Globex Market Order 5 minute fill????

Originally posted by vhehn
"Order placed with IB, and was LONG for a quick scalp, it blew through my stop/limit and got me for 6 points "

stop limits rarely get you out on a tank.it will blow right past you.its not ibs fault.
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That is true BUT NOT in case of native stops on GLOBEX. If IB would make native stops on GLobex, your stop would just show up as an offer to buy or sell (long/short position) below/above the market and your order would be executed. So in a sense it is a fault of IB since it has no proper stop loss implementation to protect traders. There is no sense with Ib to use stop limit - just use stop orders

so what happened in his case is that order triggered stop but the market was fast and limit price was not met when ordered was sent to Globex.

-pkjr
 
"That is true BUT NOT in case of native stops on GLOBEX. If IB would make native stops on GLobex, your stop would just show up as an offer to buy or sell (long/short position) below/above the market and your order would be executed. So in a sense it is a fault of IB since it has no proper stop loss implementation to protect traders. There is no sense with Ib to use stop limit - just use stop orders"

not sure about that.if you use any kind of limit order and it is a fast market and there are not enough buyers at your limit you can get passed.
at least with a stop market you will get filled.you may not like the fill but you will be out.
 
Originally posted by vhehn
"That is true BUT NOT in case of native stops on GLOBEX. If IB would make native stops on GLobex, your stop would just show up as an offer to buy or sell (long/short position) below/above the market and your order would be executed. So in a sense it is a fault of IB since it has no proper stop loss implementation to protect traders. There is no sense with Ib to use stop limit - just use stop orders"

not sure about that.if you use any kind of limit order and it is a fast market and there are not enough buyers at your limit you can get passed.
at least with a stop market you will get filled.you may not like the fill but you will be out.
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GLOBEX will match your order - this is not the PIT - orders are sitting there before the price will travel through your level that is outside the market. orders on Globex will not jump over your price as orders are matched by computers. (excluding gaps of course)
 
"GLOBEX will match your order - this is not the PIT - orders are sitting there before the price will travel through your level that is outside the market. orders on Globex will not jump over your price as orders are matched by computers. (excluding gaps of course)"

whose orders.ib or globex doesnt buy the stock from you.there has to be a willing buyer there.when markets are tanking buyers have a nasty habit of pulling bids.if the buyers arent there you dont get filled simple as that.
picture this.markets are trading and you have a stop limit in and a plane hits world trade center.is globex going to match your order at your price?i read about what happened to this guy every now and then to remind myself not to think a stop will always get me out.

To:hypostomus who wrote (2382)
From: rocklobster Tuesday, Jan 15, 2002 12:43 PM
View Replies (5) | Respond to of 2959

I just lost forty points on a stop on the nq's futures contracts with Interactive Brokers.. If anyone saw the big spike around nine am today, they will see that the futures spiked sixty points in two minutes and went right back down after that.. I had a stop loss in at 1626 on a short order that I had in and when that spike happened on the nq contracts..I was stopped out at 1666.5 forty points above my stop!!!!!!!!!!!!!!!
Interactive Brokers has told me that they are looking into it but that Globex says all trades stand and that theres nothing they can do about it.

Anybody else who had problems during this time..please contact me...

rok

I just lo

http://www.siliconinvestor.com/stocktalk/subject.gsp?subjectid=32122&ff=false&startid=2347
 
This is all part of the risk of electronic trading. And the exchanges and brokers all make it very clear that they aren't responsible for losses, even when it's their fault. You have to account for these types of problems/losses in your trading strategy. I doubt it will ever be error free.

Even systems like the space shuttle, where tons of money and time is spent managing to avoid unexpected failure, still have unforseen problems.
 
The next time you experience Globex execution delays or difficulties, just offset your position on Island with SPY or QQQ.

The SPY trades in unison with the ES, and the QQQ with NQ almost tick for tick.

No need to sweat it and let your profits slip away.

MM
 
Regardless whether the stops are native or not, if it's a stop-limit and not a straight stop, you risk not getting filled in a fast market. Stops turn into market orders, stop-limits turn into limits, and I've missed about 8 billion limit orders the last few days with the volume on the NQs.

I hadn't really thought of this contingency until you brought it up and the events of the day occured. So, one should keep stop losses as stops, not stop limits, lest one's posterior is left out in the cold.
 
"I am not going to argue with you since you do not have a knowledge of Globex. FYI - All orders on Globex are limit orders. That's how GLOBEX was designed. It does not matter what type of order you place it become limit order on GLOBEX even market orders become limit orders on GLOBEX"



stocks or futures same principle.read through that si thread i posted and you will learn how it really works.they had this same argument.lots of misconceptions out there.
people just cant grasp the fact that if there is no one one the other side you cant sell.thats why the nyse claims specialists system is better than electronic.because there will always be a buyer of last resort.yea right.just yesterday when C sec news hit the specialist went 1.00 spread and sat there.
 
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