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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: ViperChick Secret Agent 006.9 who wrote (6524)	10/15/1998 4:29:00 PM
From: SE	Respond to of 44573

If I understand the stops correctly, let's use 1030 as an example. If I am short and have a 1030 stop in place, that means that once 1030 is hit on the ask, my stop becomes a live market order and that means I will get filled at the market. I looked at time and sales and in under five minutes the SPOOs went from 1023.50 to 1075. They ramped up 1 full point at a crack and many times it was only three to four seconds between trades. It would have been ugly. I have no idea where you would be out, but it would be much higher than 1030 in my example. The other problem is the spread on the mini was over 10 points at one point. That is significant. I am assuming it was the same in the SPOOS but with that fast of a market, no one would know what it was. You just enter the order and hope and pray someone is looking out for you. I got caught in a firestorm that, by comparison, was simply someone lighting a match a few days ago and lost two points between my entry and my fill. It took two minutes to get filled. Two minutes today would have been at a minimum 10 points, probably closer to 20 points. Very amazing......

To: ViperChick Secret Agent 006.9 who wrote (6524)	10/15/1998 4:38:00 PM
From: TFF	Respond to of 44573

Lisa: I completely agree...wait for the bond mkt to close the day before option expiry and drop rates!.....makes me wonder if LTCM(and the rest of the trading desks) got a nice helping hand here.

To: ViperChick Secret Agent 006.9 who wrote (6524)	10/15/1998 4:40:00 PM
From: Nemer	Read Replies (1) \| Respond to of 44573

Lisa --- ====> what happens when you have a stop in with the futures and something like this happens the market obviously went "fast market" I haven't traded the futures in such a long time that I'm not sure what would happen now .... so I called my broker ------- this last month or so I've been paper trading them to kinda adjust to what it feels like after 20+ years ....... According to my potential futures broker ..... ------"the odds of getting the stop filled are next to zero in such a move as we just experienced ....." it would have been executed (more than likely, according to her) at the momentary slow down 20 points later ..... As you recall from our past lengthy conversations about my GREAT hesitance to start trading the futures again ...... well, this is just the reason .... dang I've been there before and it's scary and COSTLY to be on the incorrect side ....... but the spreads on OEX and SPX are still driving me away ...... maybe .......... maybe not ......... ggggg heck, I"m too old for this ///// think I'll start going to the horse races more ........ GGGGGGG Regards ---- Nemer