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RE: S&P Fill??



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limit orders are more or less dead, so forget em and adapt and evolve.

now i use mit orders exclusively, usually with positive skid on both sides. 
mit's have the effect of a limit order, but get you filled around your target 
price if you're clever enough.

there are two main components of successful trading; one is good research 
of your method/system, and the second is proper execution of orders. in 
the final analysis, execution is paramount to success.

TJ

At Mon, 15 Nov 1999 16:12:20 -0500, "John F. Berentson" <jfbnyc@xxxxxxxxxxxxxxxx> 
wrote:

>My sympathies, but I learned that limit orders cannot be relied upon 
>for a
>fill in any market condition other than one going against you. I use 
>stop
>orders and OCO orders and take my lumps on slippage. I have been dabbling 
>in
>the e minis lately and got a stop order hit on the button. This is an
>advantage of a electronic crossing network - it makes no attempt to 
>put your
>money in its pocket.
>
>JFB
>Shaven Heads Trading
>NYC
>
>-----Original Message-----
>From: Snap . [mailto:snapp33@xxxxxxxxxxx]
>Sent: Monday, November 15, 1999 12:48 PM
>To: omega-list@xxxxxxxxxx
>Subject: S&P Fill??
>
>
>Hello Group,
>
>Wanted to know from experienced folks if the following can occur or 
>not as
>its news to me and can dangerously effect ones results if using limit
>orders.
>
>I used a limit order that clearly went thru the price by 2 ticks in 
>a slow
>paced time at the S&P pit (12:11 EST) and broker says UNABLE!!
>
>If this is true, How can trading systems or methods that are self written 
>or
>bought be replicated in real time if the rules of the exchanges allow
>vagueness?
>
>I have not heard of errors like this and wanted to see if others have
>witnessed this.
>
>Thanks
>Steve
>