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Strategies & Market Trends : Your Worst Trading Enemy.. You
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To: Shoot1st who wrote (9)1/15/2001 4:53:04 PM
From: Sharck  Read Replies (1) of 223
 
Was making reference to the daytrading firms that suggest playing 1000 or more shares of any liquid stock long and short. I recently visited the offices of a local daytrading firm and made the same pledge. We took JDSU, one of the most liquid and active stocks on the Nas. First trade was an attempt to short 1000 shares, and this took 5 different trades, (average commission is 35 Canadian for a total of $175) and the stock price had dropped over a 3/4 pt before getting the up tick to fill the last 100 share. The stock continues to move up and hits and passes his mental stop at 1/8, only problem is there is only 100 shares on the offer. Question, does he go to the next best offer, GSCO 100 shares at another 1/16 or move up 3 or 4 offers to enure he gets a fill. Too late, the stock jumps and is now up over 3/4 point, right back where he started the short and buyers coming in on the bid. He panics and hits an offer another 1/2 point above the best offer. Problem is the share price never got there and starts to move back down. He never did make a second attempt. Point being, even on the most heavily traded stocks just don't have the liquidity to "daytrade" for a lousy 1/16th.... and the only porshe I saw in the parking lot was owned by the CEO... Like to hear of any other experiences from others and Shootie, that bet still stands...
Sharck
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