International Index Trading

[professor_frink]

And today's lesson in 'how to blow out your account daytrading Hong Kong index futures' comes from the H-shares index. I don't know exactly what happened, as I had another trade on and wasn't watching it too closely, but time and sales go like this-

13007
13009
13010
13006
12997
12900
12900
12959
12980
13001.

In the space of 5 seconds.

 

[CanOz]

Holy smokes Prof, does a stop have chance at all?

Cheers,

 

[professor_frink]

Holy smokes Prof, does a stop have chance at all?

Cheers,

If you are long- none. A long might have been lucky, in that by the time the order was fired off- the market had gone back up. Having said that, there wasn't really any reason for a daytrader to be long when it happened.

 

[professor_frink]

so far in the morning session on the H-shares we've had an intraday range of 323 pts. Not too bad for 2.5 hours of trading

 

[>Apocalypto<]

Frink I had the same problem trying to close my Korean contract this morning.

Every time i hit sell the price moved and the price was invalid was a damn fiasco!

Ended up having to call ig and get them to do it at there end.

I have never had that experience before, asian indexes are a totally different game of cards!

And to top it off, after I closed it it rallied straight away! aghh you got to love trading somtimes.

 

[professor_frink]

Frink I had the same problem trying to close my Korean contract this morning.

Every time i hit sell the price moved and the price was invalid was a damn fiasco!

Ended up having to call ig and get them to do it at there end.

I have never had that experience before, asian indexes are a totally different game of cards!

And to top it off, after I closed it it rallied straight away! aghh you got to love trading somtimes.

Do you have to trade at market with cfd's TI? Can't you just sit in the depth and wait to get taken out?

 

[>Apocalypto<]

Do you have to trade at market with cfd's TI? Can't you just sit in the depth and wait to get taken out?

I always trade at market Frink never tried to close by price point I was trying to get rid off it fast did not want to hang in there waiting for a price but now I wish I had!

Never tried that kind of order not sure even how to attempt it.

 

[CanOz]

You cannot see the depth with IG CFDs.

Cheers,

 

[professor_frink]

You cannot see the depth with IG CFDs.

Cheers,

ok gotcha

 

[Edwood]

same problem for me on spreadbet Trade It - put on a limit order slightly over / under touch & you'll usually get out that way. also less frustrating as you know what price you should be hit at

 

[wayneL]

And today's lesson in 'how to blow out your account daytrading Hong Kong index futures' comes from the H-shares index. I don't know exactly what happened, as I had another trade on and wasn't watching it too closely, but time and sales go like this-

13007
13009
13010
13006
12997
12900
12900
12959
12980
13001.

In the space of 5 seconds.

I remember about 4 years ago, I was watching YM, looking for an entry, when that sucker dropped about 500 points in 10 seconds.

It was a fat finger entry and CBOT busted all the trades, but funny at the time (though a slightly different emotion would have taken over had I been in a trade )

 

[professor_frink]

I remember about 4 years ago, I was watching YM, looking for an entry, when that sucker dropped about 500 points in 10 seconds.

It was a fat finger entry and CBOT busted all the trades, but funny at the time (though a slightly different emotion would have taken over had I been in a trade )

On the YM- did you find out what happened?

I've never heard of the HKFE busting trades before. I'm now curious as to whether it happens or not

 

[wayneL]

On the YM- did you find out what happened?

I've never heard of the HKFE busting trades before. I'm now curious as to whether it happens or not

Yeah someone put an extra zero on a market order and took out the whole depth, a fat finger trade... tried to google the exact incident but couldn't find it. But a few examples here http://www.google.co.uk/search?hl=en&q=fat+finger+trade+&btnG=Search&meta=

It was surreal, there was a few of us chatting on MIRC at the time and we thought someone was letting of ICBMs for a moment.

 

[professor_frink]

Yeah someone put an extra zero on a market order and took out the whole depth, a fat finger trade... tried to google the exact incident but couldn't find it. But a few examples here http://www.google.co.uk/search?hl=en&q=fat+finger+trade+&btnG=Search&meta=

It was surreal, there was a few of us chatting on MIRC at the time and we thought someone was letting of ICBMs for a moment.

Whoops

I'm surprised I haven't heard stories like that coming out of the HK futs- an accident prone retail punter like myself could do serious damage to the HSI or H-shares if the timing of a mistake was right(or wrong depending on how you look at it!)

I think today's little episode was on less than 50 contracts

 

[wayneL]

Whoops

I'm surprised I haven't heard stories like that coming out of the HK futs- an accident prone retail punter like myself could do serious damage to the HSI or H-shares if the timing of a mistake was right(or wrong depending on how you look at it!)

I think today's little episode was on less than 50 contracts

Well YM was only about 30,000 contracts per day at the time, that's why it was such a savage move, but even so, it took out the other indices as well.

I would love to have been a fly on the wall in the SP pits at the time.

 

[lesm]

You cannot see the depth with IG CFDs.

Cheers,

Correct, but by left clicking on a currency, stock or index name under the 'Market' column you can select 'Order to Open' which will bring up a dealing screen which will allow to specify an order level, number of contracts and whether you want use 'buy stop/limit' or 'sell stop/limit'.

You are not restricted to buying/selling at the current market price (sell/buy or bid/ask).

Cheers.

 

[lesm]

Well YM was only about 30,000 contracts per day at the time, that's why it was such a savage move, but even so, it took out the other indices as well.

I would love to have been a fly on the wall in the SP pits at the time.

Wayne,

Sounds like it may have had a wider effect than the AMP finger problem, when it originally floated.

 

[Edwood]

reasonable rally in the US o/night (well compared to the sort of thing HSI can chuck out! ) guess we'll be off to new highs everywhere then

 

[wayneL]

reasonable rally in the US o/night (well compared to the sort of thing HSI can chuck out! ) guess we'll be off to new highs everywhere then

Yup, only the good news was considered. The bad news was.... well, what bad news?

Black is white
War is Peace
Ignorance is Strength
etc

 

[Edwood]

hi Wayne - yeah must be too many shorts around still, bull fodder!