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marked-to-the-market "tick by tick" position margin and equity information, and personal real-time management reports (such as lists of filled orders, resting orders, and open orders). It is important for some customers to easily cancel orders or to check the status of orders placed earlier. |
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Additional enhancements include real-time market quotes, market news, and charting capabilities. Even if the order-entry service does not provide these mechanisms, it is important to discern if the order-entry system can operate cosynchronistically with a quote system or chart service. |
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To protect the trader, backup systems are of particular importance, such as the ability to place an order over the telephone if there is a traffic jam on the "communications super-highway." It is important to determine if the on-line system has a customer service desk with a technician to walk the trader through concerns or to clear up problems. |
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Certainly, the background history of the order-entry system is important. It's better for someone else to have worked out the bugs in a program than for the trader to be exposed to the guinea pig process. |
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Russell can be reached at: www.pfgbest.com or at (800) 826-8035. |
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