Monday, March 30, 2009

Floor traders

I just got a call from TradeStation saying 2 May 170 puts were not actually filled. He said, their floor trader 'mis-punched' thinking it was call options. (Note lumber options are floor only).

I was immediately thinking, this is completely BS. I, then, asked him, 'So, you're saying, if I make a mistake floors can take advantage of me, but when they (you) make a mistake, I can't do that?' He went silent and it was a mis-punch.

Lumber went up after I thought I got filled and I was making $600+ or so. Now it's gone. I asked my long time trading friend about this and as I expected, he doesn't think there's any little guys like us can do anything.

I hate pit-trading. In electronic trading, all sales are final. There's no return policy crap.

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