Open E-Cry

[TheDude 10]

Hi,

 

I'm thinking of moving my account to Open E-Cry. I'm looking for honest opinions, both positive and negative. I've read the OEC thread here, but most threads are to do with their charts, and I doubt I would use them for charting.

 

I'm more interested in the reliability of the execution platform, data feed, support, and desk should I lose my connectivity.

 

Would you say the platform is of professional standard like TT or CQG? Or, is it really for the hobby/retail trader who doesn't necessarily have to make a living from trading?

 

It does seem geared to the hobby trader from what I have seen, but the rates do look attractive.

 

 

Thanks,

[DugDug 10]

personally - it is not TT or CQG.

It is also better than just a simple retail platform.

To date - a part from a few small bugs (as per the threads) I have no problems with feeds etc;

The system is easy to use, intuitive and so far reliable.

I think a lot depends on the volumes you might do, the costs of comparable systems and the numbers of trades.....if you are only doing 5-10 a day then OEC should be fine.

no comment on service levels

[macdfx 10]

I'd add OEC as an additional account; I wouldn't move all my trading funds there (or to any one shop for that matter).

 

Lots of data and charting info for free for account holders (except that they'll still want to charge you for a demo, go figure).

 

And their newer platform has expanded equities and options trading due to their acquisitions by Options Express.

 

Support is (like most firms) commensurate with your account size and trading frequency, so pikers and hobbyists be forewarned; the trading desk is available 24hr in case the platform or exchange link is down.

[Dinerotrader 10]

As with anything, trying it out for a few weeks will let you know if you like it enough to continue using. It is also one of the few out there that is so cheap to try out, you don't have anything to lose. I always get responses to all my tech support questions very quickly. Lots of OEC threads to learn from here instead of a manual which is nice.

[TheDude 10]

I'd add OEC as an additional account; I wouldn't move all my trading funds there (or to any one shop for that matter).

 

Lots of data and charting info for free for account holders (except that they'll still want to charge you for a demo, go figure).

 

And their newer platform has expanded equities and options trading due to their acquisitions by Options Express.

 

Support is (like most firms) commensurate with your account size and trading frequency, so pikers and hobbyists be forewarned; the trading desk is available 24hr in case the platform or exchange link is down.

 

Thanks for all the replies so far everyone.

 

Macdfx: This is probably because exchanges generally dont charge for data if you are trading on it, how ever they do if you are only viewing data in a charting app. Therefore, OEC have to pass the charge from the exchange.

 

I had a really bad experience with Ameritrade back in 2000 when I used to trade stocks. This is why I'm perhaps cautious about retail orientated accounts. Currently my account is with a major FCM and OEC seems a bit cheaper.

 

I assume funds are segregated for each account.

 

Thanks,

[brownsfan019 17]

I use OEC and trade for a living. Ask any questions you want to ask.

 

I came from using T4 ($500/mo) + data fees. For what I need, OEC does it all. I use them for charting as well as trading.

 

The feed (knock on wood) has been good in recent memory. The rates are attractive and get better if you trade more volume. Data and platform is free, which is hard to beat.

 

Take the demo for a test drive and see if it can do what you need.

[TheDude 10]

Thanks Browns Fan. How long have you been with OEC, and roughly how many trades a day on average?

 

I'm sure they have what Im looking for - a simple DOM where I can enter and pull with a single click. Nothing fancy

[brownsfan019 17]

Thanks Browns Fan. How long have you been with OEC, and roughly how many trades a day on average?

 

I'm sure they have what Im looking for - a simple DOM where I can enter and pull with a single click. Nothing fancy

 

It's been a few years now I think with OEC. I can't remember the exact time I switched over, but it's been quite awhile and have not shopped around in recent memory if that helps.

 

Number of trades per day for me can vary greatly based on what is going on.

 

The DOM is nice and has come a long way as well. You just have to spend some time clicking around, taking a look at all the options and customizing you can do and then demo it in real-time to get a feel for it. If you just need a simple DOM, I think what they provide will suffice.

[brownsfan019 17]

There are some good threads in the OEC sub-forum as well.

[TIKITRADER 10]

 

The feed (knock on wood) has been good in recent memory..

 

The live platform, live data completely froze this week on one instance for about a half hour . . .for me as well as another user of OEC. You did not have an issue ?

[daedalus 10]

The live platform, live data completely froze this week on one instance for about a half hour . . .for me as well as another user of OEC. You did not have an issue ?

 

Had this happen as well on the demo feed. I think they just went down for about a half hour. I mean, this does happen with any feed from tim to time so i'm not hating on them. God knows I had my fair share of network dropouts on TS. I would however love them to send out a network message to users letting them know whats going on and that the issue is on their end like TS with their message center. So we at least all would know the issue is on their end and they are aware so 900 of us don't have to contact support, restart our computers, routers, modems, etc... trying to fix a connectivity issue on our end.

[Ceschiatti 10]

What about OEC during last week's crash? Did it hold well?

[brownsfan019 17]

What about OEC during last week's crash? Did it hold well?

 

My charts were perfect.

 

The data has been very reliable in recent memory (knock on wood).

[kellih 10]

Hello,

 

Does anyone trade from the charts in OEC. If so, have you experienced any problems? Things seems to work pretty smoothly in the demo.

 

Thanks in advance...

[brownsfan019 17]

Hello,

 

Does anyone trade from the charts in OEC. If so, have you experienced any problems? Things seems to work pretty smoothly in the demo.

 

Thanks in advance...

 

I have heard good things about trading from the chart. I personally could never get into it, so I rely on the DOM.

[kellih 10]

Thanks Brown. I should be going live in a few days and I'll post if anyone is interested.

[brownsfan019 17]

Thanks Brown. I should be going live in a few days and I'll post if anyone is interested.

 

Please let us know b/c I think most use the DOM.

 

Not sure you do this or not - but I would have a DOM up just in case you need it.

[JEHs 10]

For what it's worth, I used the chart for trading. It works great. I do have a DOM up and it helps to move orders when you have to move a couple at a time, it saves a little time and inconvenience, but the order entries for me are always done on the chart.

I keep a separate chart for it so I don't accidentally enter an order when I am trying to draw a line or something. I draw my lines and stuff on other charts and keep one in the corner just for order entry etc.

[kellih 10]

If both you and Brown recommend having the DOM up as well, I am DEFINITELY going to do it! It's taken me a few days to get comfortable with the charts, as I am completely new to OEC. Chris in Tech Support has been extremely helpful.

 

I finally got off the TS wagon, and I've got all me TA set up in Sierra Chart.

 

Thanks for the tips guys, really appreciate it!

[SIUYA 11]

Hi, I have been using OEC a little bit, and I like the trading off the charts.... seems to work fine with no problems when doing nothing overly complicated.

One thing that would be great and I am going to suggest to OEC, is that they combine a DOM on the side of the chart. That way you can actually enter on the price levels based on the chart via a DOM. There might be issues with scaling, but that way you can get the best of both worlds. the visual representation and the DOM.

Alternatively have the DOM and the chart link. (it may already and I just have not been able to see it, but at present it does not appear to)

As I like to be able to enter bracket trades on the DOM, and then I would like to be able to amend them up and down based on the price action and to be able to do this via the chart.

(I am just trying to get my head around the best way to approach this idea first)

[JEHs 10]

Hi, I have been using OEC a little bit, and I like the trading off the charts.... seems to work fine with no problems when doing nothing overly complicated.

One thing that would be great and I am going to suggest to OEC, is that they combine a DOM on the side of the chart. That way you can actually enter on the price levels based on the chart via a DOM. There might be issues with scaling, but that way you can get the best of both worlds. the visual representation and the DOM.

Alternatively have the DOM and the chart link. (it may already and I just have not been able to see it, but at present it does not appear to)

As I like to be able to enter bracket trades on the DOM, and then I would like to be able to amend them up and down based on the price action and to be able to do this via the chart.

(I am just trying to get my head around the best way to approach this idea first)

 

For me they are already linked. I have always opened a chart first and then hit the little DOM symbol on the tool bar on the chart and this brings up a DOM that is linked to the chart.

Then my strategy is set up so that I can just right or left click on the chart and the orders are entered and I can see them right away on the DOM. I can move the entry around either on the DOM or the chart and once the entry is made, I can move the stops and targets around on the DOM or the chart.

I think it all works pretty well.

[kellih 10]

To add to what JEHs said, I set it up slightly different. I opened a QUOTES Window and placed only the symbols that I trade in the window.

 

Next there is a "Linl to Quotes: icon on both the DOM and Chart Toolbar. Once you link all three you can just click and select the symbol form the Quotes Window and the DOM and Chart change accordingly. Hope it helps.

[SIUYA 11]

thanks guys, I thought I had the linking part down pat, it was more along the lines of having the DOM scale with the chart.

Also I found they were somewhat separated, and once or twice had an issue of an order not being deleted..... but honestly cant remember what I did. It was something like I placed an order on the chart, entered a separate stop loss order on the DOM, and when I think when I traded out of the order on the DOM, I forgot to cancel the stop loss, which subsequently become triggered.

Its probably just something extra I have to work on in terms of remembering to cancel all orders, and the bracketing.

thanks.... here in lies the beauty of this site, interesting discussions and help when sometimes the bleeding obvious is overlooked

 

EDIT: One thing though and in case its something else i have missed. When you turn on the trading from the chart option. You do have the issue raised by JEH of having to be careful about drawing lines.

Is there an option to have a button, that allows a trader to see the existing orders, amended the existing orders via the little order tabs, BUT not necessarily enter new orders. At present it seems that you either can see the orders on the chart, or not. For me this would be easier as I only enter trades rarely but I am constantly managing them and updating them, and at the same time constantly looking at fib retracement levels and small trend lines. etc This way the most infrequent time required to press an extra button is when actually entering orders. This would save screen space for JEH.

 

Is this a good suggestion to see if OEC can add an extra level as a button here so that you can actually draw lines on the same chart as well as seeing the exiting orders. OR do others think this is a bit of overkill? thanks.

Edited May 25, 2010 by SIUYA

[SIUYA 11]

Update on last request idea: You can actually see the orders on the chart at any time, in the chart windows properties section under Trade Mode > show Orders > always.

 

However it would be nice to be able to at least amend the orders ONCE they are already established. That way, you only need to switch the trade mode on and off when inputting new orders, not when constantly adjusting orders.

[macdfx 10]

Anyone know how to remove the "gridlines" in the Quotes Window for the newer versions (3.5.x.x)?

 

I like the look and feel of the Quotes window on the older (3.4 and prior) versions, but can't seem to figure out how to get those gridlines to go away on the latest and greatest ....

 

(And no, I'm NOT talking about the alternate grey/white shading either...)