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Non-Tech : Interactive Brokers / Timberhill -- Ignore unavailable to you. Want to Upgrade?

To: atto who wrote (2465)	1/18/2002 7:51:16 AM
From: eriksonc	Read Replies (1) \| Respond to of 9012

[3. Globex actually doesn't permit true stops, but permits stop-limit orders only (i.e., Globex does not allow market orders) 4. The limit part of these stop-limit orders has a finite range (a "collar") - you can't enter just any limit - it has to be within a certain number of points from the stop price. According to the info on the page you linked 3 is not true for ES and NQ and 4 applies to market orders.] What I am saying is that Globex may support some sort of weird market order - but it isn't what I consider to be a market order and the CME apparently simulates it (just like IB). It is not a "native" order on Globex. Only limit orders are native orders on Globex (or stop-limit orders). So there are no collars on a stop-limit order you manually generate? A previous post on Daytrading Fundamentals implied that this is not true. Since I don't trade futures, I wouldn't know. [So how exactly does IB simulate last price stop orders? Here is an excerpt from another IB web page:] This is interesting. It must be that IB's description of its stop orders is incorrect (at least for Globex) or something seriously went wrong with rok's order that day. Personally, if I specify a stop, I want to get out no matter what. In that case, I would want IB to resend its simulated stop orders (as limit orders) until it got hit. It seems a little weird that IB would only have a 5 point collar for NQs. Maybe their collar is much higher for higher priced securities like the NQ. If so, they should explain this on their website. Anyway, it seems like rok has some grounds for a dispute here. According to the webpages (which aren't always correct), all stop orders to Globex have a maximum 5 point slippage. Carl

To: atto who wrote (2465)	1/18/2002 10:08:37 AM
From: rocklobster	Respond to of 9012

atto,, I think I can explain the 19 second delay.. If you look at time and sales... there wasnt actually any bid or ask at all..the price move was so fast that it wiped the book out, and there were no orders to trade against.. I watched my IB screen when it happened, and the prices just kept skipping up in ten of fifteen point intervals with no bid or ask at all...it was really unreal.. I thought something really earth moving must have happened.. Imagine my horror to find my forty point slippage on my stop and then to find out that nothing at all happened and that nobody in a position to do anything about it really cared. Oh well...chalk it up to expensive lessons I guess..LOL rok