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Strategies & Market Trends : RealTick III
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To: Lancer who wrote (149)12/2/2000 6:38:54 PM
From: davealex  Read Replies (2) of 311
 
Any experienced traders using RealTick wish to comment on the best way to configure and manipulate RealTick for order entry?

I probably trade differently than most people so this is likely not going to help too much, but I will explain two types of trades I do.

For the kind you describe above, my mouse hand is pretty fast. I can configure an OES volume, price and route and send the order in less than 2 seconds. I always use the OES attached to the MM and click the price I want. I don't see anything wrong with 2 seconds.

But there is another way that has made it particularly easy for me to trade sort of "robotically" for specific setups I trade every day.

If I am looking at a particular chart, and I detect a high probability pattern where I want to take a position, I simply use a Conditional Order that will send an order upon the condition being met.

ie. I see that JNPR is setting up as a breakout if it breaks 99 1/2, currently trading at 99 1/8. I set a conditional order: If JNPR trades at greater than 99 1/2, BUY (# shares) JNPR via (route) at limit 99 3/4 (or whatever I am willing to pay).

Not very efficient? I know there are people who are really into L2 and getting that last teeny. I don't find THAT very efficient when I end up missing multiple point trades because I couldn't get a fill as my bid moves away. These are setups in which I am looking for several points. I will pay up a little to get it and I will allow the machine to execute for me.

Dave
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