Pennies from heaven

Discussion in 'Religion and Spirituality' started by crew, Mar 6, 2010.

  1. crew


    I'm not a full-time trader, but I am a fairly active swing trader. I have Friday's off from my regular job (engineer) and try to monitor the markets looking for potential trade setups. Yesterday I had my Level II up watching Citigroup (C) along with some other stocks. I noticed that it was trading for about 2 1/2 hours back and forth between 3.48 and 3.49. I saw thousands of sellers at 3.49 and thousands of buyers at 3.48. My assumption is that if I wanted to buy 10K shares at 3.48 and immediately sell them at 3.49 for $100 profit (before commissions of $9.99 per trade) that my trade would probably not get executed immediately, right? So, I'm thinking that I may need to put in my bid at 3.481 and once filled put in my ask at 3.489 for an $80 profit. Does this sound feasible or am I naive about these inside prices getting filled faster (over 300K shares of C were traded on Friday)? Do any of you trade this stock this way? As always, thanks in advance for your comments.
  2. One small correction ... 300 million.
  3. crew


    Yes, thank you....I meant 300 million.
  4. l2tradr


    Can't place subpenny orders with a retail broker.
  5. crew


    I use TD Ameritrade and State Street Bank and have entered subpenny trades w/no problems.
  6. lescor


    You'd be the last fill at 3.48 right before it went bid 3.47. Bank on it.
  7. risky63


    you got that right......
  8. crew


    Okay, that's basically answers my question. I thought I had found a way to make some quick money in small amounts; but I guess if that were true everyone else would be doing the same thing.
    One final clarification: if I adjust the bid/ask up fractionally (bid 3.4820 ask 3.4880) is it more likely to be hit? And do I want to make it a Fill or Kill? Thanks.
  9. try the roulette table in vegas, better odds for fast money
  10. i think I learnt this long time back.. if u r trying to bet on the next penny. , its no different from the red back wheel i@ roulette vegas.

    atleast while doing that the drinks are free!
    #10     Mar 7, 2010