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To: TheStockStalker who wrote (2313)	1/16/2002 3:04:48 PM
From: Michael Watkins	Read Replies (1) \| Respond to of 12411

think it is very possible that Roks order yesterday may have had to have been sent twice by IB before finally getting a fill. Its very possible, in fact its highly likely, but not as a result of any failure of IB or limitation in their design. Mr. Rok did not use a Stop Limit order. He used a STOP order. The CME FAQ confirms that 'market orders' are not supported on Globex. ALL Brokers are forced to 'simulate' market orders. His STOP order becomes a MARKET order once elected. Any and ALL brokers would be "simulating" that order once it hit its election price. Note the following, factual, information, direct from the horses mouth so to speak: ---- cme.com How are E-mini market orders handled on GLOBEX? a26 The GLOBEX trading host will convert all orders it receives without a specific price to limit orders: buy orders will become limit orders at the best offered price, sell orders will become limit orders at the best bid price. The GLOBEX system does not currently handle true "market orders." However, depending on the front-end software and connection, a user's trading application may have functionality that increases the likelihood that an order will be filled quickly at the best available price(s). Market users need to be aware of the functionality of the system they are using and how "market" orders are handled by that system. ---- These impressions are [not] based on facts and simply on "well it has always worked ok for me". I think they are very legitimate concerns that one needs to be aware of. I agree with you that users should be aware of how a market works, including their interface through the brokerage, before starting to risk capital. If one understands the mechanisms they can practice good trade management and risk assessement to further protect themselves. It turns out that the conclusion you are drawing is based on half facts as well. Plus it seems to me that too much emphasis is being placed on one aspect of order types, with no discussion as to why IB or other brokers elect to handle orders in one way or another, meaning only part of the issue has been discussed. I'd be interested in a further, factual discussion. (related comments here: siliconinvestor.com