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This may be of interest to those getting started
with the NY MKTS:
One of my worst experiences with a New York Mkt
was when the cotton market came down missed my
stop by a few ticks and then exploded my way. As I
watch what seemed to be a profitable trade develop
i got a report that i was stopped out at the low
of the day. Time & sales showed that my stop had
been missed then a trade was "inserted" and I was
the low trade. Some floor trader stole my trade.
Surprise ! If they can screw you - they will, like
Tom Cathey said jump up and down and most of the
time they'll come back with an adjustment on your
fills. With my trade they didn't. If they have 3
minutes to fill you once a stop or mkt order is
put in -then they can take a lot of license with
your $ . You can use limit orders but you'll wait
forever for a confirmation so you won't know if
you're filled - meantime if you want a stop, close
to the market you might end up the wrong way
instead of out. It's their game so I allow for
more slippage and thievery.
Best of luck,
Tom B.
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