes the 1-lot pikers and their complaints. Plus veteran traders who notice subtle but nonetheless consequential issues (like data feed accuracy) that can affect trades.

 

You probably won't notice the bracket issue unless you are using more than half of your available margin when trading. Then the failure becomes a risk to both you and Open E Cry - auto-cancelled OCO stop and target brackets are unacceptable when the main order is accepted, worked and filled. It's just plain logic, IMHO, since the stop or target should not pose additional margin risk (assuming the same position size as the main order).

 

As you say though, $h!t does happens. Hopefully, OEC will be more responsive to proactively fixing issues that occur than waiting for them to reach critical mass with traders in public forums.

[dupaski 10]

I use Open eCry as one of my brokers and the pluses have outweighed the minuses for a long time. However they may be a victim of their own success.

 

Saxon listed his experience over on the ET brokers review page and I have to say my experience with the people who pick up the phone has been similar.

I think that OEC has a lot more potential but if they want to get a chance to fulfill it they need to achieve some level of consistency with customer service and support.

[Reaver 10]

I sincerely hope they do not become victims of complacency.

 

They seem to have a good program, though there are a few things that concern me....they seem to be working past those issues....but, I guess we'll just see.

[brownsfan019 17]

I'll add my 2 cents after the previous couple posts - I'm not exactly sure how OEC operates for the retail trader trading small lots. This is not meant to be a shot or a look at me post, but I guess there are a couple sides to every story. I've dealt with a certain assigned rep to me from day one and having this personal connection who is 'in the know' at OEC obviously helps. I am writing this to provide that other side of the story and also to give you an idea of how things operate when you move up levels if you will. What's important to note is that when you get to the point of trading substantial contracts, things change than what you are accustomed to in the beginning. It's important to realize as you design your business plan that you want to reach this level. This is not an exclusive thing to OEC, but my experience thus far has been great since trading at OEC.

 

This post will obviously make sense to those that are serious about their trading and are/plan to get to the level of requiring exceptional customer service. If you are reading this saying 'what business plan' or 'yeah right', please reserve your judgments for another thread.

[Reaver 10]

Point is Brownsfan that we are here to discuss the broker and these are all pertinent issues.

 

If I or any "small trader" is having issues, then we probably couldn't care less how the "big boys" get treated.

 

Not trying to be inflammatory, and yes I understand your point....but my point is, complacency is a killer. I am rooting for them, but if they can't swim, then they'll sink and that's that. I like what they have going on, but I have no personal problem with going wherever treats me the best.

[brownsfan019 17]

Point is Brownsfan that we are here to discuss the broker and these are all pertinent issues.

 

If I or any "small trader" is having issues, then we probably couldn't care less how the "big boys" get treated.

 

Not trying to be inflammatory, and yes I understand your point....but my point is, complacency is a killer. I am rooting for them, but if they can't swim, then they'll sink and that's that. I like what they have going on, but I have no personal problem with going wherever treats me the best.

 

I agree, but the last word I would consider using to describe OEC is complacency. Let me ask this - are you currently trading at OEC? If so, how has your personal experience there been? If not, then it's hard to offer an opinion of a firm that you have no experience with, correct?

[Reaver 10]

Don't make me come over there Brownsfan!

 

I'm not calling them complacent..I just worried because it is generally what happens to people when they taste some success/growth.

 

When you factor their recent growth into the equation along with some of the issues being brought up...it makes me voice an opinion.

 

No, I don't have an account there...the reason that I do not have an account is because of the issues that have recently come up...I am watching closely with my fingers crossed that this is all a fluke, as I really like OEC....

 

So yes, I am still entitled to an opinion....

 

Any more problems, and I will challenge you to a duel, got that?

 

:p

[brownsfan019 17]

Reav,

Settle down brother, looks like TRex has gotten your panties in a bunch over there. :rofl:

 

I'll promise you this - if there's a time when OEC drops the ball and lets me down, this place will be the first to know about it. I am obviously putting my stake in their corner and as long as they continue to earn it, I will continue to support their firm. But do not make any mistake about it - screw me over and I will become that pain that does not go away. I don't mess around when it comes to my biz.

 

As for a duel... :fight: bring it on!

 

:evil tongue:

[Reaver 10]

Reav,

Settle down brother, looks like TRex has gotten your panties in a bunch over there. :rofl:

 

I'll promise you this - if there's a time when OEC drops the ball and lets me down, this place will be the first to know about it. I am obviously putting my stake in their corner and as long as they continue to earn it, I will continue to support their firm. But do not make any mistake about it - screw me over and I will become that pain that does not go away. I don't mess around when it comes to my biz.

 

As for a duel... :fight: bring it on!

 

:evil tongue:

 

ha ha good to go man. Give me my Rocky soundtrack and a few weeks and it's on!

 

But yeah I think OEC has the best platform I have seen, especially considering the price is $0.00......I like their setup better than pretty much anything out there, expensive or not. You speak highly of them, and I respect your opinion....so I think they are gonna get a shot. Thanks man.

[hanz 10]

i'm a little guy with OEC

 

their customer service haS Been outstanding

 

i even ask their stuff via chat window on the platform (i like it a lot) about when will the YM contract expires LoL

 

great platform but charting needs improvement;it's free can't complain much

[trader273 10]

You could always take the OEC data in plug it in to 3 other charting programs.

 

http://www.openecry.com/traderstoolbox/3software_charting.cfm

[brownsfan019 17]

reav - you let me know if you have any issues at OEC and I'll see if I can help at all. No promises, but I think you'll be happy there.

 

Good trading!

[Reaver 10]

Thanks man, it's a deal.

[hanz 10]

You could always take the OEC data in plug it in to 3 other charting programs.

 

http://www.openecry.com/traderstoolbox/3software_charting.cfm

 

yup sierra or multicharts?

 

any suggestion? :embarassed:

[brownsfan019 17]

yup sierra or multicharts?

 

any suggestion? :embarassed:

 

hanz - I like MultiCharts myself, but demo each out and see what you like best.

[brownsfan019 17]

Just wanted to give a little update here on the OEC front - in the next release and a few after, they are implementing some changes/fixes and additions that I was providing feedback on. Here's an important thing to note - if you contact OEC with some suggestions, they will listen to them. It does not mean everything you suggest will be done, but these guys are listening to their customers. Since I have provided feedback to OEC, I was told that our discussions found at least 3 bugs that have been fixed. I recently submitted a 9 page feedback of the dom and charts and a good portion of these are being included in the next release and the one after.

 

Also, for those wondering about TraderDNA, the last email I received said this is progressing and DNA's programmer is trying to write to OEC's API. Whatever that means. Just looks like progress is being made.

 

Up to this point, I've never had a broker and software program that were so willing to actually listen to me. The problem in the past is that many brokers have outside trading softwares that they use, so there's only so much each can do on their end. You can make suggestions to Ninja or whatever, but then you also need the broker to be on board with some suggestions as well. Now you have 2 co's that have to agree to work on something simultaneously... Not easy to get done. With OEC, since everything is in house, it's much easier for the charting guys and the execution guys to talk.

[Reaver 10]

Thanks for the info Brownsfan. Good stuff. You're right, OEC definitely seems to be a different animal than we're used to hearing about.

[scalper 10]

i requested for the demo today but unfortunately the software couldn't access the server. What i'm really impressed is that their support team spent 3 hours troubleshooting it (however with no luck...)

[Lou 10]

Hi there, I'm just trying OEC Trader demo and I am amazed at the speed of executing LIMIT orders. Can you please tell me whether it's also so fast with the live account or whether it's only that fast because it's demo?

 

I mean with the OEC demo the execution of limit order is often instant, sometimes couple of seconds after the price hits the target value. While trying demo of zen fire with ninja trader from Mirus Futures it was waaaaay much slower and sometimes (pretty often) the limit order wasn't executed at all (because the price moved before it was executed). Tested on the same market (ES), same time - one next to each other.

 

How fast is it with the live OEC account? Any experience is appreciated. Thank you.

 

Tried to find some videos on YouTube but wasn't successful.

[brownsfan019 17]

Read this thread now.

[Guest forsearch]

Hi there, I'm just trying OEC Trader demo and I am amazed at the speed of executing LIMIT orders. Can you please tell me whether it's also so fast with the live account or whether it's only that fast because it's demo?

 

It's only because it's the demo. The demo is merely a marketing tool; once your limit order is touched in the demo it is executed. Live version is not so optimistic about your fill.

 

See the thread that Brownsfan pointed you to for more.

[Lou 10]

It's only because it's the demo. The demo is merely a marketing tool; once your limit order is touched in the demo it is executed. Live version is not so optimistic about your fill.

 

See the thread that Brownsfan pointed you to for more.

 

I thought so. Thank you.

[Frank 10]

can any of you Ecry users help out. I am new user and have been struggling for 1/2 an hour trying to figure out how to change an indicator to a sub-chart (below the price chart). I cannot figure out how to do this simple chart adjustment.

 

In Easylanguage code you would right-click into the properties menu and check something to either be 'right axis' or 'same as underlying data'. But the EL editor in OEC doesn't allow you to do this.

 

help

[method 10]

OEC data keeps freezing on me.....It's really annoying.

 

Infinity's datafeed, however, has never frozen ^_^

[brownsfan019 17]

Data feed fine here.