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Stops (as well as stop limits) can now be used in the mini. It is indeed
quite risky to use a stop limit order as a protective stop on an open
order. MIT (market if touched orders) are not yet available and I have not
heard that they will be.
The mini has evolved into an excellent trading vehicle as a proxy for the
S&P. The commissions have come WAY, WAY down and with the S&P trading at
such high levels the argument that one can not make enough money trading a
mini or two just doesn't hold water. Also, the liquidity is excellent and I
have found it to be more liquid than the S&P. I know if you look in the
paper you will see more volume for the S&P, but there is a difference
between liquidity and volume. A lot of that volume you see in the S&P is
comprised of 20 lots, 50 lots, 100 lots, 1000 lots, etc. The volume in the
mini at each price level during the trading day is very active and there
are less "air pockets" where nothing is bid/offered for two or three
handles. The fills on every type of order in the mini have been excellent
and almost instantaneous. None of this gut wrenching "I'll check to see if
you were filled" stuff while the S&P jumps six handles in a fast market.
Regards,
Tom Alexander
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From: POMPATIS@xxxxxxx
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Subject: fut:e-mini
Date: Tuesday, May 04, 1999 6:16 PM
Greetings:
I would appreciate some input from those of you who trade or have traded
the
e-mini on globex2.
My questions/concerns are regarding the way orders must be entered. For
instance, a stop loss order must be entered with a limit price correct?
Isn't this a little dangerous - if the market shoots past your limit price
your stop loss order is not filled and becomes a resting order correct?
Also, if i wanted to enter on retracements, it seems there is no way to
emulate a market if touched order. only a limit order can be used, and in
this case one may not know if one's order was filled for some time.
Any advice and input regarding globex2 and the e-mini and the placing and
filling of orders would greatly be appreciated.
uneducatedly yours,
K. Miles
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