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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures -- Ignore unavailable to you. Want to Upgrade?

To: TheStockStalker who wrote (2318)	1/16/2002 6:17:31 PM
From: Louis V. Lambrecht	Read Replies (1) \| Respond to of 12411

Stalker - in summary: ask your broker how he handles stop limits. If he can't answer correctly change broker. If the broker offers other qualifiers as OCO or stops, ask how the orders are processed. If the broker can't answer correctly, change broker. I would even add: ask how modified orders are handled vs. cancel + new order. (Modified orders keep their original time stamp). Not many woud pass the test <ng>

To: TheStockStalker who wrote (2318)	1/16/2002 6:30:27 PM
From: rocklobster	Read Replies (1) \| Respond to of 12411

I would like to thank you for posting to me earlier regarding the way stops and stop limits are handled with different brokers.. I did indeed have a simple stop order, and I'm not saying that interactive brokers did anything wrong.. but any system that allows a 40 points slippage under any circumstances is a bit questionable. I disagree with Michael's assessment that it was my poor choice of trade execution that led to this loss. I have heard privately by email from a futures trader that told me that somebody hit a buy the book feature on the globex nq contract and accidentally cleared out the entire nq book at that time.. appparently they got stuck with 1850 contracts and ended up having to dump them and took a huge loss. whether or not this is true I don't know.. but my point in bringing this situation up yesterday was that any system that allows someone to make a mistake of this magnitude when there is no news and the index that the contract is pegged to isn't moving is flawed on a most fundamental level. Add to this the fact that I also heard that on the larger NDX contract...CBOE busted all trades over 1639 and you add a dimension to the situation that further illustrates the failure of the system.. To bust trades for people trading the larger NDX contracts and not do the same for the people trading the smaller NQ contracts is just plain wrong in my opinion. This situation reaks to high heaven in my opinion but at least I have learned about a fatal flaw in the system that can cost me serious money.. I'm actually looking into trading the larger NDX contracts as I have been trading large numbers of NQ contracts and would rather just be trading the larger contracts.. I'm glad to also learn about IB's handling of stops now so that I can seek a broker who handles them in a preferable way... rok