Im not sure of what they have in place but I doubt they will risk such a thing to bankrupt a company...i think they have very heavy stipulations in place...
I mentioned that it was not nfp but this number that caused the waterfall in nasdaq futures....this week it will be cpi and ppi...if these numbers are hot nasdaq will sink a 1000 points !!
Yep that's been the pattern for how many years now.....happened a few times in 2024 so that will be the pattern... Drop it 1000 points make it feel like we're going to sink 2000 2500 3000 points but quickly buy it back up... rinse and repeat.
Thanks again everybody for your comments. I did post some more context earlier in the thread but I am getting this message: "This message is awaiting moderator approval, and is invisible to normal visitors." I guess because it's Sunday and I am a new user?
OP: Consider it one of your first learning tuition fees. Be glad that it wasn't 100k. You now know what stops can do and maybe will be more motivated to learn e.g. options and other risk mitigation measures.
This. It is trading, not retail purchasing. There has to be a counter party. Basically, the order book was wiped out on one side by a large order or three. When it recovered, you were filled. This was not even a disorderly market. That is when things get real crazy. This was just a fast market. So consider it a lessoned learned. Like all the FX retail traders learn that there are NO regulations with regard to NBBO, and they get stop-lmt order hunted everyday. I had my algo running that AM too. I was flat and I turned it OFF BEFORE the report. If I had it running, it would have been short, and filled 2 points past the where a mkt order would have been submitted, for a positive slippage. So simple lessons. Retail should be prepared for fast markets. Big reports are almost always too fast for retail. Either go flat or wait it out. Don't overleverage. This is trading. As for the NT error, it was probably a false positive. I.e. the order executed far away so it threw an error about pre market. Not that it thought it was pre market and it was not. I would personally not use NT. If you look at the change log, the bug log, you will see so many fixes that indicate the core functionality needs a rewrite. If it was a false positive, that would not be surprising since I suspect there is a lot of old bugs that are not being fixed.
You are news trading/scalping NQ pre market with 4 contracts and worry about 10k loss? This is just the beginning, you will lose more, don't worry!
Your loss is avoidable or at least your loss could have been lesser. When there is a major economic data release, the market could move massively and violently. So you could earn or lose tons of $$$. But beware of slippage / bad fills and those things. Some losses are unavoidable. A few years ago, I took a position in OMX Nordic Derivatives Exchange. Suddenly the was an Exchange problem and trading was halted. A few hours later, it opened. And I lost a few thousand dollars. To hell with OMX Nordic Exchange!!! Do not that such things do happen to other Exchanges. Anyway, learn the various types of losses. And decide how much risk you are willing to take.