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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket.
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To: James F. Hopkins who wrote (1317)10/12/1999 3:39:00 PM
From: James F. Hopkins  Read Replies (1) of 2103
 
Well I went to kill my sell order on the options and they had
just taken them.
Waterhouse is hard to trade options, particularly these QQQ ones
are not so liquid. The web-broker quotes suck and are often not
what you get if you phone in, but the phone in can waste valuable
time. Just the same I phone in option trades to first set them up,
I stay on the line till I get them, then as soon as they are
confirmed I make a close order GTC while I have the broker handy.
I can always go back and toggle my target price if I'm fast enough.
Using the order status ( change order ).
If I have puts and they don't stay in line I can kill the close
order and buy the underlying then piss and put it to them.
-------------
With most short term orders other than options I just use
web-broker, but as soon as I get a conformation I then set up
a target to close ( GTC ) , this is just in case it get's
real busy and I can't get on, or if my computer goes down.
If all goes right I can always change my order ( when I'm fast
enough ) , however if not fast enough chances are I would have
missed it anyway, so having a close order in the pipeline
makes sense to me.
I always close with limit orders anyway.
Sometimes I'll buy at market if the spread is small.
I did OK on my short today , but may shoud have set it wider,
it being such a short term option I didn't want to push my luck
in spite of the fact I both bought and sold, Web-broker is not
yet showing any activity for the day..taht sucks.

Jim
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