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Two issues:
1. They only accept stop orders on a "waiting" basis. Which means the
system only actually sends an executable order AFTER the stop price is
touched. It is a two-step process. The resulting delay of five seconds to
process the second order, can result in nasty slippage if the market is
ticking against you at that time. I've seen slippage of four ticks on the
Emini SP with PMBe. With "true" stop orders that are resting on Globex, it
would have been zero or one tick slippage.
2. Unlike other firms, they have no stop-limit order capability to control
the fill price (particularly useful on entry orders, even if not an
appropropriate exit order). To enter/exit the NQ using PMBe's "stop"
orders could be hazardous to one's financial health.
Simon.
At 15:25 19/01/2001 -0500, you wrote:
>What is it about the way that they handle stops that you don't like?
>
>There was just a big discussion about emini stops on the Real Traders list
>that I participated in and I am always looking for trader input about issues
>like this.
>
>Regards,
>
>John J. Lothian
>
>Disclosure: Futures trading involves financial risk, lots of it! John J.
>Lothian is the President of the Electronic Trading Division of The Price
>Futures Group, Inc., an Introducing Broker.
>
>
>
>In a message dated 1/19/01 1:00:36 PM Central Standard Time,
>rtuchow@xxxxxxxxxxxxxxx writes:
>
><< Does anyone know of a good online discount broker for trading S&P e-mini's?
> Preferably one where orders go direct to globex. I am paying $12.54
> including fees through PMB but I don't like the way they handle stop loss
> orders.
>
> Rich >>
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