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In a message dated 97-08-08 20:39:03 EDT, efrain12@xxxxxxxxxxxx (Efrain R
Portales) writes:
<<
Hi Philip,
I'm a futures day-trader and use stops with my trading.
Can you please explain more in detail how this works in
the pits?.
Say I place a market order to go long U 97 S Francs at 6600, get
filled at 6610, then I place a stop loss to sell at 6595.
Question : is a floor trader going to be yelling trying to sell at
6595 ( which is my stop and probably there are dozens or
hundreds at that price ) ?. If it's legal to do that, it's unfair,
because if all the stops are known among the floor traders,
that very same fact would work like a "magnet" to pull prices
down ( in this case ) to where the stops are significant and
"sweep the stops", putting me / us out with a loss. >>
It seems to me that this is the way it works! My Broker told me so!
He has even warned me about the "Spread Pits" that they can do what
they want, stopping you out with a loss! Hence the need (and pocket)
for a deeper stop loss.
Regards,
SRR/arr
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