Hello All, Well I have to admit I got caught on the Limit up going Short. I started investing in futures last month and am new to the business. I have been reading the forums for the last few weeks and catching up so thanks for the good info.I actually made some good money yesterday playing off the limit up and my full intention was to go long at the end of the market around 10:50am PST right before the market closed. I did submit my order before the market went limit up but it did not get filled because of a order entry mistake I made. Now I am stuck and will lose all my profit from yesterday if it goes limit up on the open again. I read purchasing a option could help me out but honestly I don't have any idea how to place a option order in the futures market. I am reaching out to you guys(gals?) pleeaase.. Do I call my broker and just ask them to place an order for me? I am using Tradestation. Thanks, much appreciated! Sam
There are alot of new threads with ppl being stuck short. It's making me wonder if they are all BS. Call broker tell him you're stuck short X contracts and you want to cover synthetically in the options pit. He should know what you mean and should help you out with the rest.
Looks more and more like folks will be eating a lot of CORN BREAD instead of whole wheat in the months ahead.
Did you make the trade in an electronic tradestation account or a pit trading account? If it's an electronic account you're screwed, you can't trade futures options in that account. If it's a pit account call them and see if they can do anything.
It is a electronic trading account so screwed about sums it up. I was lucky enough to make some good profit yesterday and I will probably lose it with the open. Unfortunately I will be paying some tuition. .
Consider using an openecry account to trade, they offer futures options and futures (even pit contracts) from a single account. Tradestation can also be configured to autotrade at OEC instead of at Tradestation's brokerage. But then you still need your 10 round trip trades per month or they get you with the platform fee....
I will be changing platform until they update the GTC orders. I have to actually manually enter the order when the market opens in order to get out of this trade...that is BS. They say the will be adding GTC order in the next build but who knows when that will be. Wheat on CBOT is closed until Sunday right?
Electronic options trade during night session. They are usually very thin, but maybe with all this action, you might be able to salvage a synthetic to save your skin....
Tradestation have been saying this for the past 3 years. They do not intend to add GTC on futures, its bad business for them. They want scalpers and other similar rabbit chasers. The order platform is designed for those that make 360 round turns a day and those just starting out. You are better off by moving on because Tradestation order platform is in its infancy.