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Tom is right. He and I spoke long ago about the problems of the mini.
The CME says they are working on some changes like the ability to enter
stops, but I often wonder if they are out of touch. The contract is
supposed to be for the little guy, but the exchanges only seem to react
to pressure from the big Chicago houses who see the idea of electronic
trading as a bit of a threat. I encourage everyone to send their
experiences and comments to globex@xxxxxxx to get our voices heard.
Eric
Tom Alexander wrote:
>
> Stuff like this is the tip of the iceberg for those brokers advertising
> they'll take stops, and for their clients naive enough to take the bait.
> Anyone that has full understanding of the mechanism on which this contract
> trades should realize it is totally unrealistic to expect a broker (or even
> worse a brokerage desk) to try and work stops that have to be manually
> entered AFTER the stop price has been hit, not to mention the fact that
> there could well be stops on various prices all over the place for
> different accounts.
>
> If you are one of the many trading the mini (sorry, couldn't resist that),
> you had better know what you are doing and what to expect. It doesn't
> appear that most (or at least some of the most visible and aggressive)
> brokerages care whether or not their clients are fully informed.
>
> Regards,
>
> Tom Alexander
>
>
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