#TradingStrategyMistakes

* **Action 1 (Chicago - 0ms):** Chronos, running on servers physically adjacent to the CME's matching engine, fires an order: **BUY** 500 E-mini contracts @ 5000.05 (hitting the ask). *Transmission Time (Microwave): 4.13 milliseconds.*

* **Action 2 (New Jersey - 4.13ms later):** Milliseconds *before* the CME trade confirmation even arrives back in NJ, Chronos, knowing the order *will* fill, simultaneously fires an order: **SELL** 500,000 SPY shares @ $500.10 (hitting the bid) on the NYSE Arca exchange, whose matching engine was just down the hall from Ken's servers. *Transmission Time (Fiber within data center): <0.1ms