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Folks:
About two months ago, we talked long and hard about the pros and cons of relying
on the electronic markets as they currently are configured...I know others drew
the same conclusion as I did here in my posts then: Although it's nice to think
you are getting the same thing with electronic trading and you don't have to
speak to anyone [some people like that, I guess], but the truth is, in a pinch,
you are screwed. The first thing I posted about then was: What would you do in a
falling market when the broker doesn't HAVE to be held to anything and you can't
enter a stop order?? The conclusion then was that you might have to chase the
market down 10-15 big figures to get out!
Please, please...think about why people that have traded these markets for years
insist on these orders--They are invaluable tools. I would NOT trade without the
full complement of orders. Period.
And yes, part of this problem sounds like it was compouned by a) being in an
E*mini as well as an electronic transmission. But remember that saying...when
the shit hits the fan, everything that can go wrong, will go wrong. If you had a
broker that you spoke with for all of your trades, I think you might have had
better luck. At least the person on the phone you gave the order to might feel
some responsibility.
And last, if you are trading an E*mini, WHY would you possibly be caught long on
a day like today?? These market conditions are not for small accounts. They
really aren't for large accounts. They are sloppy and hard to trade and even the
people that are making money are in a bad mood. Sometimes, it's wise to get,
look at a market, and say to yourself: Hmmm...maybe I'll just skip this market
today. And boy, the last thing to do is pick a bottom....
I hope everyone had a safe day and survived.
Best,
Tim Morge
Robert W Cummings wrote:
>
> Peter2150@xxxxxxx wrote:
> >This is not an issue with CME, but with your broker. Until Globex2 is fired
> >up in Sept. the ONLY type of order that can be placed is indeed a Limit
> >order. When you place a market order, the broker's terminal operator enters
> >it as a limit order, hopefully for rapid execution. If your broker accepts a
> >stop order, it isn't entered, but he monitors the market, and when the price
> >hits your price, he then enters the order as a limit order to get you out.
> >
> >This at least is my understanding, both from my broker, and his terminal
> >operator.
> >
> > Pete
> >
>
> Pete;
>
> You should know I have just never heard of this before that you can't enter
> a market order in any market.
> Would you happen to know the thinking behind this and the mini S&P still
> can't take stop orders but takes limit orders? If your long and want out of
> the market you need to enter the order below the current price? Example
> being if the price were 1040.50 you need to place the order at 1039.50 to
> be sure to get out.
>
> Robert
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