The scariest part of this whole thing is you claim you have been trading for yrs. I could understand if it was some newbie trading and this happened and he whined and cried....but for the love of god...you have been in the mkts for yrs and this is the first time you have ever seen slippage on the screen? Slippage on electronic vs pits happens a lot during big volatility. Talk to the guys who trade gold and silver on the screen. I have seen instances where the low on gold is 2 dollars lower on the screen vs the pit. You never see any of those guys whining. It's part of trading. I think it's safe to say that if you were working a 110.01 bid and got filled on a move down while the pit showed a low of 110.07 you wouldnt be on here whining. Grow the fuck up.
Never pleasant to lose money. But think about this: had you been a buyer that particular day, and lets say you had your buy at 110'01, you would have been filled in the electronic contract, but not filled in the pit. Instead of outrage, you might have been talking about what a great market the electronic market is, where every once in a while the shoe clerks go a little crazy and give you an unusual opportunity to profit! All depends on what you were doing that particular day, and what side of the market you were on. Aside from that, the electronic markets have much to said for them. Today I can make a trade in any number of markets in a fraction of a second. Care to make any estimate about how long it takes over the phone, in the pit? Not to mention the reduced cost for dealing electronic versus pit. These and other reasons are why the electronic markets are taking over in terms of volume. Whether you like it or not, the pits in all likelihood will continue their trend toward extinction. My suggestion to you is that you simply realize you made a bad trade. The fact that had you had your order one place rather than another, and would have benefitted is really irrelevant isn't it? Again, had you been a buyer of the electronic contract that particular day at 110'01, you be long right now, but the same order in the pit would have been unable. Just understand that the electronic markets may overshoot at times...such as a thin holiday market with a big news item announced. Next time try to take advantage of it. OldTrader
Here: http://www.dailyfx.com/calendar/briefing/ Avoid the days that say nonfarm payrolls and maybe cpi and FOMC. Oh, and learn the markets before you talk shit about them. The cbot has nothing to do with this.
By the sound of things, the time it took the pit to trade all of the bids on the 07's the screen (where most volume is, therefore dictates direction) had gone down to 00's and back up. Over such large figures market orders on automated trading can sweep the book in blink of an eye. I can assure you that if the pit were as efficient as the screen it would've traded down to 00 too. I wouldnt rely on pit trading for too long either once the dinosaurs of open outcry retire you wont get the choice. Where it prints, it trades!
Thanks for the 110.01's I bought on Good Friday after Payrolls....They were a great fill and I was wondering who the moron was who sold them to me. It's always nice to see who is on the other side of my trades. I just sold them at 111.18, so Thanks again Kudos!
there are obviously alot of sick people in here that know nothing about trading. and then there seems to be a few people in here that are smart and benefited from my post since they had similar problems with the electrnic zb. it is shocking to see the immaturity and stupidity in such great numbers in here. i have already contacted many experienced traders and work with the top brokers in the futures industry whom all agree with me about this CBOT electrnic debacle. all the inflamatory remarks from people with an IQ of swiss cheese can keep their comments to themselves. real experienced bond traders such as myself would totally agree with me much as the experienced traders and brokers i have contacted whom have far more success than some blithering idiots in here that are shooting off their mouths about something they have no position on commenting about. the point of this post was to get the word out and let CBOT know to fix the problems. and they have many problems with these wretched innacurate electrnic markets. if anyone is a seasoned bond trader they hate these electrnic markets. they are a big scam. ok this post is over. i'm tired of making a point to children. if you have been scammed by these cbot electrnic markets please write to http://cbot.com/cbot/pub/page/0,3181,1206,00.html tell them you know about this scam and it has to be fixed. if enough people write to them they will fix the problem and these spreads wont occur anymore. to all the people that have pm'ed me and thanked me in this thread i appreciate your cooperation and lets get CBOT to make the bonds the organized controlled tradeable market it used to be. thank you.
on elite trader you're a millionaire. in real life you're a shmuck. let me see your account statement to prove it you lying shmuck.
You never made your point. How are electronic markets a *scam*? How is CBOT scamming us? It's not CBOT's job to keep electronic and pit markets in sync--it's the people who trade them and arb between them. If anything, you got scammed by experienced bond traders, like yourself, who were able to crush the electronic market such that the spread between it and the pit moved to 7 ticks for a whopping one second. So, bottom line, how did CBOT scam you? More important, what should CBOT do differently next time? Should they bust all electronic trades that are a certain distance away from the pit? Should they have not fired your stop order until the pit traded there rather than the electronic market?
I find it ironic that you are labeling the electronic markets a "scam." The move to electronic markets has been a great equalizer and makes the markets much more honest. Before electronic markets traders would complain about the locals. You could never buy on the bid side, the locals would not give up their edge. The locals could see the paper orders coming in and trade in front of the paper. When the market would get active there were times when the pit might trade 2 different prices at the same time. The market could go through your level and you still might not get filled (I am pretty sure this cannot happen with a resting order in an electronic market). Personally as a small trader I am much more comfortable with an electronic market than the old, old boy system where the locals and the filling brokers and the large wirehouses held a huge advantage over the little guy. I don't know how thin the pit is these days - I haven't been to Chicago in a long time, but you make it sound like a local was standing in the pit bidding 7 for 500 while the electronic market went to 110-00. Maybe a local got stuffed at 110-07 and everyone just dropped their hands for a second while the electronic market went to 110-00 and back to 110-08 in less than a second. Check out time and sales. There are a ton of trades labeled 08:29.43 which is a 1 second span. The first trade is 110-15, then every price trades down to 110-00 (still timestamped 08:29.43) then a single 110-21 and a 110-23 print (WTF?) followed by another 110-00,then 110-06,7,8, and the first trade that is timestamped 08:29.44 was 110-10. My point is, it may be inaccurate to state that the pit and the electronic markets were 7 tics apart. If nothing traded below 110-07 in the pit it may have been not trading at all for that nanosecond, not that it was trading at a different and higher price. You were lucky you only had 1 tic slippage on a stop loss. You could easily get filled 1/4 point below your level on a market stop loss in that situation.