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Strategies & Market Trends : The Player's Club

SPY 659.00

+1.0%

Nov 21 4:00 PM EST

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To: Mary A Young who wrote (10645)	8/14/2000 2:09:30 PM
From: Gersh Avery	Read Replies (1) of 11513

LOL .. welcome aboard, Mary .. OK .. we use the price of the e-mini for our entry and exits. The value of the trade is based on the regular sp00 contract. each point on the e-mini is $50 while each point on the sp00 is $250. The rreason that we use the e-mini for entry and exit prices is that the e-mini can be charted real time for free. Because of that, I believe that you will gain a great deal of "feel" for the e-mini by trading in the contest .. Anyway .. trades orders are not effective until the one minuet bar after the SI time stamp. For instance your post to me has a 1:08 time as listed by SI. If it were an order, the effective time for the order would have been 1:09:00 EDT .. that simulates(to a small degree) the time slippage that takes place with internet ordering software. Fees: To simulate fees and price slippage there is a half point fee charged for each contract round trip. The fee is only charged after the contract has been closed. example: short one contract (no fee charged yet). Three days later buy one contract to cover. At that time the half point is charged to cover the total round trip. Market orders: To determine the fill price of the market order, you average the high and low of the first one minuet bar after your orders SI time stamp. In the event that your average does not fall exactly on a quarter point, you round to the nearest quarter point in your favor. In the event that no trades take place within the bar, then the first tick that takes place is your fill price. Limit and stop orders: Again .. these orders are not in effect until one minuet past the SI time stamp. In the event that the market flys past your order point before the next minuet bar hits, then you would treat the order as if it were a market order (to determine the fill price) This rule is only in place if the entire bar is beyond your strike price. examples: you are long and place an order to sell at a limit of 1450. Si time stamp on your order is 12:00. You effective bar would be the 12:01 bar. During the 12:01 bar the contract trades between 1451 and 1452. Your fill would be 1451.5. (converted to market trade rule) example 2 you are long and place an order to sell limit 1450. The next bar trades between 1450 and 1452. Because it traded at the 1450 price that is then your fill. Each time that you get a fill note the fill to yourself and what the resulting position is. example: Sell 20 market edit: filled at 1484 now short 10 If it is to late to edit the order post then use another post to note the fill. This just helps to keep the bookeeping in order and helps to remind ourselves how close we are to our limits. Limits: During the trading day (from 8AM through 4:15PM EDT) we can have a maximum number of contracts open (either long or short) That limit is determined by taking our total equity of our accounts and deviding by $12,500.00. To hold longer than that (overnight or over weekends) the same number would be divided by $25,000.00. At the end of each day post a summary of trades for the day: #subject-34113 Over there just post the number of contracts bought at what average price and the number sold (at the average selling price) example: Bought 20 at 1450 Sold 20 at 1455 I think that covers most stuff .. any questions? BTW you start out with equity of $250,000.00 so during the day you can be up to a max of 20 long or short and at night 10 long or short.

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