leaving the computer is a great idea that enhances letting profits run and cut losses short. I am not doing position trading right now but if I were to do so, I usually draw a line on the chart where that's my stop and input a stopmarket. As for position trading, etc... some traders in my firm prefer NASDAQ stocks as they are much more smooth, no specialist, and supply/demand is clean...what do you guys think? Are nasdaq stocks preferred over NYSE for position trading?
for what concerns nyse vs naz my opinion is that is exaclty the opposite...specialist involvement and cues at the pits slow down short term down price movements considerably...of course thats not always the case, especially when a stock is on the news and attracts huge block orders from the nyse pits...those can drive the price upside down in matter of seconds but overall those spikes are not that common and to be fair naz is a train wreck compared to nyse. the only prob with the bb is fills...when a stock is hot u got lesser of a chance of gettin filled, especially if it's tumblin' hard and u attempt to short it. also if u dont get filled and u cancel those bastids wait to see if the price go against your orders and then bang u are in...if it doesn't of course u left out...same shit if u want to get out...takes ages to get a fill and u risk to give back profits or to take large hits cuz u gotta keep movin' your order to chase price; doesn't happen all the time but on down gaps for example is rather common...and pathetic i might say.
very true. Of course, it's a different story when one has conversions/bullets, but yes, when you offer, and tries to cancel, if the stock is really going down, he will let you cancel, but if it's going the other wait, he will hold your order and screw you over and fill you. As for the chase downs, I got screwed a lot as in a post not too far from this one, I mention how I was really in the money but wasn't fast enough to get out only to see the price go the other way and in turn actually lost a couple of cents. Now, I usually get ECNs ready to get out instead of New York or NX as when things go down, he'll lock it anyway most of the time.
ecns are a problem cuz of the huge spread; nyse is the tightest: if u are in issues not that popular that are particulary active on the day just due to earnings report u are pretty much screwed...u have to pay up or get in the lap of the spec.
depends what stocks...as i said if they are issues that are particulary active just on the day after report ecns have horrendous spreads....arca and maybe island bein' the best but still more than 10c most times. all ecns on nyse stocks that gapped down hard in then past week were not an option for most of the time.
ah I see, I'll keep a note of that and will observe. Currently I am only looking at a couple of stocks as I am just a beginner and the spreads are usually standard a cent apart except in opennings where he unloads large buyer/seller orders.
What, I leave you guys for travel for a few days, and our thread falls off the edge of the earth, LOL? Livingston, Bit, FF...anybody there?
still here, always here learning, etc...it's that august seems to be a really really slow month for equities trading...