|
PureBytes Links
Trading Reference Links
|
----------
> From: Jdonato98@xxxxxxx
> To: mmorrison@xxxxxxxxxx; gta3@xxxxxxxxxxxxx
> Cc: realtraders@xxxxxxxxxxxx
> Subject: Re: Mini/SP discrepancy
> Date: Friday, July 30, 1999 4:16 PM
>
> Mark,
> Tom and you both have good points.
Well, I personally think you have this point half right.
The problem is two-fold.
> First, anyone day trading the Spoos or E-Mini should be well aware of the
> risks involved in those markets.
Unfortunately, the get rich quick mentality is in full force and too many
people are in this game with the wrong attitude and no clue as to what is
involved. That includes brokers as well as individuals (customers).
Unless you have been there (the floor), you
> have no idea what a fast market looks like.
I have never traded on the floor but I have traded, over the past fourteen
years, thousands and thousands of S&P's for myself, institutions, and
individuals. All of this has been off-floor trading, using arb desks as
well as the Timberhill workstation I have had sitting on my desk for the
past two years. I have, however, been on the floor many, many times and I
am well aware of what a 'fast market' is, and does.
You can drop 100 points if you
> stop to scratch your ass.
> So place the stops ,and let them fall where they may. If your clients
can't
> stand the heat, get out of the furnace. It is not your responsibility to
baby
> sit your clients.
This depends on a personal definition of 'responsibility'. Based on my
considerable experience, I will not open an account with someone who I feel
has no experience, inadequate capitalization, or the wrong mindset to
daytrade S&P's. I do not need the risk and neither do I want to be a party
to self-destruction. I repeatedly tell my customers and my prospective
customers, that daytrading the stock index futures is a low probabilty
event. Too many people are trying to enter Le Mans without ever having gone
to driver's ed and learning how to drive the family wagon. I am not of the
'well, it's their money' crowd. Don't get me wrong, I am quite capable of
dealing with and providing sophisticated S&P traders whatever they need to
facilitate their trading. I do have quite a few S&P traders. BUT, they
would be the first ones to discourage much of what I am referring to.
> Secondly, the clients may be using a service that is not as good as CQG,
and
> you both know the complaints registered here on this forum about slow
> services.
> Tom, in Marks defense is that he is using CQG which is light years ahead
of
> any other service in speed and accuracy, with S&P Comstock right behind
by
> 1/2 tick.
All of this is completely beside the point. I don't give a ---- how fast
anyone's fricking data feed is, risk is risk and when it gets to the point
of being measured in nano seconds for an off-floor trader, it is too much.
So he is seeing the numbers quicker than those using signal or bmi.
> If he intends to treat his clients in this manner, then he should be held
> responsible.
He will be, but that ain't going to help his customers. Flesh doesn't
spend.
> It is Russian Roullette.
We totally agree on this one.
And all the best to you, too, Jerry
Tom Alexander
>
> All the Best to Both of you,
> Jerry Donato
|