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Pastimes : Silicon Investor Moderated Chat
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To: SI Moderator who wrote (120)11/20/2002 4:33:31 PM
From: Teresa Lo  Read Replies (1) of 170
 
Hey! I was asked this question this morning in the trendVUE Active Trader Chat room! Here's what we said:

(10:18 AM) Teresa_Lo: jean - it's the other way around. If you try to use a stop limit to open order in the pit, you never get filled and when you try to cancel, they stick you with a really bad fill.
(10:18 AM) Teresa_Lo: That has been my experience.
(10:19 AM) Teresa_Lo: In the pit, they want you to enter "stop only" so that they can get a few extra ticks from you every time.
(10:19 AM) Teresa_Lo: I can do that on the way out...but I only want to pay the price that I want on the way in.
(10:20 AM) jean2: hmmm
(10:20 AM) Teresa_Lo: And if you think about the dynamics of the pit...there are areas where information is not disseminated...making it uneven.
(10:20 AM) Teresa_Lo: And some traders like to trade with each other rather than everyone in the pit.
(10:20 AM) Teresa_Lo: A computer doesn't care, and it's FAST.
(10:20 AM) Teresa_Lo: And obeys orders.
(10:20 AM) Teresa_Lo: A few years ago, a "New Market Wizard" insisted on trading in the pit, by telephone.
(10:21 AM) Teresa_Lo: Now, even she has come to our way of thinking, trading eminis.
(10:21 AM) btrade: a few years ago the pit was easier to work large orders still...
(10:21 AM) Teresa_Lo: I think if you are a big customer, they work harder for you...say if you're Marty Schwartz...you're OK.
(10:22 AM) Teresa_Lo: For large orders, I would prefer to trade bonds.
(10:22 AM) Teresa_Lo: I think it is better to trade the size according to the liquidity of the market rather than sweat so much about how to fanangle a good execution. If there is a problem in getting a good fill...it's just not a good market to trade and I leave it.
(10:23 AM) Teresa_Lo: So for people like me and "New Market Wizard" who trade 1 or 2 big SP...the emini is way more efficient.
(10:23 AM) Teresa_Lo: We're in.
(10:23 AM) Teresa_Lo: We're out.
(10:23 AM) Teresa_Lo: No more.
(10:23 AM) Teresa_Lo: No less.
(10:23 AM) Teresa_Lo: And you're anonymous.
(10:23 AM) Teresa_Lo: The computer doesn't care.
(10:23 AM) Teresa_Lo: And it's blazing fast.

Right now, we trade the S&P and NASDAQ emini futures, as well as 10-year notes and 30-year treasury bond futures. Watching the Dow and gold eminis for volume to develop.
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