"lean" is a term form the pit. If a broker in the pit comes is with a large offer..say 300 spoozs for sell @ 4.00. as a local you would want that order to your back. in other words you would want to offer 3.90s in front of him knowing that the 300 lot is not going to be just scooped up right away. if you sell 50@ 3.90 and the other locals start buying up the 3.00s from the broker then most of the time you can buy your 50 back from him...risking a tick on your trade. obviously your hoping the broker will start to cave and begin selling his 300 lot at the market..3.50s or 3.00s. it all about positioning yourself. watch the yms when see a 100 lot or bigger. orders will stack up in front of it......this is the 'lean". nothing wrong or illegal about it...it just makes it tough to get any real size off. sometimes i will sell/ buy spooz to offset a ym position...but this is a tough thing to do...at some point you have to reverse that hedge and your left with the same problem. you just hope u geta size order going the other way so you can cross out of it. hope that makes sense? as far as how many 50 lots...well, i get all my orders in big spoo terms still...i.e "sell 50 for xyz trader" this is 250 minis. i will usually work half the order and bang out the other half. i might even hold part of the order for myself depending on my postion. if it combos or risk reversals out of the spx..then not only am i banging out the 50 right away...but ill also sell anothe 20 for myself...knowing that all the locals who are on the trade will come in to (hopefully) push the market is my direction and i can scalp a few ticks on the 20 lot. the largest order ive got was for 220 big spus..yeee hhawwww over 1k minis....yeee haawwww. thats about 13k per tick on the es...you have a chance to be a hero or a zero pretty quick! hehe....good luck JimQuote from coolweb:
jim c,
That was very informative, thanks espically about the YM part, Seems YM can't take 100 contracts since their liquidity is around 10-30 per point,
When you say people lean on it,
What do you mean by this?
Do you mean you get 5 points slippage
Or do people reverse on you and make you try to cover/sell your position?
how come you do not hedge on ES?
What is your total size when sending out 25-50 lots clicking?
Thanks
Urkel,
How are the profit swings for the size you are doing in 10 notes, Any off things you encounter as well?
Who trades more then 50 lots of EQ/NS/YM
- Thread starter coolweb
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Jackbyrd, again I say if you don't like it tell a moderator, put it on ignore, or leave. I've seen many of your posts as well, and most read like a pompous putz. WHy even respond, you actully do nothing, but add to the thread and get others posting. Let it go and it will go away. The other weak links in the human species will fade away when they don't get the attention they are looking for with the posts you describe.
LOL very true. Especially retail brokers trying to make big claims on pro rates.
I've yet to see a retail broker anywhere close to my current rates
I've yet to see a retail broker anywhere close to my current rates
That would be a fair assumption for private traders trading their own capital. However, I have seen the orders and/or screenshots of a few small to medium size managers who routinely will trade in the hundreds upwards of 1000 e-minis in a small scale. The point being that they are using essentially the same software as the retail trader.