Pre-Market Trading....

Discussion in 'Trading' started by Gold_Rik, Mar 16, 2002.

  1. Gold_Rik

    Gold_Rik Guest

    Trading Pre-Market.

    Trading this time frame, between 7:30-9:30 requires many factors in order to be profitable. Many Traders play off news plays, stochastic divergences and many more indicators.

    This past 2 weeks incredible opportunity around the nasdaq "dumpers" have been almost a remembrances of the Naz 5000+ bull run. GNSS, CSGS, EMLX, FLIR have all been great plays with plenty of liquidity.

    One of the indicators I look for is "negative thinking". This causes panic and insecurity and allot of selling to go short in a play. Any news plays with the negative comment of “SEC involvement” “FDA non-approves” are usually sought.

    These plays will have an incredible potential of Short/ Long Trades. Not that I favor the short side, although it has been a great run, but negative people are not sure-footed, causing panic.

    FLIR, this past friday was an exact example pre-market. Shorts easily could have been filled anywhere from 47.00-47.75. Negativity and panic caused this to dump hard. Its provided mass opportunity for the shorter and the longs.

    Plays like this, even with small light shares can complete your trading day by 10:00 am EST. The chart posted was another trade off a consolidation point.

    Traders! Rack those points up now, it’s a great market……..

    "Sucess comes from obstacles he has overcome with trying to suceed"
     
  2. Magna

    Magna Administrator

    Yeah, right. Almost ever trader I know, who isn't trying to sound like a cheerleader, and isn't relentlessly pumping his own website, acknowledges that this past week was one of the toughest around. Very narrow ranges most days, lots of whippiness, many gov't reports, options expiration and triple-witching, relatively light volume, very little follow-through. Oh well, keep cheering away...
     
  3. Gold_Rik

    Gold_Rik Guest

    The happiest of people don't necessarily have the best of everything; they just make the most of everything that comes along their way. Magna, smile a little , maybe your circle of friends travel with the same man who limps, it seems your limping, it only takes 11 muscles to smile. Try it sometime =)
     
  4. It was a very tough week for me. I finally turned it around on Friday after a poor showing all week. Not sure if it was better preparation or the market acting better but my timing was better and my confidence is back. Having a week like the last one made me reevaluate what I am doing and look at it in the larger context and refocus a bit to adapt to what is going on. So in that respect this past week was a good one for me, and I'm once again looking forward to next week's trading.
     
  5. Hitman

    Hitman

    I had a solid week versus my average performance this year, won 4 out of 5, $2000, but I really had to work for every dollar as sometimes it really felt like pulling teeth.

    However, my entire team struggled big time, and my firm put up some of the worst numbers since last summer, two of my closest friends at work who are not on my team were blown out, one trader on my team even flipped out on me in frustration.

    Not only it was slow with a total lack of range, but the fills due to the lack of liquidity have been plain disgusting.

    So yes, it was a really really tough week, arguably the toughest week we had this entire year so far . . . No, it is not about making lame excuses for inability to perform, as good traders do make it in any market condition, but I know several great traders who took rest of the week off after first two games . . .
     
  6. Splat

    Splat

    I am a relative newcomer to the daytrading scene and would like
    to ask a few basic questions...

    If you make a trade before the market opens dont you get filled
    at the open price unless you use limit orders ? I ask with
    primary reference to opening gaps in the markets especially
    when you get very negative news such as about SEC (for
    example WCOM early this week). Of course I assume you
    must use limit orders if placing trades before the market
    opens?

    Regards,

    Splat
     
  7. Gold_Rik

    Gold_Rik Guest

    Tripac......Most intelligent text!! I like ya thoughts!!!
     
  8. Gold_Rik

    Gold_Rik Guest

    STick to Ecns'. I use ISLD and thats it. Price to hitting that book order. Premarket trading has ISLD chippers all over these movers. Easy fils in and out. Not only that, when you have a stock dumping and your short, sit way below that bid to cover.

    Some panic newbie will hit you just to sell out of his long. Depending the player, SEC news causes extremes, 25c-50c below that bid when sellers are present will cover your short fast.
     
  9. Gold_Rik

    Gold_Rik Guest

    Originally posted by Magna
    Yeah, right. Almost ever trader I know, who isn't trying to sound like a cheerleader, and isn't relentlessly pumping his own website, acknowledges that this past week was one of the toughest around. Very narrow ranges most days, lots of whippiness, many gov't reports, options expiration and triple-witching, relatively light volume, very little follow-through.


    Magna I respect your opinion, but can you define: Tough? Do you mean a little light? Are you stressed when you trade btw? If so that must really be the pits. We take what the market offers, little word of advice.
     
  10. Gold_Rik

    Gold_Rik Guest

    ...I would say perfect, it was a week you had to work for the trades. More than the rest. Congrats on your trading!!
    Always like a person that wasnt afraid of some work.
     
    #10     Mar 16, 2002