That's not easy to say as I almost always use limit orders. However, on a stop order, filled in normal market conditions (no fast market) 1/4 to (seldom) 1/2. Sometimes, even 0: market is liquid, especially the beans. alberto
Hmmm... I don't know if I should give this out but you know the live speaker they have in the S&P floor? I forgot what if was called but they broadcast them to screen traders... I think you know what I'm talking about... Anyways, when there's not a lot of volume in the floor. The guys in the floor start shouting front of the mic for no apparent reason to get some volume in from screen traders listening into it. I don't use it and I thought it was funny... Just some "inside?" tips I got from a friend....
WD that's really fun! I used to phone in my orders and sometimes got in conference call with the floor: that was exciting! alberto
I lease my IMM seat and have gone to electronic trading for a number of reasons. First, standing in the pit and trading is for the young and it helps if your nine feet tall. I was in the eurodollar pit, the most active contract around and it offers everyone kind of trading from scalping to spreading. It is a great place for a good trader and requires the same discipline trading that it requires everywhere. It is a user friendly place in the sense that a great majority of the people there have a live and let live attitude. I was speaking to the person who leases my seat, an order filler, who filled an order that his clerk had failed to tell him had been cancelled by the customer. The error cost him $36m but the local who had done the trade with him simply cancelled his side rather than make my guy eat it. I have found errors made trading electronically are just that, your problem, no recourse. For all those who think floor trading os a goner check out the action in the new CME stock. If I can be of any further help, just send me a PM.
Tg, Do you think alot of the upside action in the CME stock may be due to the fact that the Eminis are trading the kind of volumes that they do? I have to believe that a good percentage of the Mini volume is Customers that are paying the full Exchange fee of $1.12 per lot. (Great revenue) I hope that you are right about the pits. My opinion is that the Futures are more efficient on the screen while Options and Euro should stay with Open Outcry. In any case, good luck on the screens. Riskless
I do think stock is doing ok for that reason plus the fact that the exchange is going to pay out I believe 20% of earnings in dividends.
I agree that the screen is taking on greater importance. But by marketing your system in the same post, it really reduces your credibility and increases your bias. Although I appreciate your posts, why don't you try to not sell so heavily.
Hey Tea, I believe the CME purchased the exclusive rights to the S&P 500 from Standard & Poors. Therefore, I don't think anyone else could list the S&P futures. Also, I believe CME owns the rights to the Fortune 500 name and index as well. My two cents.
I read in futures mag a few months ago about traders doing arb between the open outcry big SP500 and the e mini sp500 ... has not competition slowed down the amount of money those arb teams can make? sheesh ... they must be quick to the draw !