$ Silver $

Quote from 2gtt:

if there were any higher-level stop-limit orders, they probably didn't get filled. once the red light in the pit goes on, everything is "not held".

my stop was at 1393 on the July contract. i couldn't get a fill check, and my broker said i had to wait until EOD.

my fill time from Man is all screwed-up, so i check the 30-minute bars on the July contract chart, and it looks like i get stopped-out at 1360 on the 900am bar.

talk about giving back profits .. i guess backtesting my mechanical system with 50% slippage is pretty realistic after all.

i enjoy getting stopped-out with lots of skid .. that's a GOOD sign that this market is NOT good. now, i don't have to worry about gold, silver, platinum, palladium, and copper.

WOW!!

Edward Kim
2GTT, LLC
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How about trailing your stops on the eCBOT markets? Plenty liquid during a parabolic frenzy like the last few days, and you avoid the not held pit chicanery.
 
Good analysis...on baLance i still think electronic markets are better. E-CBOT Silver is still not very Liquid hence you caN have occasional bid/ask jumps...hence the need for stop-limit (native or simulated).

The thing to note is that in the pit during fast markets there is the temptaion by the broker to make money off you via 'slippage' and bLame it on a fast market. In electronic markets the machine is not 'dishonest" and WYSIWYG!

Quote from 2gtt:

yes, i was filled on e-cbot with 0.2 to 1 cents of skid AND i get the confirm back immediately - you can see the amount of skid, and how long it took to get the fill back from the COMEX (these are all 13875 stops):

S SVN6 {CMX} 4 139300 136000 04/20/06 01:58 PM
S YIK6 {ECBOT} 4 13875 13865 04/20/06 08:53 AM
S YIK6 {ECBOT} 4 13875 13870 04/20/06 08:53 AM
S YIK6 {ECBOT} 4 13875 13873 04/20/06 08:53 AM

so now i am thinking, "electronic is MUCH better".

fast forward to about 120am this morning (i attach the chart.) i am looking at May e-mini silver, and the market was bid something like 1169 x 1170. the very next tick, there is a print at 1130, and the market is bid 1120 x 1171! everytime i get a refreshed quote every few seconds, the spread would be something like 25 x 71, 32 x 71, 35 x 71 ... the bid was moving up fast, and 71 was a solid ask.

meanwhile, CMX never went below 1160.

electronic AND pit can BOTH stink at different times.

Edward Kim
2GTT, LLC
More...
 
One more hting ublike the CME and at times CBOT where you can get positive slippage in the deep liquid SP/US/TY markets, on the NYMEX/COMEX even in liquid markets like crude, the brokers almost never get you truly good fills/positive slippage.
 
Quote from romik:

There is 1 important rule in life - never say never. If you look at 10 year chart of Gold, what would you see happening at the moment? Would you see a possible peak there? We all heard that tech funds have a recent tendency to NOT buy and hold. And considering that sort of approach in conjunction with Big sellers still being around - another sell off today becomes a high probability and if China is one of the majors with short interest and the techs are selling as well to lock in profits the old time formula becomes more evident and a lot more volatile if/when dealers get involved. So $580 Gold is just as possible today as Silver @ $10. I am not saying this a definite play today, but a high probability.

EDIT: Very little chances for a novice trader here, no matter how brilliant the methodology used. Trust me, I am very bullish on Silver, though in a physical format.
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Listen romik, stop trying to infer you know something about this market (or markets in general) that the rest of us don't. It's a very belligerent attitude to have. BTW what happened to all the selling you predicted in the silver market today?
 
the joys of dealing with the COMEX

Silver Options - As of April 21st
Our brokers in NY are accepting MARKET orders only for all new, and replaced orders.

All COMEX contracts
Until further notice, NY brokers are not accepting cancel replaces from Day orders to GTC's and vice versa.

All Comex Products
The COMEX exchange will no longer accept GTD (Good Through Date) orders.

Comex Options
Will accept Cancel Replaces to the Market Only. GOLD and SILVER Options are accepting orders in .50 cent increments only.
 
what is your source for this info ?

ps ... I used to work on the floor ... and can
understand why floor brokers would do this
they really can have huge errors if they get
customers orders confused under the recent
vol. in the silver and gold markets
 
Quote from megatrader:

Listen romik, stop trying to infer you know something about this market (or markets in general) that the rest of us don't. It's a very belligerent attitude to have. BTW what happened to all the selling you predicted in the silver market today?
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I think you misunderstood me my friend. I am not trying to influence people that know how to trade silver, I have been raising caution with novice traders who were taken in by the price advancement in silver, what I've said before - actually happened yesterday ie sharp sell off. Please read my previous posts. For today it was not a forecast and i believe I did mention it, nobody knows what tomorrow will bring. If you know what you are doing, then there is no reason even reading my posts on this thread, not to mention replying to them, as if I am trying to teach you how to trade. There is always next week and the week after and another one, we will see whether I was right or wrong. I would love to be wrong to be honest with you.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=64981&perpage=6&pagenumber=44

In the end of the day all I would have lost is $1, a novice trader going long right now COULD have lost a lot more than that or would you disagree?

Romik
 
I'm a novice trader (when it comes to futures). I appreciate the commentary of EVERYONE on this thread thus far. Including you, Romik. :)

Anything that I can learn from makes me a better trader. I don't take anyone's word here on an anon forum and put my life's savings into the move they say. I simply listen. I try to learn.

The only problem I see is that some of you are so advanced that you abbreviate terms and I'm left scratching my head trying to figure out what the hell you're talking about :) But that's my problem.

Cheers.
 
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