By "pre-defined" I mean they had the ability to do this. So they chose 60% - who the fuck cares; according to the exchange rules they are allowed to do that. If you didn't see this possible outcome ahead of time then stop trading now or clear trades somewhere else. They likely chose the percentage they did becuase that's where the price-action fell off the deep-end.
I've been robbed
- Thread starter ko_
- Start date
By "pre-defined" I mean they had the ability to do this. So they chose 60% - who the fuck cares; according to the exchange rules they are allowed to do that. If you didn't see this possible outcome ahead of time then stop trading now or clear trades somewhere else. They likely chose the percentage they did becuase that's where the price-action fell off the deep-end.
This event wasn't a fast market, it was a market in free-fall. The bids disappeared off arca. Trading in a fast market is easy with system help, in a free-fall like this no one can have an expectation of correctness. I agree the exchanges broke-down, but that doesn't mean that people get to take advantage: all that fine-print means that the exchanges have the power to correct things. Again, for the people that don't think this is fair, trade somewhere else. These rules have always been in place, longer then I have been alive. Ignorance to the rules we've been playing by for decades is no excuse for anyone to whine.
No can do. And I still consider busting unfair in all situations. Have the idiot who gets a bust pay a fine to the person they busted on, or assign a more reasonable but still painful value for the trade. The way it stands is complete rubbish and no matter what you say won't make a difference to this fundamental fact.
A market should not bust any trade at all. Things are just too subjective, deceptive, and too much opportunists to exploit the bust trade rule.
If busting trade is allowed, you'll see more liquidity drained away, making it much more difficult for everyone to trade.
PA
If busting trade is allowed, you'll see more liquidity drained away, making it much more difficult for everyone to trade.
PA
OK class, this completes todays lesson in trading markets for beginners.
For tonights homework..... in 100 words or less explain who during fast and wicked mkrket conditions is the Fuckie and who is the Fuckor.
When you play with the big boys and girls, expect to pay your dues. :eek:
Time to forget it, do not drag old freight around, just move in.
PS: GEE, no ES trades were busted that i have noticed. What does that tell you?
For tonights homework..... in 100 words or less explain who during fast and wicked mkrket conditions is the Fuckie and who is the Fuckor.
When you play with the big boys and girls, expect to pay your dues. :eek:
Time to forget it, do not drag old freight around, just move in.
PS: GEE, no ES trades were busted that i have noticed. What does that tell you?
No whining from this guy. I did not trade during the downdraft in ES because this was not my first county fair. I have seen examples of where the overnight globex session has had the STOPS run and fills in never-never land. How do i know if the trade will be busted? Since i know i would not want to be in a situation like that, i had a choice, i choose to not trade after RTH. I traded enough ag commodities where i got caught in "FAST" mkts and sat through 5 days locked limit up moves in a row when short, you learn after getting burned after those times or else you are your own fool. Just trade Es now. Problem solved.
The real answer to what happened is what i said before and still will stand as my best assumption to the cause ( surely i have no real solid answer), computer technology can not handle a overloaded order matching system. Computers can not handle lopsided orders coming in, they freak out trying to match up a fast changing order input skewed to one side and unable to properly input an incoming buy order at the proper place. Humans can quickly make corrections on the fly but a computer can not..........a computer can only add and subtract, they can not THINK and can not backtrack to undo a mistake once made........humans can.
The ES mkt has plenty opportunities to trade day in and day out, it is a wise person that decides to not be addicted to be all in all the time.
I can feel the pain of some new stock traders who got spanked, i paid dues in the past also. Lets hope the stock exchanges clean up their act and get modern. American know how is a myth, American knowhow is about profits and the buyer/user beware. Change hurts when a corporation must spend a buck to come up to date with technology. We have seen examples over and over where some big corp puts profits in front of protecting the customer. Latest example is for BP to make the Gulf of Mexico a "DEAD SEA".
i am not saying the Futures exchanges are any better, else i would not bad mouth their stop servers at night. I just know i try not to put myself in a bad situation. Trading is kinda like chasing chicks in days past........... How does a nice guy know a real bimbo when she herself has been to many county fairs and been around "the HORN" a few times and looking for a new fool?
Caution, proceed slowly after burned a couple times.
PS: 0800 EST today, practice for Monaco F1 race, on SPEED, no practice on Fridays there, Friday is QUIET day. Love that race, beautiful women, fast cars, best drivers in world, big boats , money, lots of money.
The real answer to what happened is what i said before and still will stand as my best assumption to the cause ( surely i have no real solid answer), computer technology can not handle a overloaded order matching system. Computers can not handle lopsided orders coming in, they freak out trying to match up a fast changing order input skewed to one side and unable to properly input an incoming buy order at the proper place. Humans can quickly make corrections on the fly but a computer can not..........a computer can only add and subtract, they can not THINK and can not backtrack to undo a mistake once made........humans can.
The ES mkt has plenty opportunities to trade day in and day out, it is a wise person that decides to not be addicted to be all in all the time.
I can feel the pain of some new stock traders who got spanked, i paid dues in the past also. Lets hope the stock exchanges clean up their act and get modern. American know how is a myth, American knowhow is about profits and the buyer/user beware. Change hurts when a corporation must spend a buck to come up to date with technology. We have seen examples over and over where some big corp puts profits in front of protecting the customer. Latest example is for BP to make the Gulf of Mexico a "DEAD SEA".
i am not saying the Futures exchanges are any better, else i would not bad mouth their stop servers at night. I just know i try not to put myself in a bad situation. Trading is kinda like chasing chicks in days past........... How does a nice guy know a real bimbo when she herself has been to many county fairs and been around "the HORN" a few times and looking for a new fool?
Caution, proceed slowly after burned a couple times.
PS: 0800 EST today, practice for Monaco F1 race, on SPEED, no practice on Fridays there, Friday is QUIET day. Love that race, beautiful women, fast cars, best drivers in world, big boats , money, lots of money.