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Suggest, first, that you directly inquire of your broker why he didn't inform you
on a timely basis as to the fact that your order was "rejected" (your term).
Secondly, if there is noone willing to take the opposite side of your order
(whether buy or sell) and there are a large number of others ahead of you or the
market is already limit down or up you can only sit tight (screaming sometimes
helps the psyche) and wait till the logjam disappears. Sometimes you are able to
hedge some or all of your position in another market or with another instrument,
AND even though it rarely happens you should already have decided upon a plan of
action for when it does, INCLUDING backups when the first choice doesn't work.
Welcome to the real world of the trader.
Richard Funkhouser
Nchrisc@xxxxxxx wrote:
> I wonder if anyone else experienced anything like this today:
>
> 1. Electronically, place a market order to buy the emini, get filled.
>
> 30 seconds later...
>
> 2. Oops, missed, sell emini at market, waiting...waiting...waiting...no
> fill...call broker...CME rejected order, don't know why, need to re-enter
> order.
>
> 3. Re-enter order...same as above... the market is now 10 S&P points lower
> than when the original order was placed. Broker still has not heard from CME
> why it is rejecting orders...Figure out that that only limit orders are
> accepted, (despite no help form CME)
> 4. Finally enter limit order that is accepted -- about 1 point from the low
> and 15 S&P points below where original order placed
>
> Now I am not a litigious sort of fellow, (and the $$ I lost due this was very
> small) but at some point the CME has got to take responsibility for this thing
> that they have created. From what I saw, it appeared as though the computer
> (or someone ?) pullled the plug on the stop/market subroutine when the market
> was in climax selling mode -- I am sure customers lost millions, if not 10s of
> millions due to this.
>
> I wonder if anyone else had a similar experience?
>
> NCC
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