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I have a new daytrading system that I was trying out today. So I figured
I'd try out the mini's since I didn't really care about making profits as I
did just actually getting the system into the market. My regular broker is
in Europe on my behalf prying some money out of some German's hands.
Anyway, I got his assistant that I hardly know. He promptly placed the
order and I placed a stop. Then the trade moved my way and I decided since
I was just screwing around, I'd not let it become a looser. So I called and
placed a Profit Target. He said a few flavorful words and informed me of
all the pitfalls of the Emini's. They dont take OCO's at all what the heck?
He started to tell me about all the customer complaints and horror stories
about clients thinking they were filled but weren't. Then placing stops
that did get filled and their initial orders weren't hit in the first place
even though the price traded through it? What the hell? I'll not trade
anymore minis. He told me one guy he knows trades 20 lots of mini's, while
I think this is all fine for a small guy under a 5 lot. I cant understand
someone doing a 20 lot of mini's what would be the reason for that? If the
volatility scares someone they should trade the NYFE. But be prepared to
get stabbed on the fills. At least thats what I remember about that
market/exchange. I'm sticking to the SP and Bonds there still better than
any market I know of. I also find the min. tick increment in the emini to
be advantaged to the locals.
Mark Brown
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"I tried being reasonable, I didn't like it." - Clint Eastwood
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