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<x-html><html><head></head><BODY bgcolor="#FFFFFF"><p><font size=3 color="#000080" face="Book Antiqua"><i>Hi Philip,<br>I'm a futures day-trader and use stops with my trading.<br>Can you please explain more in detail how this works in <br>the pits?.<br>Say I place a market order to go long U 97 S Francs at 6600, get<br>filled at 6610, then I place a stop loss to sell at 6595.<br>Question : is a floor trader going to be yelling trying to sell at<br>6595 ( which is my stop and probably there are dozens or <br>hundreds at that price ) ?. If it's legal to do that, it's unfair, <br>because if all the stops are known among the floor traders,<br>that very same fact would work like a "magnet" to pull prices<br>down ( in this case ) to where the stops are significant and<br>"sweep the stops", putting me / us out with a loss.<br>A more "fair" situation would be have the floor trader to <br>activate the "action" order, which is to buy at the market<br>but NOT let others know my stop.<br>How's the scenario in real life?.<br>Your comments or others' will be appreciated.<br>Have a nice weekend.<br><br>Efrain R Portales<br>----------<br>: From: Philip Schmitz <<font color="#0000FF"><u>pschmi02@xxxxxxxxxxx</u><font color="#000080">><br>: To: <font color="#0000FF"><u>metastock-list@xxxxxxxxxxxxx</u><font color="#000080"><br>: Subject: Re: Pits<br>: Date: Friday, August 08, 1997 9:34 AM<br>: <br>: Thanks, that's a good offer. At the risk of<br>: boring the more experienced traders in the group .<br>: . .<br>: <br>: I have often heard that pit traders will on<br>: occasion "run the stops". I understand what that<br>: means, but I don't understand how a decision is<br>: reached to undertake what would appear to be such<br>: a concerted action.<br>: <br>: Let's assume stops have accumulated at a certain<br>: level. Naturally, the pit is aware of them. How<br>: do you reach for those prices? How is that<br>: implemented? Is there a kind of collusion that<br>: occurs? (Sorry, that's a rather strong word.) Is<br>: it a kind of instinctual surge in the direction of<br>: the stops? Is it discussed, whispered from one<br>: guy to the next: "Psst. Let's run the stops at<br>: such and such. Pass it along."<br>: <br>: Best regards,<br>: Philip<br>: <br>: spaman wrote:<br>: <br>: > Regarding the pits and the goings on there, I<br>: > must say I greatly<br>: > preferred the CBOT to the Merc. I only traded<br>: > the S$P snake pit for 6<br>: > months before moving to the 'board of trade' and<br>: > found the ethics there<br>: > much higher. Customers for the most part were<br>: > treated fairly. Of<br>: > course the local trader has the edge in being<br>: > able to see volume and<br>: > identity of the buyers and sellers; and of<br>: > course speed is an<br>: > advantage. The pits are, however, occasionally<br>: > wild places.....<br>: > I'd be glad to address any specific questions,<br>: > but my knowledge dates<br>: > back to the 1980/s so there have been some<br>: > changes....<br>: <br>: </p>
</font></font></font></font></font></body></html></x-html>From ???@??? Fri Aug 08 17:09:07 1997
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Subject: Needed: 30 Years Treas. Bond (Historical Data)
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Hi all,
maybe somebody can help me: I´m searching desperately the historical data of the
30 Years Bond, at least five years back.
Seems to be hard to get in germany.
Could someone be so nice and send me a file with the neede data?
Thanks
Thomas
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