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I think that the two of you may be talking at cross purposes. Hans is right
that a buy limit placed above the market is "bullshit". It will work without
a doubt, but then it's a market order in reality, and anyone in their right
mind wouldn't go through the extra steps involved in placing a limit rather
than a market order. However, as Jeff pointed out, this IS what happens to a
market order when it gets into Globex. As Globex does not natively handle
market orders, the market order to buy is converted to a limit order at
(generally) 10 handles above the market, thus ensuring an immediate fill
even in fast markets.
Seems like everyone is right. :)
Andrew
----- Original Message -----
From: hans esser
To: omega-list@xxxxxxxxxx
Sent: Monday, June 03, 2002 11:23 AM
Subject: Re: Bad ticks caused by Wrong Orders
> Jeff,
>
> thanks for fedback.
>
> I talked to my broker and he assured me that a buy limit order placed
above the
> market on Globex will be executed right away.
OFCOURSE it will - because the order is bullshit
What you plan to do above the market is a BUY_STOP order and nothing else
rgds hans
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