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tool123
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my body askes for beer and cigarettes, so it must be good
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no one did address flash quotes yet. The people in favor of HFT's I hope are also in favor for the markets to be an equal playing field. Compared to say 10 or 15 years ago a lot has improved also for retail investors. I can run a fully automated system now on futures (and stocks if I wanted to) but as is mentioned by one of the posters a lot of the quotes you see appear on your screen are just false quotes. When they see your order coming some players can remove their orders or place an order just in front of you before your order hits the exchange. This is not a level playing field. Folks like me obviously can not compete on the same level as these folks.
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interesting discussion. As long as the rules of the game are the same for all players I would have no problems with HFT. But are the rules the same for everyone? What about flash quotes and fractional quotes. I can not buy MSFT at 25.10001$ Maybe someone can comment on this? How can it be justified that some players can see my order coming and then having the possibility to front run it? Since this is basically what they can do with flash quotes and fractional quotes, right? Myself I trade only futures, so there are no fractional quotes here (to my knowledge) but I have to admit I find it increasingly difficult to make money.
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one of the initial remarks in this thread was that it very often seems your order is only filled when the price breaks through. It seems that there is always a lot in front of you and you are always last in line. Not sure if front running is possible. I do not trade ES at the moment. My system automatically sends orders to the market but I send the last price as the limit price. Often I have to wait fro the order to get filled. ES gives far more problems than for instance TF, EMD and CL even though ES is far more liquid. Anyway, this is my observation. I guess front running is not possible but I do not use L2 so did not study it. With stocks they front run for sure using these fractional prices like 25.2400001. ES does not have these fractional prices as far as I know.