When I place my order on Refco's electronic platform.....on the Big SP, how does the guy in the pit collect the orders? I am told they have PDA's. But do they collect the orders like a little bucket shop would and discretionarily trade? This seems like it would be against reg's. If I place an order say... for 3 contracts, I do not see my order in Time and Sales. But does he combinine it with other incoming orders and trade it? Is there profit there for him, if he had some market orders? Michael B.
along the lines of his question, i was wondering about trading the big contract as opposed to the mini? if one trades the mini, can they figure they will trade the big one profitably? what are the differences in the two and their trading?
What "time and sales" are you looking at for the big S&P? All there is is time and price -- the exchange data recorder person (what's the correct name?) that sits in the pit can barely keep up with punching in the price changes. There is no way he or she can punch in the size of trades also. Remember -- big S&Ps are open outcry.
Electric Savant, This may answer to part of your question. http://www.gammafutures.com/about/tradecenter.shtml I presumed that all Refco brokers/introducing brokers use the same systems. Cheers!!
Yes, individual trade volume is not reported during the day. Only daily volume is available after the close. Chinook
Yes, on the platform there is just last price. But when I go to the CME website at the end of te day to review the time stamped on what they call their time and sales history. I see different prices and wonder if I get the actual market price that is traded.....or does my order get mixed in with others? Michael B.
I find the ES more spikier. Also I have traded through some stops more often on the Big in a fast moving scene. Michael B.