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It's good to have the choice, and it probably comes down to personal
preference. If you're trading a lot of contracts, then being able to
"hide" your stops may be advantageous but for the 1-5 lot trader I don't
think it makes a blind bit of difference if the world can see the
order. Just knowing that the order is at the CME and off my PC (which may
crash/fall off the desk and take the order with it!) is peace of
mind. Plus, if you get caught in a really fast market after a news report
...the lower priority of locally held stops could result in huge slippage
compared to orders timestamped and queued on the exchange servers.
S.
At 07:46 PM 11/18/2001 -0500, you wrote:
>Simon wrote;
>
>By contrast, if you go with a firm that holds your stop orders
>locally on their servers (e.g. IB, PMBe), then the order is only released
>after the stop price is hit i.e. your order gets lowest priority and
>results in a few seconds extra delay. The potential for slippage on such
>systems is much higher than systems that let you hold stops at the CME.
>=========
>
>I disagree with this. First the delay is virtually negilgable---- a second
>maybe. Two, my experience is synthetic stops held on your own pc get better
>fills then stops held at CME. Plus stops held on your own machine are NOT
>visible on a globex terminal. I have the option of going either way, and
>synthetic has worked best.
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