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>Date: Sat, 28 Mar 1998 14:10:42 -0600
>From: TomB and/or Roz <roztom@xxxxxxxxxxxxx>
>To: Omega Digest <omega-list@xxxxxxxxxx>
>Subject: NY Markets/ Tom Cathey
>Message-ID: <351D5942.26795E70@xxxxxxxxxxxxx>
>Content-Type: text/plain; charset=us-ascii
>Content-Transfer-Encoding: 7bit
>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.
Be nice to yourself. Sometimes, it really isn't your fault. They stoled
from you, pure and simple. I don't mind they steal, but not from me! and if
they do steal from me, not so much !!!!!! My friends talked to me about
commission and slippage, and I quipped,...... no, no, no, it's COMMISSION AND
THEFT !!!! I take comfort in the fact that there's an old saying and my own
observation that those who cheat will not benefit from it. I don't mean just
monetary gain, but the overall well beening of the individual. Look around,
how many people you know that cheat are doing well in life. Superficially,
sometimes it appear so, but on closer examination you will find all kind of
personal tragety. Be honest with yourself. If this apply to you, how much
have you benefitted from softwares that you didn't paid "full price" for ??
Take care. You are your best friend.
Jim Wong
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