It’s happening again and if you get reamed don’t say you weren’t warned.
In 2008 there were repeated instances where the futures gapped ~20 handles overnight, clearing out the stack and gapping over your stop, filling you on the other side for hideous losses. Stop orders are worthless when this happens — all they do is lock in a loss as you fill on the other side (which usually is the extreme print) and then the market reverses some of the move, costing you twice.
There’s no defense against this when the other side of the trade is a robot. The only defense is not to be involved at all.
A good while ago I did a video on HFT games in the stack — orders repeatedly appearing and disappearing with no chance for you to possibly act against them. These orders are not intended to execute, but rather are intended to “bait” some other robot to go against them and then they’re pulled.
It’s a cat and mouse game, basically, and you have no chance as a human against them.
They’re back in the stack this evening.
DO NOT PARTICIPATE.
YOU WILL LOSE MONEY, MAYBE YOUR ENTIRE ACCOUNT OR WORSE. IF YOU THINK YOU KNOW WHICH WAY THE MARKET WILL GAP YOU’RE GUESSING AND IT DOESN’T MATTER IF YOU’RE RIGHT OR WRONG ONCE OR TWICE — YOU WILL EVENTUALLY BE WRONG RESULTING IN A DISASTROUS WIPE-OUT.
This crap was prevalent during the 08/09 meltdown and it’s back. There has been exactly nothing done about it since the meltdown and it is how small retail traders get their entire account wiped out.
Go play golf or fish instead — you know how much that round of golf or fishing trip is going to cost you in advance.