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Neil (et al), Im having fun with this electronic toys aswell so add some of my
pleasure here for your pleasure <g>
I have used an Interactive Trader Workstations (IAB) last year (mostly for S&P),
LIND ONLINE (S&P and mini) for some months and LEO (only for minis) for
some weeks now - NONE of them is perfect, but to make it more interesting
they all have different (and the same: UNreliability) problems !
> 2. Why was your supposedly erroneous order of selling at 10000 (100.00)
> limit an unacceptable order. Isn't another way to state a limit order to
> say sell at 100 or better. Isn't 1002.00 better than 100.00?
The biggest fun (as Earl said) is the LEO does REJECT order and does NOT
tell you - example: for a test some weeks ago I entered :
BUY at 100000 - which to me was 1000.00 while the market was 1150.00 or so
- I could not CANCEL that - called the LEOdesk, they told me it was
REJECTED (no problem here, as I did it for a test anyway) - me asking why it
was REJECTED, the answer was the market is at 1150 not at 100000, which
was wrong and silly as a BUY LIMIT at 1150.25 would have been to be input as
115025 aswell and NOT 1150.25
even better example - yesterday I entered
BUY 950000 - meant ofcourse 950.00 (which should be entered as 95000), but
still got 6 digits in mind so typed one 0 too much - GUESS WHAT ??? .... was
that REJECTED ??? NO !!!! filled at MARKET at 979.00 at the time - can
someone explain that ?
> 3 I know sell limits are usually used when the market is below the limit
> price and vice versa for buys. Is it a bad order if you give a sell limit
> 1000.00 and the market is at 1002.00?
should be not - but I bet something will happen one day or the other on that
aswell
If you want to use that as example to BUY at 1002 LIMIT with a market at 1000
to limit your MAX slippage to 200 points, you may consider another funtrade I
had with LEO some time ago when CLINTON announced the bombing of
SUDAN, I was short (<g>) 2minis and the market moved higher.
On a 109500-9550 quote I entered a 9600 bid for 2 (trying to buy market but
not to hit into a black hole).....even being online all the time before it took some
20 seconds to get the order number back and the market was at 9700....so
didnt get any AT ALL - HAHA......
well, so still SHORT, still needed them <g> ..... entered a BUY STOP
9800.....while market was at 9700.....took some seconds (20?) to get the order
number back.....market was at 9900 or so.....Im not getting a fill at all, no
BEEP....hmmmm...????......guessed sth really wrong - BOUGHT MARKET
filled 0250 or so...... GREAT about 650 higher than I really should have with
FAST access.......called the order desk and queried my STOP. They said the
market was HIGHER when the order reached them so it was REJECTED - it
was NOT when I entered it - HAHA...great why is such a BUY STOP not
converted into a MARKET order then ?.....again OFCOURSE no notification in
the software or by phone on the reject - great fun,,,,,,
> 4. In fact, if you really just want to use market orders, why don't you
> make all your buys Buy at 100000.00 limit, and all your sells Sell at 0.00
> limit.
will be rejected - depending on the MOOD of the machine - WAHHHH
> 6. Is LeoWeb connected to the electronic EMini system so that fills are
> more instantaneous?
yes, however I notice 10-30 seconds before I get an order number back - I
think thats too long, also its quite a span, told LEO, no change - LIND ONLINE
is faster
> 7. Are you happy using LeoWeb even with the Cub problems?
not really - (IAB has other problems and LIND again others <g>)
also IAB and LIND dont do STOPS on minis - LEO does (most times <g>) thats
the advantage of LEO, but in last days NUTSmarket the mini is often
overshooting S&P prices by alot (Ive seen +300!) so STOPs may not be the
right tool aswell. Also often bid/ask are 75/100 wide and only for 1 and 2s
hoping for more "normal" times......
rgds hans
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