Question. I know there are a huge number of CL contracts traded, but when I'm looking at IB Book Trader it looks like the bid/ask sizes are typically under 100. Is this because most of the contracts trade in the pit? Does this create any problems for the electronic trader?
QM is not a very good contract to trade.. stop fills are very lousy.. limtis hardly ever fill and the tick is 2.5 cents.. so you get robbed like 25 bucks RT.. just ot get in the trade.. the problem is the tick size and lack of participation..i will sometimes us the mini to take proifits in a half increment.. or if I am lookign at holding a day trade position all day... the full size Cl is very liquid very little slipapge but if you are wrong and have a lack of discipline you will lose big! I would recommend trading crude options inta day with a good pit broker.. you can get a give up agreement wit your FCM and get very good fills.. much easier to stomach than the actual futures.. however.. if you are going to trade teh futures.. save your self frustration and money and trade the big one.. the CL all bid ask spreads are the same no matter what platform they suck in the mini ICE offers easy spread trading if you want to do that smaller risk return.. lower margins etc.. higher return/loss as far as % gain or loss to margin.. also if futures lock limit your spread position can still be lifted or offset.. another advantage of spreads
Jaytrader, do you work for or are you affiliated with ICE? I see the slippage in the mini- however are you linked to Globex, its pretty tight. The mini on ICE is terrible. MINI's are really a GLOBEX product not ICE product.
i never said anything about mini contracts on ice!!!!!!!!!! i don't even think ice has mini contracts.. GLobex CL futures are tight.. but not the mini.. the globex and ice CL futures are all tight... they are computer arbed so the price is almot always the same.. I am not sure why you would think I work for ICE? ICe platform is faster and better than GLobex.. the limit order book on all of ICE is endless.. not 5 deep but as deep as you want to see. I posted a screen shot of my ice trade screen in a previous post if you want to download it.
Jay, Do you have your ICE access through a company that you work for? Or do you have it on an individual level?
through ice platform, but i got approval from MF global... .. Ice can set all paramters as MF global sets them..i.e. fat finger error number of contracts.. reduced margins etc. I can also use teh M trade pro (jtrader platform) or express.. but trading on the actual ICe platform is much easier and faster. If you call your FCm and you have a good relationship then they should approve you. This is another benefit of not using Interactive brokers etc. I have been with Man for six years. You can go to the ice website and get a free trial for the platform. It is an amazingly quick platform.. 7 millisecond latencybottom of thias post is screenshot http://www.elitetrader.com/vb/showthread.php?s=&threadid=122385&perpage=6&pagenumber=8
Agree ICE is better- ICE is great for large contracts- not good for mini. Smaller funds need the mini- thats why most go globex and trade mini and put up with slippage etc.
platform is free from ice...they are the exchange so they make their money on exchange fees..not platform