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Cbot Are Crooks!! You Must Read This Story!
- Thread starter triggertrader
- Start date
Wow, triggertrader, with opinion running so hard against you, you still don't get it?
Plus, blaming somebody else for a losing trade is a loser's trait.
Quote from Jaxon:
I find it ironic that you are labeling the electronic markets a "scam." The move to electronic markets has been a great equalizer and makes the markets much more honest. Before electronic markets traders would complain about the locals. You could never buy on the bid side, the locals would not give up their edge. The locals could see the paper orders coming in and trade in front of the paper. When the market would get active there were times when the pit might trade 2 different prices at the same time. The market could go through your level and you still might not get filled (I am pretty sure this cannot happen with a resting order in an electronic market).
Personally as a small trader I am much more comfortable with an electronic market than the old, old boy system where the locals and the filling brokers and the large wirehouses held a huge advantage over the little guy.
I don't know how thin the pit is these days - I haven't been to Chicago in a long time, but you make it sound like a local was standing in the pit bidding 7 for 500 while the electronic market went to 110-00. Maybe a local got stuffed at 110-07 and everyone just dropped their hands for a second while the electronic market went to 110-00 and back to 110-08 in less than a second.
Check out time and sales. There are a ton of trades labeled 08:29.43 which is a 1 second span. The first trade is 110-15, then every price trades down to 110-00 (still timestamped 08:29.43) then a single 110-21 and a 110-23 print (WTF?) followed by another 110-00,then 110-06,7,8, and the first trade that is timestamped 08:29.44 was 110-10.
My point is, it may be inaccurate to state that the pit and the electronic markets were 7 tics apart. If nothing traded below 110-07 in the pit it may have been not trading at all for that nanosecond, not that it was trading at a different and higher price. You were lucky you only had 1 tic slippage on a stop loss. You could easily get filled 1/4 point below your level on a market stop loss in that situation.
Well said, but all of us our wasting our time by responding. All experienced traders should know the above, therefore I can only conclude that trigger is an idiot or he's acting like one in order to stir up dirt on the cbot.
Quote from triggertrader:
"to all the people that have pm'ed me and thanked me in this thread i appreciate your cooperation and lets get CBOT to make the bonds the organized controlled tradeable market it used to be."
Trigger-
Organized and controlled, sounds like something out of the Sopranos, not an electronic book.
Nonetheless, you have good hearted motives to maintain liquidity. I suggest you call up the CBOT and do the pit/screen arb yourself, after all, there must be huge opportunity if you can quote a 10 wide market and lay off the risk in the pit. Cha chingo!
Hmm 1 Post, 20 Years experience and a writing style very similar to the OP....
Where is the head scratching smiley. LOL.
Where is the head scratching smiley. LOL.
Quote from openoutcry:
excellent post trigger trader!
the only idiot is you, you blithering moron! i totally agree with you triggertrader. these electronic markets are totally out of control. they think they can replace humans with machines with everything. they are totally wrong. I have had alot of trouble with these markets and i have been trading commodities for over 20 years. i have plenty of experience trading and electronic markets are a big mess and they have a long way to go with alot of problems to fix. And i totally agree it's not just glitches or problems it's greed. they are total swindlers without a doubt!
These stupid idiots that are responding negatively to your post are all losers. don't pay any attention to them. they act like they know everything. well they know squat. There are only 10% that make money in futures and trust me these arent the guys. i can see from some of their replies that they have an IQ of swiss cheese.
Maybe these deranged fools totally ignored what happened in the dow less than 2 months back when it dropped intraday close to 600 points. this was because of ...well you guessed it the electronic markets giving false data and other glitches!!! "oh but there is nothing wrong with the electronic markets" they say. "the best thing since sliced bread!" "its not the electronic markets it's your fault" the best thing since shit!!! They are are both dopes and maybe they are employees for the CBOT the way they are hawking their shit.
The electronic markets are a total mess. I am going to contact the cbot on your behalf and tell them about the problems i have had as well.
If you're still following this post ignore these clowns. This post was excellent and absolutely true. and sorry about your terrible experience. Don't let the bastards get away with it. Complain to them like hell and throw shit on them for it
Lastly out of all the exchanges the CBOT SUCKS!!!