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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: GROUND ZERO™ who wrote (39187)10/27/1999 12:43:00 PM
From: Bull RidaH  Read Replies (4) of 44573
 
**S.I. clock/Time Stamp Clarification**

O.K folks.. We need to clear the air on this one, as this will be a constant issue if not addressed. Right now S.I.'s clock is about 50 seconds faster than the accurate market clock shown on livecharts.com. Our policy is that order fills taken must be verified by market action via time and sales on Livecharts.com. No allowance is given for typing orders or waiting for S.I. to accept your post.

This means that you have to input & submit your order at 10 seconds after the turn of each minute to have it count as an active order for that minute.

Our policy has been that if you state a price in your order, that is assumed to be a limit price unless specified otherwise. If you want to be sure of being filled, go at market, and check time and sales on the 1 minute bar for an average price of that 1 minute segment matching the time stamp on your post, then report the fill back to the thread.

This makes it more realistic in a sense, because if you add up the time to pick up the phone.. dial.. get your broker to the phone.. let him take down the order.. read it back to you... then call the pit.. verify the order with the floor trader.. That process can easily take a minute. You that trade live futures in the pits know this time lapse all too well.

So we will remain with the policy that time and sales rules the fill, and the market must move to and trade at the price stated as verified by time and sales to get a fill, not where you saw the last trade when you typed your post or hit the submit button. This calls for a bit more proactive planning.

If any questions, let me know.

David
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