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Gary certainly has it right in terms of "help" from the pit. It is far
better to pay the extra commissions for the mini nasdog than to pass through
the gauntlet of the floor. You can pay a lot of commissions for a "slip" of
5 handles in the big. How long these guys will be tolerated by traders is
the only question- not *whether* they will disappear. In fact, I am
wondering whether the recent appearance of the "Piranhas R Us" moniker in
our group is part of this effect. The poor floor trader piranhas are
already seeking a new way of making money as we speak. They may even have
to compete with us on an even field in the future, like the Phantom of the
Pits predicted in his writings on the previously popular futuresmag.com
forum. When that occurs, our "help" to their accounts will be diminished.
"Don't let the Piranha get you down".
Don
----- Original Message -----
From: "Gary Fritz" <fritz@xxxxxxxx>
To: "Omega-List" <omega-list@xxxxxxxxxx>
Sent: Thursday, January 25, 2001 11:56 PM
Subject: RE: What are the most liquid symbols to trade ?
> In futures all the major contracts like Bonds, S+P, ND (on most
> days), ES, NQ, S, C, W, LH, LC, FC, SB, KC, etc. They're ALL
> liquid enough for the average and even above average-sized trader I
> would say.
Bonds, certainly. S&P, maybe. (Not always, and certainly not always
if you're trying to move more than 2-3 cars. The S&P has a lot of
volume but I think a lot of that is in really large transactions.
It's sometimes hard for the little guy to get decent fills.)
ND, no way. Have you ever tried trading the big ND? There are often
periods during the day when no trades happen for minutes at a time.
(Example: today, 1 trade at 1:31 ET, 2 at 1:32, 0 at 1:33, 3 at
1:34, 0 at 1:35-1:37.) Sometimes it's hard to get in & out of ONE
contract without getting raped. The 5-10pt spread doesn't help any.
The NQ has roughly equivalent dollar volume to the ND (e.g. about 88k
NQ's vs 17k ND's on 1/24) but the NQ seems to trade more liquidly
even when you trade 5x as many NQ's to get equivalent dollar value.
The fills are certainly better without the pit "helping."
Gary
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