I RARELY play NYSE issues, but the short sell set-ups are just too choice for this swing trader! On the NASDQ i am used to waiting for the up-bid and lifting that for an immediate fill. On the NYSE i tried to short AXP five freaking times! by hitting the up bid and it just sits there! What is up with that? i tried three times in the 28.75 area and twice in the 28.65 area. Can anybody give me some advice on how to short the listed issues? i gave up and went back to the NAZ And why do the orders just sit there after being cancelled -- shoot, but it has such a long lag! BTW i use IB's TWS reagrds/greg
on NYSE, the uptick rule means an actual print higher than the previous trade. while on NASDAQ an up bid counts as uptick. Also the fill is at the mercy of the specialist. This is just a stone-aged thing you need to live with when you fool around with stocks, especially NYSE
Next time, use ARCA and penny down the offer, this way, the whole world see your order, better chance. Good Luck
Thanks dozu However, i was trying to sell into rallies the prints were always higher, as well as the Bids and Offers. Heck, he was filling orders outside the offer! I understand if i want to sell i "get in the que" of the specialist's book. But i was only trying to sell 100 shares! and there were thousands on the bid! I was not really focused on the T&S window, as i really expected to just get filled, so i can't really say for sure how the bid was filled or if it just disappeared. I guess one would get used to the NYSE market system after a while, but from my perspective, what a frigging joke! Ill take the NAZ system, thank-you. You post it, if i get there first, you fill it! End of story! Anybody that is a regular NYSE trader have any insights that might help me in the future? regards/greg
www.shortboy.com is a good way to learn shorting. The educational part is free (the "Shortboy university", and he runs a mock trading account of only short sales. And he seems to do better in "up" markets, as opposed to "down" markets. Great way to learn all you want to know about short selling. Sam
Greg just do market. I sometimes short without bullets and they can take quite awhile on the NYSE without them. Limit is useless if the freefall is happening as the specialist will never fill you. Bullets do make a huge difference here. rtharp
Short sells get last priority on the NYSE. That means if you are trying to short, everyone else who is merely selling stock at that price must get filled first before you get your short in. that means whenever you are able to short, the stock is surely to uptick a few times. Thats why bullets are so powerful.
To all, I've shorted NYSE and Nasdaq stocks and do think it's easier to get a fill on the Nasdaq, but if I can get the short on the NYSE, it's often well above my limit because I limit down below the bid. Although I admit that I can't always get a fill. For those that suggested using market orders to short the NYSE, how are your fills? Is it possible for the specialist to drop the bid by a huge amount to fill your order then bounce it back up? Just recently I saw LEH drop $1 with no trades in between (sucked because I was long!). I usually use a marketable limit order because I'm a little gun shy about using a market order. Thanks.