CME Lumber

Discussion in 'Ag Futures' started by SideShowBob, Oct 31, 2006.

  1. Is it normal to place a stop market order, have your stop price hit, and yet the order doesn't fill? That's what happened to me today, and I'm finding it a little unusual.....but then again who knows with those pit traders.....
     
  2. I asked a question about the lumber pit a month or so ago. I was told the running joke is that when the phone rings with an order, the locals all laugh.

    It's true. I've gotten some *HORRIBLE* fills from the lumber pit. Really... Really... bad.

    The market reporter will report a decent bid and 15+ minutes later you might see a fill.

    I'd love to keep trading lumber, but there's just no liquidity.
     
  3. REDDEC

    REDDEC

    YOU SHOULD JUST TRADE THE OPTIONS IN LUMBER AND ALSO IF YOU DIDN'T GET A FILL WITHIN 2 MIN. OF ORDER BECOMING A MARKET ORDER WHEN THE STOP WAS HIT CALL YOUR BROKER AND SAY YOU WANT TO FILE A COMPLAINT WITH CME.
     
  4. A market order in lumber? Not the way to go. Or a stop order for that matter.
     

  5. I realise this is a sloooooow market , B1S2,
    could you elaborate?
    Low vol markets are great if you approach it from a pure price bar trade perspective, and account for that-low vol markets do trend well too, imo, i'd like to hear your thoughts there.

    This is a position traders market, something thrown into a portfolio as an add on really, the vol isnt there for most to consider it a solid gainer.
     
  6. As I posted earlier, a decent bid may be unfilled for 15+ minutes. What does a "market order" mean when there isn't a current bid and ask?
     
  7. Well, I think your point about it being a position trader's market is where I am coming from. Extremely low leverage would need to be used here. Although I am a position trader, this market would be one where you might not be able to get out. I remember a market in the early or mid 90's that was lock limit for days on end. I'd have to go back and find the chart for that. I don't recommend lumber as a trading instrument.
     

  8. I was just trying to say, its slooow.

    It 's a weekly thing, surely-when i mentioned "pure price bar trading", what i meant was your stop, limit, or market, you assume was executed at the worst possible price, on that price bar.

    And your exit, the same, you presume, for extreme low vol markets, the worst possible scenario there to.

    You will, or might be filled, somewhere, on that daily price bar.

    Geez, isnt that how these stock gurus work penny stocks, in days gone by?
    You already know liquidity will SUCK, you take value or weekly positions at the best of times.

    Am i wrong?Or are all the nimrods not content to think, they have a SOLID approach to their bread and butter?



    Oh, i forgot, everyone daytrades in high vol stocks, yeah, just nevermind.
    Nope, a few grand easy just isnt enough for the daytrader, no.
     
  9. katesdp

    katesdp

    Has to go thru your price.
     
  10. (1) A stop-order is "activated" after a trade takes place at or through the stop-price. At that point, it becomes a market order. (2) In a "fast market" condition, there's no telling where, when and if ever it'll be filled. It's merely an unfilled market order in the queue with all of the other orders in the deck. (3) If you're able to follow the market closely enough, you could call your broker after your stop-price is touched and cancel your order in order to get it out of the deck OR find out where you were filled. (4) Then again, you could trade more liquid and/or electronic-based markets and not bother with those pinheads in the pit.
     
    #10     Nov 4, 2006