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Dear Mark (Seflin) and to R/T's,
I think Tim is presenting the facts. So there is no need to get upset with
his explanations and view. If you are happy with your approach, Tim has
indicated you should stick with it.
As far as I know, whatever you pay your introducing broker for a commission
has nothing to do with what Tim, as a floor broker, receives. (I guess, he/and
the rest of the floor could renegotiate on general principles after a while.)
Does it make a difference (to C/R)? Depending on the market, generally, if
you chase, you lose. (Tim's opinion and mine.)
Can you get the floor "pissed off" at you? I assume so. On one particular
day, I decided to cancel/replace about 4 options contracts in the NY cotton
market. My broker called me after an hour and said that their floor brokers
passed the word up that they didn't like that and that they "would take care
of me." So, rather than getting my fills in about an hour and a half or two,
(the normal ridiculous service from that pit) I got them two hours after the
market closed. And they were poor. (I had put in the orders and changes at
the start of the day.)
To further check things out, I later put in separate buy/sell orders
(straight futures) relatively simultaneously, (two phones, first the market
order to one company/broker, then a few seconds later, a limit order to
another company/broker.) In every case, (over a period of two weeks) I was
filled at market $150 to $250 (p/c) over/ (worse than) my fills in the limit
orders (all the limit orders were filled). After about five trades, I got the
message and stopped the experiment.
Take care, Larry Z...... Seattle.
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