|
PureBytes Links
Trading Reference Links
|
> Hans, Care to tell us how you discovered they were cheating on
> stops.
>
> best'
>
> carlos
I had a new broker (direct floor access), who told me that they have
5 guys answering the phone, 3 guys in the pit and JUST 145 customers
to serve and they never had one leave - as you see later I was the
first ONE <g>
I always check fills on each STOP order - mostly for stats.
I had a fill in a quiet market and was suprised about the fill price,
so as usually checked the single tick chart to see the first REVERSE
tick which than creates the WORST fill after my stop and discovered
that that was just 0.30 away from my stop and not 0.90 as reported
(actually there were more up to that level - but didnt need them as
first REVERSE sets the WORST price).
Unfortunately I do NEVER trust (anyone <g>) my datafeed (DBC /
Eutelsat) 100% and it might have been a misprint or missed ticks, so
had to wait for next days T&S on the CME website - checked it and my
feed was 100% correct - so called + explained - they said they
"investigate" - I knew there was NOTHING else they can do but to
credit me the difference - they called back, said the fill was
(however) at the price where they reported, but I was entiteled the
difference and they credit $$$ to my account - not to forget they
gave ME shit for coming back only next day - thanks.........
it happenend another time - same story - some recredit - same SHIT TO
ME - I was VERY happy - but obviouly now they realized that I watch
out.....so had to be more carefull
next 2 stops the market ran about 300 points without any reverse, I
was READY to expect the WORST (aswell this gives every broker BIG
leeway) - and guess what : I was filled AT my price......BRILLIANT
(but suprised BIG TIME)
then the final trade came: I had a STOP to SELL at xx1.80 - the
market traded through the stop to xx1.40 so the stop has been WELL
triggered without any doubt - market reversed and seconds later
around xx2.50 one of the guys calles and said they were UNABLE and
Im still long (implementing that they are doing me a favour) - as I
wanted to get out, I sold MARKET, about 100 points better than the
worst fill - I asked him how that happened (obviously that was
positive in $ terms), he said they're guys in the pit saw couple of
bids coming in and decided not to fill it - obviously they could only
SEE that at 0.40 worse than my STOP price and that gamble leads to
the other worse fills from before.
Looks like *they* decide whether a stop was any good or not and
probably in most cases, where customers didnt complain, filled it to
the worse (not to suggest they made some $$$ out of it).
However my stops are where I want them and not my broker and I want
them done at or near my STOP price and not my broker to start
thinking about it.
In S&P there are often big moves without any reverses and I migth be
filled at the VERY first tick and STILL get the WORST tick
"assigned" as there is no way I can proof it or check it - Obviously
I didnt want to be in there good will all the time.........
I had less than 20 trades with them and "mightbe" the first one who
ever left - but doubt that everbody else is soooo stupid...
rgds hans
~~~~~
....and bear in mind
that high reward does not come without its partner high risk !
|