Proper order entry?

Discussion in 'Index Futures' started by travisdu, Mar 22, 2002.

  1. travisdu


    HI all,

    I have recently opened a new futures account at Alaron and I am getting raped with $55.00 broker assisted trades. I'd like to learn how to use the online systems they have available but I am getting frustrated because there is no order entry instructions for options strikes and prices.

    I dont want to blow out my account because I misplaced a zero if you know what i mean.

    Since all the contracts have different rules where does one begin? Ive searched the web and came up totally empty, all they talk about is how to phone in an order, and the online instructions make no mention of proper price and strike format.

    I may be a bit paranoid but it seems to me as if this is done on purpose. If you cant figure out the order entry then you are more likely to use your broker, hence more commisions. Hey i know everyone has to make a buck but if they offer online order entry then they should at least support it with all the information one would need to use the darn thing.

    Ive searched the web under every conceivable terms to find proper format info but have come up totally empty. I even went to the exchanges web sites themselves and there is nothing. Finally went to the CTFC and NFA sites, also nothing.

    So far my experience is telling me that the futures markets are regulated by a bunch of boobs and the brokers for the most part are out to fleece the unsuspecting. And with the advent of online systems why is it near impossible to find a decent oreder entry system that connects both to the electronic and pit markets, I mean really whats the deal? For instance IB does a great job of connecting to the electronic markets, so why did they leave off the pit markets?

    Anyway im done with my rant I just wish the industry would get its act together.

    If anyone can help me with my pricing format troubles I would sincerely appreciate it. Im going totally nuts.

    Thanks Much,
    Travis U.
  2. stevet


    the reason IB dont do have a pit order entry system is because that is a total different type of business and utilises a different business model

    by the way - take a good hard look at your money - you may be seeing it for the last time
  3. travisdu


    >by the way - take a good hard look at your money - you may be seeing it for the last time

    Care to clarify that steve? I take it you don't care much for futures trading?

  4. stevet


    all trading is done to the trader - there are probably people out there who trade sand and make a lot of money - but they know what they are doing and are traders

    but i would not like to give my money to someone who makes their money from charging me per trade in return for telling me the trades to take - i would rather, at least, share the profit with them

    you can make an awful lot of money trading futures - but the key word is YOU - and you have to know what you are doing and learn from your losses - and the only way you can do that is to make the trading desisions yourself
  5. travisdu


    I dont take any trading recommendations from my broker. That would be madness. Especially one that I have just opened an accont with and who is charging me $55 bucks a trade.

    I make all my trading decisions.


    P.S. In fact I have forgone several trades in the past week due to the fact that I realize I dont know what the hell im doing in regard to order entry via the online system. Thats the reason for my find out how other people learned the proper formats.
  6. stevet


    why dont you trade eminis on an electronic trading platform
  7. travisdu


    Right now im only trading options as my account size is small and I dont feel like opening myself up to the risk of futures contracts. At least not until I have a handle on this price and quote issue and my account is large enough to handle the risk.

    Eventually I would like to trade the e-minis though.

    I really wonder if the Futures regulators fell asleep at the wheel, I mean even the quotes and symbols formats can vary from vendor to vendor. Im amazed that more prople dont blow out there accounts from improperly entering orders. For instance ive seen Yen futures quoted like this.... .007700 and .7700 and 770 and 77.00 . What the hell is up with that? Then if you go to the options strike and premium format is gets even more confused. The whole industry needs an overhaul by some one who can see the big picture.

    Once again anyone reading this who has been there and had the same difficulty or is willing to show me the way it would be of great help. Thanks

  8. stevet


    why dont you start off - by assuming that maybe the industry is right - and as you are new - you are wrong

    since you are paying $55 round turn per trade and a futures emini is $5 per round turn - why do u assume futures are more dangerous - options are only for the most sophisticated traders - that does not mean it is better to trade options and therefore you have to be sophisticated to do it - it is just that it is a different sort of trading with different parameters - and for sure options are way harder to make money with than futures - having a controlled amount of loss does not make a loss any better
  9. travisdu


    Hmmmm....lets see....

    Widely varying formats for price quotes, symbols and execution standards oh highly leveraged derivatives which are available to trade by the public.


    Standard cross market formats for all the above.

    I know which one I would choose.

    As to market risk....Ill take a possible limited loss over the risk of unlimited locked market downside loss any day.

    Steve just to try to refocus the thread I appreciate your input but Id really like to focus on getting my immediate problem of finding reliable info on proper order entry pricing formats solved.

  10. stevet


    ok, sorry, i thought you wanted to make money in the markets - but i guess you have some other agenda - which is trying to solve a problem that does not exist
    #10     Mar 22, 2002