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Trading: Primarily Energy but also a little Equities, Fixed Income, Metals, U308 and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,059 since Dec 2013
Thanks Given: 4,410
Thanks Received: 10,226
I tried to take advantage of this, this weekend. 1 second before CME open Bitcoin was 34500ish on Coinbase etc. and Micro Bitcoin was 34200 choice. So I entered an order to buy 10 at 34250. Micro Bitcoin then proceeded to open at 34250 and I was filled on none! What I think this means is that the buy order at 34200 actually had a price higher than 34200, but 34200 was the auction open clearing price (before my order) based upon 'number of bids and offers'. When I entered my order at 34250, that became the opening auction clearing price, but my orders were still behind the person who got the fill as their price was obviously higher. (Probably 34400ish)*. This is what I expected when I said...
I'm not sure what happened last week. Maybe the volume of orders (67) was greater than the max order quantity of the Algo taking advantage of this.
* If your paying exchange fees, Micro Bitcoin is very expensive to trade, probably higher than $50/Coin/RT (not per lot) and likely higher than $75/coin.
Not to mention that the bigger cfd brokers are regulated, at least here in the UK. They also offer maximum loss guarantees so you will never lose more than your account balance in the event of a black swan event. As far as I know this is not the case with futures?