Cbot Are Crooks!! You Must Read This Story!

Discussion in 'Financial Futures' started by triggertrader, Apr 18, 2007.

  1. dhpar

    dhpar

    to OP poster:
    I remember that day very well because I traded the employment report and made some decent money - even bought something at 110-01.

    The plunge down to 110-00 and reversal took less then 1 second - you can not arb anything with the pit in such a short time. This is quite normal on important data releases especially when dealers' desks are half empty.
    So get back to the learning board and don't complain about ECBOT...
     
    #21     Apr 18, 2007
  2. Urkel

    Urkel

    oh really? i doubt this. how many years have you been monitoring both the pit and
    electronic moves during employment reports? you do realize during really fast moving markets there is no way the pit can keep up with the screen and that friday was nothing compared to moves that would happen years ago.
     
    #22     Apr 18, 2007
  3. woodrow

    woodrow

    Hey Rockhead...the Treasury Bond futures trade in "ticks". The electronic market was 7 "ticks" off of the pit, during the payroll report on Good Friday. If the market dropped 7 "points" then you might have an issue. Perhaps you should have taken the $218 you lost and invested in a course on trading financial futures.
     
    #23     Apr 18, 2007
  4. Thankyou. I looked at a 1 minute chart and saw the spike. You know it was a FAST "darn near instantaneous" move.

    He needs to stop whining. Lick his wounds and Just trade the pit. It's obvious that is the chart he watches....

    Side by side doesnt mean exactly the same.. Hell, even at close of day the Electronic at times differs a point or so from the pit. Get a clue.... I saw 4800 contracts move at 7:29 (the time of the spike) and another 4800 move at 7:30am

    7 years and you made a mistake. 7 years doesnt mean perfection.. (it means completion if you are a bible scholar. LOL)

    And you completed 7 years of experience with a BIG FAT lesson. Trade the chart you watch....

    Honestly, I wouldnt trade Soybeans watching a Wheat chart. LOL...

    Not trying to beat you up, but you keep telling us in your responses.... YOUR errors.
     
    #24     Apr 18, 2007

  5. exactly. you're a 100% correct. they are independent. the problem is my broker told me that they move in the same direction and the ranges are the almost the same. boy was he wrong. maybe he didnt know himself untill this debacle. i mean there was always a little bit of a spread. i had instances where i had more slippage due to trading the zb and got filled where i thought i wasnt filled due to viewing the pit session data.
    you see the emini's are great. they mimick their big brothers. this zb nonsense works independantly to a market which is supposed to be the same market. this is why the e-minis are such a success. the zb/us is a true conundrum. it just makes no sense how the same exact markets moves totally independantly from one another. its the only market in the entire futures industry that does this to my knowlege.
    you see. the bottom line is if you look at a pit session chart you will see how much more stable it is. it has day sessions. it has open high low and settle prices. you have points of support and resistance. this is how you base trading decisions. i have made money trading bonds over the years using my system. i have been making money before this zb nonsense came along. i thought since these markets move in tandem i can use the zb and base my trading decisions off the stable pit session data. well. i found out thats not the case. i appreciate your input. good post.
     
    #25     Apr 18, 2007
  6. There wasn't that day either.

    There was a 7 tic spread...
     
    #26     Apr 18, 2007
  7. I should clarify I meant pit brokers ... not all brokers. I've never had a good fill in the pit.....

    That said this is your own fault.....you need to understand how the markets you're trading work .... most traders get nailed in the beginning when they're trading a new market (or an old market in a new way) ... myself included. It's the cost of education -- hopefully it will help you make sure you don't make that mistake again.
     
    #27     Apr 18, 2007
  8. listen genius. the minimum tick in bonds is 31.25. that is the highest increment of any commodity future that makes it a point. you can call it a point or a tick. it makes no diffrence. this is the way brokers call it.
    you obviously dont know how to read. i didnt lose $218. learn to read and then respond accordingly.
     
    #28     Apr 18, 2007
  9. Surdo

    Surdo

    Trigger:

    You made your point!
    Why are you lowering yourself to their level by responding?

    el surdo
     
    #29     Apr 18, 2007
  10. A broker that doesnt know how the markets move makes me nervous as well.

    For those who take issue with his use of point versus tick.... From CBOT's site.....

    Ergo 1/32 point = 1 tick.. not 1 point = a tick...

    So it does matter, you wouldn't call a byte a bit and expect the "same" result....
     
    #30     Apr 18, 2007