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-----Original Message-----
From: Zaitzeff <Zaitzeff@xxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, May 07, 1998 5:47 PM
Subject: A Vote for Timothy on "Cancel/Replace "
>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.
>
>Simply another reason why these "scam artists" will eventually be replaced
by all electronic trading. Who needs them and their egos and their
continuing rip off of the public? They are probably the most over paid group
of useless individuals still allowed to operate.
jdfo@xxxxxxxxx
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