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Tim: EXCELLENT POINTS. All traders should examine each of these questions in depth, and if they can't answer or don't even understand the
question, they should STOP TRADING until they do! I am finding that RTs have some sort of a black box mentality about the pits they send orders
to; and then blame the "pit scoundrels" for their own lack of understanding. RTs need to understand the subtle processes that go on in the pits
in which they trade in order to fully understand the markets they are trading. They also need to understand the full range of tools available
to them to enhance their trading. You should be commended for bringing some of these tools to their attention.
I find it interesting that when we offer our own perspectives and experiences in the cooperative spirit of the Real Traders discussion group,
we get flamed....
Tim and Lynn Lee wrote:
> A good floor broker is often a robot that does exactly what you tell it to do. Exactly what is written on the order ticket they are given.
>
> But to all traders, especially the newer ones, can you answer these questions?
>
> When do you use an "ob" order? Should you?
> How long does the broker have to fill your order once it is given?
> How long does the desk have to tell me my order was cancelled?
> When does the clock start ticking on a market order?
> What exactly is time and sales?
> Are you entitled to an official copy of such?
> What does it mean my trade was deleted?
> What does it mean "it must tick through my limit order"?
> Why did my broker not fill me in a "fast market" ?
> What does broker" not held" mean?
> What are the key times when my broker does not have to fill my limit orders.
> How do I best evaluate my floor brokers performance?
> Does the floor have to accept my order?
> Can I switch floor brokers?
> Is it possible to talk directly to the order filler?
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