Traders trading with a pure Internet based platform with no dealing desk phone contact must have a second broker with which to hedge open positions when these situations occur.
SPI 200 and Futures Options
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Traders trading with a pure Internet based platform with no dealing desk phone contact must have a second broker with which to hedge open positions when these situations occur.
wayneL
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Hopefully someone you can ring if your power gets knocked out.
wayneL
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At the risk of repeating myself Pit, have you never heard of a stop order?
What if your phone goes down.
Failing all that I'd take a trip to Mum's place (two minutes away), or the Internet cafe in the village (5 minutes){IB has a browser based TWS}
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No I don't see your point,
I'm a small time trader yet I have 2 routers plugged into my desktop with different ISPs, a fully charged laptop stashed away with a third method of connection (USB stick) and if all else fails a dailup account.
I uses two brokers, a primary broker and a secondary.
What's the problem ??
BTW, I just have to laugh out loud at anyone knocking IB.
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At the risk of repeating myself Pit, have you never heard of a stop order?
What if your phone goes down.
Failing all that I'd take a trip to Mum's place (two minutes away), or the Internet cafe in the village (5 minutes){IB has a browser based TWS}
Go down to your local shopping centre and buy yourself a $49 mobile.
Last I checked they don't need power to work.
Stop orders can get run through if the market picks up steam.
If I go out and have an position I ring my Broker and he makes sure I get out if my stop gets hit.
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sure all that is fine but why go to all that trouble when you can just pick up the phone.
For the record I think IB is a good service for small traders.
It's the larger traders that need phone based broker if needed.
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At the risk of repeating myself Pit, have you never heard of a stop order?
What if your phone goes down.
Failing all that I'd take a trip to Mum's place (two minutes away), or the Internet cafe in the village (5 minutes){IB has a browser based TWS}
In 5mins the Spi can drop 30 ticks.
20 lots X 25 X 30 =15K
Ouch!!!!
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wayneL
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Add 2 mobile phone with 2 different carriers and you're covered, well maybe add an air raid shelter and canned food
At the end of the trading day the trader must assume full responsibility no matter what.
PS: whatever happened to the options discussion
wayneL
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AHAHAHAHAHA!
Ether way there are two ways to initiate a stop order. A stop limit or a stop at market.
Whether you phone this through or enter it online, stop orders work the same, you either take out the available depth, whatever it is, or only at the level of the limit or better.
Your phone broker cannot magically create market depth that doesn't exist (no matter what BS they spin). The bid or ask is either there or it isn't.
IOW your broker can only fulfil your instructions the same way an online platform does.
Fail!!!
LOL
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I repeat my question:
Have you never heard of a stop order?
There a few different types !!
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Add 2 mobile phone with 2 different carriers and you're covered, well maybe add an air raid shelter and canned food
At the end of the trading day the trader must assume full responsibility no matter what.
PS: whatever happened to the options discussion
Couldn't agree more.
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That is right...Just make sure you enter a stop the second you put on the trade...I however like to use mental stops watch the market action.
Each to their own.
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Art,
I'm now under the impression that Pit and yourself don't really trade.
Send me your email and I'll send some stuff out to you.
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wayneL
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You can enter the stop concurrently with the initiating trade. If you like mental stops, great, have an emergency stop further out just in case.
(just remember to cancel it)
Trembling Hand
Can be found on the bid
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Surely trading 20 lots you can handle the odd swing against you?
There wouldn't be many 20 lot traders that don't have 1 day a week down 600 ticks...... just another day in the game........Then again if your a salesman pimping brokerage ..................
This whole line is a joke. In the scheme of things the odd disconnect is neither here nor there.
Can we move on?
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