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> This may be of interest to those getting started
> with the NY MKTS:
> One of my worst experiences with a New York Mkt
> was when the cotton market came down missed my
> stop by a few ticks and then exploded my way. As I
> watch what seemed to be a profitable trade develop
> i got a report that i was stopped out at the low
> of the day. Time & sales showed that my stop had
> been missed then a trade was "inserted" and I was
> the low trade. Some floor trader stole my trade.
Tom, sorry to hear that !
Im not sure whether that is NY MKTS problem or your broker or just
bad luck - could be all !
As I keep tooting its not comish alone but honesty what counts with
ones broker - let me give you a prime example
I placed a S&P sell order with my broker to sell at xxx.20 MIT. I
allways do MIT's as dont want to see that my tick trades and to be in
doubt whether a LIMIT order is done or not. That was at the time
of the old contract size, with 0.05 tick increments.........
At the time the price was some 200 or so below.....went to my xxx.15
- traded up and down and a total of eight !!! times at .15 - sure I
assumed to get done soon - NOPE, never dealt at 20 and backed off and
dropped 500 points - hovered around that level. You may assume I was
angry, but that the name of the game.
I thought I might be lucky and missed that tick on my datafeed (yes
grasping straws) so called my broker and asked friendly to check
their T&S - checked and confirmed that I was NOT filled, never higher
than xxx.15 - 1/2 hour later it was late in the day - I called to
cancel that MIT as I wanted to call it a day - few minutes later they
called back and said "to late to cancelled - filled at xxx.25" - so
that was even 5 points higher than my order - I was really confused
and said "but we checked T&S" - they rechecked and it was INSERTED -
I covered at mkt and made near $2500 on that 1 ctk trade !
Can you belief that ? - I would not myself ! - but it happenend
So do I care about $1 more or less comish ?
....oh yes, before I get 1000 requests WHO IS IT ? LIND-Waldock
No Im not LIND and I dont own LIND, I dont get kickback or comish
or whatever, just HONEST service, but thats more than enough
rgds hans
~~~~~
....and bear in mind
that high reward does not come without its partner high risk !
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