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I did not mean cast aspersions upon those trading the e-mini, just those that
created it. It was created to attract traders that could not afford to trade
the larger contract, therefore create a vehicle for those financially
disadvantaged and therefore probably less experienced. I have traded the e mini,
on occasion, when the volatility in the larger contract went berserk. With my
commission structure I would need a 3/4 point move to break even. It forces me
to trade a longer time frame then I am accustomed to with the S&P. I find that
the fills are better with a direct call to globex for the e-mini trades and the
prices I receive seem to better then I could expect most of the time from the
big contract. A trader has the right to trade anything that he deems himself fit
to trade. He can bet on which bird will leave a fence rail first, if that suits
him. My objection is to the people who create instruments specifically designed
to generate income from those who, in most cases, shouldn't be traeding those
instruments. Some major funds could fall into that catagory when you include
derivatives. Have a good week. Ira.
Earl Adamy wrote:
> Other day you made a comment which basically boiled down to e-mini is for
> small traders who can't afford to trade the spoo. I don't suppose you
> considered the fact that the e-mini provides 3-5 times as many quotes per
> minute and that limit fills are virtually always available at the bid/ask
> (sell/buy) I see on the (free) CME real-time internet feed. (Am not
> referring to the 3rd party vendor feeds which always lag a few seconds). For
> nominal additional cost in commission and slightly larger tick size, one can
> eliminate the slippage in the pit and the hassle of dealing with human
> beings. That's why some of us trade the e-mini, not because we can't afford
> to do the spoo.
>
> Earl
>
> -----Original Message-----
> From: Ira <ist@xxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Date: Saturday, February 20, 1999 11:34 PM
> Subject: Re: Fut: T-Bonds Data accuracy
>
> >That is why when you call the pit to put in an order, ask the price. The
> bid
> >and offer are away from what you see on the screen. In the S&P pit it can
> get
> >real weird. I still like the phone over the net. Ira.
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