[jackb]

Had started trading DAX futures intraday and was doing okay after a couple months of trading. After getting long 4 contracts one day, quotes suddenly stopped updating. But I'm still getting data on all other contracts. So I'm thinking it's a data feed issue specific to that symbol. Better quickly hedge that off with some SP eminis...crap, now I can't get an order to route. What the hell is going on? This is through IB and I hate dealing with them on the phone. I place the call and promptly get schooled on the intricacies of DAX futures on expiration day. It was my first roll with the DAX and unlike US futures, there isn't an early handoff the week before as the front month contract remains the most liquid contract all the way to the last day. But, wait, there's one other...um....noteworthy difference with DAX futures...they settle MID-day. Mid-mfing-day! Are you kidding me! What kind of BS is that? I knew it was expiration day, I just assumed that by "day" it implied "all day", you know, as in "end of day." Nope. End of the morning session...4am my time (PDT). So, I'm told I have just taken 4 contracts into cash settlement and because of that, the increased margin requirements maxed out my buying power and it wouldn't be until the following Monday before my account would be available to trade again. So no laying off that open position. Completely naked and no one able to tell me when a settlement price would be posted. Sweated bullets for good while before the price finally posted and I ended up being paid about $2600 for my ignorance. Total absurdity. Rest assured, I have plenty of horror stories that more than offset that "ill-gotten" gain.