Haha well to be honest it will depend on the firm and I can't speak for everyone but
I would view you as a bit of a cheeky sod but also with some form of admiration. I think you're an t*t because you make my life/job harder as I have to trawl through loads of your data to find out what you're up to but admire your efforts for finding a loophole.
It's also the fact that I know that you know what you're doing is taking the mick a bit.
so would I, but ive been cheekier. See below :cheesy:
Yeah was defo taking the mick, although i didnt manage to capitalize on it very well tbh. Was going through one of those 'how can i be right and nail down risk' type times, net result was a whole lot a -1.1/be and not enough pay.
At the end of the day though we try to mimic the real underlying market environment as closely as possible, and you and I both know (I presume from your wording)
that in real market conditions these tactics simply don't work.
Totally agree
In a related example, we faced a similar thing previously where a client would try to
place a buy and sell stop each side of the market during big data. Fine, but when he got slipped as the price thundered one way or another he would then ring up to complain when he got slipped. Even after showing screenshots of the underlying market at 1 second before/during/1 sec after where price had gone from 1250 to 1247 (Gold) in a split second, he wouldn't understand why he couldn't get filled at 1249. So in his case we simply widened the price he was allowed to place his orders at to negate slippage. Imo it's a worse deal but he was happy with it
I did that for while back in the day. In 04-05ish iirc, GFT amongst others started offering 'guaranteed fills' to get the punters in. New fish me saw the obvious NFPR opp :cheesy:. Opens the acc and fills it with all had spare. Fast forward to 'the' friday at 1.29pm (full margin at 25ppp ish, kings ransom to me att)
1) P sell at x /C stop -4, check! P buy at x/C stop -4, check!
2) 1.30pm platform freezes.
3) 1,35pm platform unfreezes and eurusd is 150 lower.
4) Check balance.
5) "Wohoo! Im a trader!! .
Closed out for around +6.5k a bit hour later, thought i was amazing!
Went on to do this a couple more times and made a good whack, but the views of the older hands (youre an idiot!) id had shared the idea with were starting to get to me.
Eventually i got spanked on one for around 5k when i got jumpy and went to cancel the orders, dunno what i did but i left something out there, it got filled alright, pinpoint! . No amount of complaining was getting me my dough back so i called time.
A little while after, GFT (and others) changed their t&c, no more guaranteed fills. I rang them up just to check.
Me "Hi, just wana check smthing, are you no longer offering guaranteed stops?"
GFT "No, weve stopped doing that."
Me "Got you, whys that then?"
GFT "Were getting killed!"
Me "Really" (no sh1t!)
Fun times