I just wanted to share with all interest rate futures traders a recent unpleasant experience i've had with these terribly organized un tradable electronic markets. what happened here is an absolute disaster.
i went long a June bond at 111-10 on April 5th. i placed an order the next day to put a stop loss to sell a June bond at 110-01 on a stop. i was stopped out the very next day on April 6th at 110-00. however, i noticed that the market never even got near this price. the low for the June bonds on April 6th was way above that price at 110-07. the order i placed was a day order and furthermore the markets were open for less than an hour that day because it was good friday. so you ask how in the hell can this happen?
i called my broker to complain and found out to my complete surprise that the "electronic" session of the bonds actually hit 110-00 on April 6th which was down way more than a full handle in an abbreviated trading session. while the pit session version of the bonds more normally hit 110-07 at its low. it seems that unbelievably there can be as much as a 7 point spread in the same exact market.
how in the world can i trade a market that has a bigger intraday spread in price than even in the e-mini futures do to their larger pit session traded commodities such as the big dow to mini dow and the big s&p to the mini s&p? and those are 2 different markets mimicking one another. the most you will see a few ticks in difference because of arbitrage. a 7 point spread in the bonds is equivalent to a 26 point spread between the big and emini dow. you never see a 7 point intraday spread even though these are 2 different markets. with the US & ZB(electronic version) they are the same markets. there should be no reason that the electronic market should move 7 points below the pit session market.
how will i ever be able to trade this market besides the fact because of this incompetence i lost almost 1400 dollars because of this nonsense. i should have still been long this trade and i would be profitable right now. to have a 7 point spread between pit and electronic session in the same exact market is unacceptable and hard to imagine. this electronic session is absolute garbage. this is a total scam. that price shot down there for one reason and that was to trigger stops and make money and to scam traders. especially for a trading session that was only open for less than an hour.
i can honestely say this since i have been trading bond futures for years before these wretched electrnic markets and whoever is running them started. i have never seen such a spread within the same market itself. it makes no sense. this is an outrage. even my broker was surprised that there should be such a wide spread within the same market. i even sent the cbot a nasty email and will call them as well. this is horrible. all this money lost over their crookedness. i just thought i might share this with you and if you wish you can share your thoughts and experiences about this.
addtionally, i would appreciate if all you bond traders would notify the CBOT and complain about this dishonest highway robbery.
thanks.
Sincerely,
triggertrader.
i went long a June bond at 111-10 on April 5th. i placed an order the next day to put a stop loss to sell a June bond at 110-01 on a stop. i was stopped out the very next day on April 6th at 110-00. however, i noticed that the market never even got near this price. the low for the June bonds on April 6th was way above that price at 110-07. the order i placed was a day order and furthermore the markets were open for less than an hour that day because it was good friday. so you ask how in the hell can this happen?
i called my broker to complain and found out to my complete surprise that the "electronic" session of the bonds actually hit 110-00 on April 6th which was down way more than a full handle in an abbreviated trading session. while the pit session version of the bonds more normally hit 110-07 at its low. it seems that unbelievably there can be as much as a 7 point spread in the same exact market.
how in the world can i trade a market that has a bigger intraday spread in price than even in the e-mini futures do to their larger pit session traded commodities such as the big dow to mini dow and the big s&p to the mini s&p? and those are 2 different markets mimicking one another. the most you will see a few ticks in difference because of arbitrage. a 7 point spread in the bonds is equivalent to a 26 point spread between the big and emini dow. you never see a 7 point intraday spread even though these are 2 different markets. with the US & ZB(electronic version) they are the same markets. there should be no reason that the electronic market should move 7 points below the pit session market.
how will i ever be able to trade this market besides the fact because of this incompetence i lost almost 1400 dollars because of this nonsense. i should have still been long this trade and i would be profitable right now. to have a 7 point spread between pit and electronic session in the same exact market is unacceptable and hard to imagine. this electronic session is absolute garbage. this is a total scam. that price shot down there for one reason and that was to trigger stops and make money and to scam traders. especially for a trading session that was only open for less than an hour.
i can honestely say this since i have been trading bond futures for years before these wretched electrnic markets and whoever is running them started. i have never seen such a spread within the same market itself. it makes no sense. this is an outrage. even my broker was surprised that there should be such a wide spread within the same market. i even sent the cbot a nasty email and will call them as well. this is horrible. all this money lost over their crookedness. i just thought i might share this with you and if you wish you can share your thoughts and experiences about this.
addtionally, i would appreciate if all you bond traders would notify the CBOT and complain about this dishonest highway robbery.
thanks.
Sincerely,
triggertrader.
