|
PureBytes Links
Trading Reference Links
|
Hi Tom B. -
Man that hurts - interesting story -
I've had those "write in" trades before too - What a bunch of crap!
As a fitting epitah, I bought a few Cotton on Friday. Couldn't stay out of
the market. Got filled at the high of the day...exact tick. Mostly my
impatience, though they had to rub it in. <g>
It then sold off and closed at middle of range. I think the only way I'll
come out is to hold it until middle of April (with stops) as planned....at
least they can't fool with the longer term move.
I've often seen those NY Cotton openings sell off 100+ points and return
unchanged within 5 minutes. Those floor brokers are really looking to run
stops more than any other pit I've seen. I used to think last year that
they actually ruined their own market by doing this almost every day. For
awhile the volume dried up to almost nothing all day after the
open...probably 'cuz position traders were tired of losing their positions
on the open.
At their short term mercy,
Tom Cathey
BTW, I've heard from individual traders that this "3 minute execution rule"
just does not exist. Though most brokerage firms quote it as policy, others
argue that there IS no 3 minute rule.....does anyone know the real score
here?
----------
> From: TomB and/or Roz <roztom@xxxxxxxxxxxxx>
> To: Omega Digest <omega-list@xxxxxxxxxx>
> Subject: NY Markets/ Tom Cathey
> Date: Saturday, March 28, 1998 12:10 PM
>
> 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.
>
|