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Earl and others,
I guess then, that my experience has been atypical.
I've never had a problem in the New York markets, which I have traded for
the last 11 years.
In fact, I can point to many cases of positive slippage on stops and limit
orders.
Wouldn't you think it's more likely that your brokers haven't been up to
par?
Warren Goldstein
Informational Commodity Trading Advisor
Email: wsg@xxxxxxxxxxxxxxxxxx
Website: www.wsginvestments.com
-----Original Message-----
From: listmanager@xxxxxxxxxxxxxxx [mailto:listmanager@xxxxxxxxxxxxxxx]On
Behalf Of Earl Adamy
Sent: Wednesday, March 15, 2000 9:30 AM
To: realtraders@xxxxxxxxxxxxxxx
Cc: realtraders@xxxxxxxxxxxxxxx
Subject: [RT] Re: FUT: time & sales needed
Not funny when this stuff happens, and it seems to happen frequently in
NY. In 3 years of running orders through the Chicago markets, I've had
such a thing happen only a couple of times and I've generally found that
a bad fill in Chicago (a fill a few ticks worse than it "should" have
been filled) is eventually offset by a good fill (a fill a few ticks
better than where it "should" have been filled). My most recent really
bad experience in NY markets was in the gold pit where it traded "big"
through my OB sell order and my broker could get me absolutely no
feedback of any kind from the pit regarding high price, canceled trades,
etc.. Not knowing if my OB order was filled, I was afraid to keep
running the stop up under the price as I did not want to be short. As it
turned out, all trades above my OB were cancelled, my order was not
executed, and price pulled back costing me thousands in lost profits ...
and the broker an account. More recently, I've been jerked around
several times in the sugar pit due to what looks like a major stop
running. Current policy is to avoid the NY markets and trade a bit
bigger in Chicago
Earl
----- Original Message -----
From: "Dennis L. Conn" <dennisconn@xxxxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Tuesday, March 14, 2000 10:22 PM
Subject: [RT] Re: FUT: time & sales needed
No, I didn't enter a market or stop order. Here's what did happen, which
still ended up costing me...
Last Friday morning, I decided to check the O.J. chart out, since I
previously noticed that there might be at least a few cents to be had on
an anticipated leg up once a correction had run its course. It appeared
to me after Thursday's action that the correction could be ending in a
downward wedge, and Friday morning the price gapped down to complete the
formation. With the price at 81.10, I put in my order to buy at 80.95 or
better; six minutes after my order went in, it hit 80.90 and I assumed I
had a fill (yes, I know what happens when one assumes). O.K., now prices
go up a bit. After half an hour of waiting for a fill report, I called
the brokerage to get confirmation - nothing back yet from the floor.
Huh?
Another 15 minutes passes, and the price drops to 80.85. Now I figure I
must certainly be filled, but I'm getting nervous. I call again to see
about confirmation - there's nothing. Another half an hour of sideways
prices, and still no confirmation. Finally, with only 45 minutes left in
the session, I call again. I'm put on hold while they call the floor,
only to be told that both times I thought I should have had a fill, the
exchange deleted the trades I thought happened. Typographical errors,
I'm told. I thought I was being scammed by the CSCE, but low and behold,
both trades that went through my price have indeed been deleted from the
official time and sales. Can I pick a number, or what?!!
It seems to me that in a market that's trading as slowly as O.J. did
last Friday that SOMEONE could have managed to find the time to let me
know that my order hadn't been filled, at least within half an hour of
the second deleted trade. I guess I expect too much from them, but it
would have been nice to know with two hours left to go as opposed to 45
minutes, most of which was spent getting a freaking answer to a simple
question! Naturally, prices have moved generally as I'd expected since
waiting all frigging day for nothing! Maybe it's a fluke, but I seem to
be receiving more than my fair share of flukey negative incidences
lately, and it's getting old. No wonder my hair's turning gray...
Better days ahead I reckon : )
Agingly (?),
Dennis
----- Original Message -----
From: nwinski <nwinski@xxxxxxxxxxxxxxx>
To: <dennisconn@xxxxxxxxxxxxxxxx>
Cc: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, March 15, 2000 1:28 AM
Subject: Re: [RT] FUT: time & sales needed
>
>
> Dennis L. Conn wrote:
>
> > Hi RT's,
> >
> > I'd appreciate it greatly if someone could provide the official time
and sales in May OJ for 3/10, from 11:00 to 12:00 Eastern time.
> >
> > Gotta love those N.Y. markets - NOT.
> >
> > Regards,
> >
> > Dennis C.
>
> Dennis,
>
> There is no doubt that the NY exchanges are the worst.
However, he who trades very thin markets such as OJ takes added risks
and
> should not be surprised when they get bad fills You didn't enter a
market order or stop did you? That would be asking to get screwed!
>
> Good Luck,
>
> Norman
>
>
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