Forex VS. Globex

[traderob]

Quote from corvus:

Alright, while we're at it let's discuss stops.

One of the big risk factors I would face in the futures market are the trades you can't babysit...unlike with the ES, in forex my trades are often days long. Consequently, I want to have some sort of protective stop in at minimum, and this implies a stop held at IB since Globex doesn't have support for native stops.

.

This is an advantage forex has over globex.
Personally I stay at my computer when I have a position on globex,;with forex you can walk away and rely on the guaranteed stop.

 

[paradox]

But doesn't IB simulated stop just send a stop limit to globex with
a limit price far away from the stop price?

Quote from corvus:

Because a stop limit is no protection. If the price passes through the election price and then past your limit price, you will not be filled. Leaving you holding your contract with it (potentially) still ripping against you.

 

[paradox]

Anyone have experience with the following globex order types?

http://www.cme.com/get/abtglx/enterorder987.html

Order Types
The following order types are supported by the GLOBEX® matching host:

Market Order: Market Orders at CME® are implemented using a "Market With Protection" approach. Unlike a conventional "Market" order, where customers are at risk of having their orders filled at extreme prices, "Market With Protection" allows the order to be filled within a pre-defined range of prices (Protected Range). The Protected Range is typically the current best bid or offer, plus/minus the "no bust range" for that instrument. If the entire order cannot be filled within the protected range, the unfilled quantity becomes a Limit Order at the limit of the Protected Range.

Stop Order: Stop Orders at CME are implemented using a "Stop With Protection" approach. Unlike a conventional "Stop" order, where customers are at risk of having their orders filled at extreme prices, "Stop With Protection" allows the order to be filled within a pre-defined range of prices (Protected Range). A Stop With Protection order is triggered when the order’s trigger price is traded on the market. The order then enters the order book as a Limit Order with the limit price equal to the trigger price plus/minus the pre-defined Protected Range. The Protected Range is typically the trigger price, plus/minus the "no bust range" for that instrument. The order will be executed at all price levels between the trigger price and the limit price. If the order is not fully executed, the remaining quantity of the order is left in the system at the limit price. A Buy Stop order must have a trigger price greater than the last traded price for the instrument. A Sell Stop order must have a trigger price lower than the last traded price.