CityIndex
CityIndex Problem
For the past two weeks, I have observed a pattern in Cosco and Yangzijiang. That is, they both move in tandem of each others. If Yangzijiang is trading at $1.10 while Cosco at $1.05, the laggard ( Cosco ) will catch up very quickly and trade at the same price.
This morning, I spotted such a scenario again. While Yangzijiang was trading at $1.17, Cosco was still at $1.13. There was a spread of 4 cents where I can profit from.
I immediately placed a trade via CityIndex for 20 lots of Cosco at $1.145. As soon as I placed the order, I tried to look up for the order from the Active Order tab but no open order was found. After struggling for a while, I called CityIndex. I was shocked when they told me other than keying in the buy order for 20 lots, I have keyed in another order to sell the same 20 lots at the same price I bought them. I wonder how can it be possible? The trade history below shows the buy and sell orders were 3 seconds apart. How could it be possible that I can keyed in two orders consecutively with 3 seconds apart!?
For the past two weeks, I have observed a pattern in Cosco and Yangzijiang. That is, they both move in tandem of each others. If Yangzijiang is trading at $1.10 while Cosco at $1.05, the laggard ( Cosco ) will catch up very quickly and trade at the same price.
This morning, I spotted such a scenario again. While Yangzijiang was trading at $1.17, Cosco was still at $1.13. There was a spread of 4 cents where I can profit from.
I immediately placed a trade via CityIndex for 20 lots of Cosco at $1.145. As soon as I placed the order, I tried to look up for the order from the Active Order tab but no open order was found. After struggling for a while, I called CityIndex. I was shocked when they told me other than keying in the buy order for 20 lots, I have keyed in another order to sell the same 20 lots at the same price I bought them. I wonder how can it be possible? The trade history below shows the buy and sell orders were 3 seconds apart. How could it be possible that I can keyed in two orders consecutively with 3 seconds apart!?
At the end of it, a trade that I could have made $400 in one minute ( because Cosco did rally up to $1.165 as I was talking to CityIndex ) ended up losing $21.70 in commission. I think I am going to cancel the CityIndex account and park my fund elsewhere!
=== Updated on Sept 2, 2011===
The same problem happened again the next day. Having gone through what I had gone through once before, I was extra careful and cannot be wrong this time. I have decided that enough is enough, I will move away from CityIndex!
=== Updated on Sept 2, 2011===
The same problem happened again the next day. Having gone through what I had gone through once before, I was extra careful and cannot be wrong this time. I have decided that enough is enough, I will move away from CityIndex!
Labels: Trading Digest
posted by Market Wizards @ September 01, 2011
Comments: 0
