Thanks for the link. I'm printing it to read. Also, what about the other doubts? I apreciatte if you, or anybody else could help me out with them. Regards Raphael p.s: All I'm interested is to Swing trade Light Crude Oil. >What I would like to know, is how long does it take to get your >order completed? I mean, I call my broker and tell him to buy 5 >contract at the ask....usually, in how long he will answer me >back: "DONE"...??? > >Also, I read you guys saying something like: "You must be in >contact with a broker in the floor..." > >Should I be aware of what, when choosing my broker? If i'm >gonna be connected to the floor (directly with the pit >guy)?....etc"
Most retail brokers like Lind would require trader to call an order desk. Broker will write up the ticket, check your account balance to see if u have $, call the order into the booth, booth writes up a ticket, runs it to broker who fills it, runs it back then reports to the broker you originally spoke with. Possible time around 2 minutes. Fast market much longer. Hope that the runner does not drop your ticket on the way to the pit. Most runners especially in the sumer are high school relatives of brokers. Once they drop it youre cooked. If you have a lot of capital, they might allow you to call the booth directly w/o upstairs step. Good luck
I don't thinkk you can trade crude with that type of arrangement. I would certainly be uncomfortable with it unless I was position trading small size relative to my account. I would call around and make floor access a condition of opening account. Or get a broker who is really plugged into crude market. I have used both calling floor and going through a desk and the right desk can do it pretty darn quick. I would say you lose 20 seconds at most. a good desk clerk can fight for a fill for you as well. If your account is not big enough to get access, then I would trade the emini contract. I have to emphasize that merely calling the floor is not enough. Some brokers who heavily advertise "direct access" have booths far away from the crude pit. You are better off using a good order desk with a good floor location. The energies are good markets but you have to stay on top of them. Also, the NY markets have a rep as the worst places to trade, and I would say probably it is justified.