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

To: Chip McVickar who wrote (17678)	3/4/1999 11:56:00 PM
From: Teresa Lo	Read Replies (1) \| Respond to of 44573

I keep on getting this slippage thing from many people. Personally when I trade, I simply pick up the phone and say buy or sell at the market and I have never been filled badly, so it is an enduring mystery to me but I must keep trying to figure out what people are doing to get this kind of slippage. As the resident host of my own web site, I am asked these things all the time, and I think the other people simply don't believe me when I tell them I don't have a big slippage problem, even though I use the "market" buy or sell orders. This is the post from tonight about what happened: " 05:33 pm PST - hope1: FG, i was buying thru LFG leoweb (zap) and the firm has advised that cubs is down so use market order. I did and the fill did not come back for 1:13hrs I was told the market was in a fast period. Floor brokers trade for themselves, too. When it is to their benefit, they will sell/buy you a few spoos from their own back pockets. When a market is a fast market, you actually have no recourse if using MIT or MKT orders. If you use LMT and OCO in fast market, they will intentionally keep you from knowing your fill for as long as they want. If your strike price happens to be one that was hit but not thru they may or may not fill your lmt, oco, stop, slm orders and would not let you know. you are then subject to price fluctuation for a long time and if your strike price is to your disadvantage, they will fill the order later (against regulation) and endorse the ticket. My broker (now retired) told me all this after years working on cbot and cme floors 05:37 pm PST - hope1: one time i had a lind order that was not confirmed until the next day. yes, next day. And noone there at lind was able to find the ticket in the front or back office. it showed up the next day, filled at the worse price within 2 mins of time stamp. 05:40 pm PST - hope1: i should have checked cubs status again before sending the order in. i assumed it was fixed cuz the notice at 10:46 ct only mention it was a connection problem. how long would it take to reconnect your pc to your network? Rumor has it that once in a while they do this intentionally to let the members make money. rumor from chicago." These are the horror stories...anyway, the people from my site say good things about your work and mention you often. Keep it up.