Getting immediate execution on Eminis

[ASX_blob]

Hey all,

I've been looking at trading eminis for a while now. So today, I figur'd I'll get my feet wet, and try a trade.

Using NAB Online Trading as my broker, I put in a buy order for 3500 ALLKZF eminis 'at market'.

By putting my order 'at market', I thought it would get executed immediately. However, it didn't. After a little while, 200 eminis got executed. A few minutes later, another 99 got exectued...etc until they were all fulfilled at the same price of $2.00

Can someone explain to me why the buy orders were staggered, and not executed at the same time?

What am I missing here?

Cheers.

 

[Trembling Hand]

For starter you are trading warrants not Futures!!!!!!

Was there anything in the Order book?

 

[ASX_blob]

oops!

boy, do I feel like an idiot!

eheheh I got the codes off the ABN AMRO MINIs site, and got the impression they were eminis.

Thanks TH! I'll have a more thorough read before I do my next trade.

 

[ASX_blob]

...i'm still wondering why 'warrants' are not executed immediately when I place an 'at market' order.

any ideas?

 

[Timmy]

When you placed the buy order how many were on the offer?

 

[Trembling Hand]

...i'm still wondering why 'warrants' are not executed immediately when I place an 'at market' order.

any ideas?

Have been looking at the Depth screen and its way to thin to be placing orders @ market. You are lucky they didn't go through at $10. right now there is only 1000 offered. You shouldn't really be trading these without live data.

And if you haven't live data Limit orders are the way to go.

 

[ASX_blob]

Thanks all.

 

[Timmy]

You are lucky they didn't go through at $10. right now there is only 1000 offered.

Well, I think blob you were extremely lucky - warrants are a made market and a market order for such an amount in a thin market is a license for the MM to carve it up. I just wonder if the 'at market' order reverted to a limit once the initial offered amount was taken out? Thats what might have saved you in this instance?

 

[Trembling Hand]

I just wonder if the 'at market' order reverted to a limit once the initial offered amount was taken out? Thats what might have saved you in this instance?

Yes I would think thats what happened. I think most brokers and the ASX have some sort of Filter on market orders, luckily.

 

[Boggo]

ASX Blob, I would be going down to the local newsagent and buying a few lottery tickets while you have luck on your side if I were you.

The ask (ie the MARKET sell price) could have easily been $5 or $6 dollars.
A market order is saying I will buy X amount at whatever price they are offered to the market.

As TH said, you need live depth data before doing market orders and even then you need immediate execution of order.

 

[Timmy]

Boggo, like the sig ... what's Latin for "or you Googled it" ?

 

[Boggo]

Boggo, like the sig ... what's Latin for "or you Googled it" ?

I would have to look it up Timmy, some bits I still remember from my Catholic schooling (as well as some of the Christian Brothers who belted the crap out of me in the process)

Not sure that "Googled" would be in there though.

 

[Euler]

And further to placing an order type ..... if you have done your risk assessment of the trade and worked out your entry price, stop level, target etc. stick to it ... don't "chase" it by going "at market", unless there is a very strong compelling case to do so. And in the case of most warrants ... there rarely is.

Again, understand the product you are trading!