Although this error didn't affect me at all, i watched it unfold and it scrared me... not because of the sudden market movement, but because if i had a trade on and exited, i wouldn't be sure if i was still in or out of the trade for a ful 30 minutes! I believe that this is a market where the rules are well defined, and if you make a mistake, you must pay for your mistake unless the other side agrees to let you out of it. How can we have a market where trades get busted 30 minutes later and one suddenly finds out that they are still long/short when they thought they were flat? Credibility in the system of the markets is essential. If you choose to trade an automated system or one that is based upon inputted data, that is your decision and you accept the risks, knowing that if there is an error in the datafeed you'll still be responsible for your trades. While it's unfortunate when errors occur, i don't think it's appropriate that the exchanges quickly bust the trades to correct one's error.
the thing is: the 995 mistrade reg was announced in the pit 10 mins after the incident. a chat pal told announced it to me.
Nope! The pit committee tries to bust anything that is more than about 6 handles out of line with the Big contract. The pit traded down to 02 today...hence why they choose to bust everything below 96.
Maybe the big players would stop making these mistakes if they knew the exchanges were not going to bail them out? Or maybe they are not mistakes at all......? Natalie
Today was a mess. CME eminis had problems all day. The CME pits had problems. IB kept crapping out. TradeStation kept messing up and data was lagging. Elite Trader was down all day, and now all the posts are on the wrong day...it is not the 15th until tomorrow on this earth. I had trades that never went through. Trades that were supposed to be cancelled but were not. And then that spike from hell again. Lucky me, I was short at the time. And it made up for all the losses from horrible fills. It was just wild today. Others in my chat had the same problem. Do you think this is some sort of plot? :eek:
HEHE.. I made money.. did you? "horrible fills".. wahahahaha yeah right whatever.. ADAPT & IMPROVISE SSWEET CHEEKS ..BE A MARINE ha
I used to believe in them; but if you read the rules, the tack taken by the Exchange/ECN, etc., was perfectly within the rules. I know it seems indefensible to bust a trade after 30 minutes, but it often takes this long to go through the challenge/appeal process. This doesn't just apply to e-minis. As to everyone's seeming paranoia, I say simply, "It's not that you are paranoid, it's just that people are out to get you!"
And what do we learn from all this s*it ?? !! DO NOT GIVE THIS EXTRA NUMPAD KEY (000) TO 64 YEAR OLD PARKINSON SUCKERS !!