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That is why I use options as a hedge when ever I trade the NY markets. That
way I don't have to worry about them running stops. If I am right I make a
little less and if I am wrong, then I know exactly my maximum risk. the
trick is to be able to get a market in the options as well as the future.
The NY markets aren't worth the hassle to trade. There is enough profit
potential elsewhere. Ira.
Earl Adamy wrote:
> 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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