Eric,
I assume you do this for a living as I see you on SI a lot and you seem to be very well versed in trading. On the basis of that assumption, I wouldn't dream of questioning the validity of your trade selection on your decision to carry those trades over into the extended sessions. I would ask you this, however:
If you do this for a living (as many others on this thread and I do), what do you use for a backup? I know I have three quote packages (although I use Q-Charts almost exclusively). I have Nasdaq Level 2 on two of them. I have futures quotes on two of them. I have a backup computer (as many other professionals do). I have three modems and three separate ISP accounts. I have cell phone backup. I have UPS's on all of my network and a spare modem on my notebook computer which also has a battery. I have a backup brokerage account, in the event I have a problem with one. I said all that to say this-- I am responsible for my own trading. If I have a problem (even if it is not my doing) like I did yesterday when my brokerage's computer went down while I had a trade on and the idiot on their trading desk couldn't even accurately tell me the position I had in the market, it is still my responsibility. I have placed my trades in full knowledge of the fact that "stuff happens". I therefore have in place backup systems which prevent me from getting myself in trouble.
I wish I could say that I have always been so cautious, but unfortunately I cannot. I think it took me two very expensive trades (15K December 98 and 38K February 99) which were neither technically my fault before I figured out that they are really all my fault. I wish you a better and cheaper education in this area than what mine cost. I urge you... no I plead with you, save yourself an expensive education and get yourself backups. I can let you know of a direct access firm which will GIVE you FREE Real Tick 3 with Level 2 if you open an account with them (minimum size 10K). They have no trading requirements. I have placed one order with them in three months. They are one of my backups. I think I also posted you a link to the ISLD book which is also free. However you do it, redundancy is absolutely critical for a trading professional. Even the best systems out their have their problems. And I believe that Q-Charts is the best package out there-- but it is not without problems. Just don't allow their problems, or anyone elses for that matter, to cost you money. It's your money. As good as any of these companies may be, they will not pay your bills when you're broke.
Matt |
