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

To: Patrick Slevin who wrote (6674)	10/19/1998 10:04:00 AM
From: SE	Read Replies (2) \| Respond to of 44573

Found this on Omega list. Interesting information if it is true. Better start setting those hard stops after all..... -Scott ----------------------- > XXXXXXX wrote: > > > > > Did anybody actually have a buy stop in there, and was/wasn't it executed > > in a reasonable fashion? I'd sure like to know if reality is significantly > > different than I think it is! I replied: > Someone on a bulletin board stated he had $1900 slippage in the e-mini, > claimed he had a 1030-ish stop and was filled at 1067. I don't know the > details. Yet someone on the mailing list had his stop filled right at > his price. > I reread the post on the bulletin board. He called it slippage but in fact he did not have a stop in. He called an order in when he saw 1031.50 as the price, but that's waay different than a stop. Sorry for the misinformation! ---------------------- and another...... ------------------------ I actually had an order in to sell at 1047:50. My floor broker was extremely hard working and honest--when he saw the huge move up, he pulled my offer and while I was on the phone, he asked me what I wanted to do. You are absolutely correct about locals in the pit having no obligation to sell or buy at any time, at any price. Locals are not like specialists in the stock market. They provide liquidity by trading volume, basically. And you can believe that many locals got hurt Thursday. I know many stops about the low 1030's were filled in the S&Ps in the mid-1060's to mid-1070's, but that's really where the first trading took place. The rest was really an updraft of bids. Last, I know one person on the list talked about the electronic fill he got at 1035. I would caution everyone, whether they like or dislike electronic trading in its current state, to check things like this out for yourself. It's a little self-serving to come on the list after a day when many accounts got wiped by not being able to even trade in the EMinis and say that you got great fills during the mess. If you are using electronic trading and were lucky enough not to have to trade in that mess, do yourself a favour and call your broker and ask them how busy they were during that period and if fills were nice and easy and with little slippage. Seeing the time and sales and speaking with my brokers, I know the Eminis were an absolute abortion--and anything transmitted on Globex II was not accepted for a period of time (In fact, my brokerage house chose instead to fill all business for the rest of the day by phone, but then, they require that you have phone access if you want electronic access). It can get ugly when price shocks happen--make sure you are as prepared as you can be.