New guy here... can anyone point posts where the exit tactics are discussed... got filled (short) on GS, JPM, IDCC. Lost 60 cent in GS.
Start by reading the news ;-) "Goldman to sell $2 billion in FDIC-backed bonds: source" For exits: Fixed %, fixed $ amount, trailing stop, no take profit only tape read. I use a fixed % target ,auto limit send as soon as I get filled. For those that goes red or dont hit my target I tape/chart read. I might cut some quick in the begining expecting others to perform better, assuming that if there is no profit up front there is less probability that I will get it. I might hold longer at the end, after 9:34 but I dont ride losses.
Thanks tk, have been trading on open prints for sometime now but , yeah need better grip on deciphering news stories.
"Starting 28 October 2008, the New York Stock Exchange will make major changes to its market operations. The NYSE will replace Specialists with Designated Market Makers (DMMs). DMMs will have responsibility to provide liquidity in their stocks, and manage the opening and closing auctions. Unlike Specialists, DMMs will not have precedence or first priority when orders come to the market. Their orders will have the same priority as every other order. The NYSE will display all DMM orders in the NYB; this should reduce delays in quotes and execution from the NYSE." Hi, Don. What this change impacts this Opening Order strategy? As you say, the most important thing for this strategy is to ride with the specialists, but now the speicialists has gone and replace with Designated Market Makers.