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Strategies & Market Trends : DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS
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To: Equity Trader who wrote (99)5/24/2001 11:26:50 PM
From: -   of 565
 
Jerry, Well if you are shorting into upward momentum, with an online broker on a good day you can get filled just by using a limit order at the offer. Your odds of getting the timing right are much better on a direct-access, level-II platform like Realtick or Cyber, of course. And using direct access, you can put out a marginally lower offer to make the inside market so you'll be taken first if the buyers (momentum) are there.

I haven't traded on Datek, but they have some nice software and a big fan club... have used many other online brokers. There is just nothing that compares to using direct access out there... using an online broker to daytrade stocks intraday is like coming to a gunfight with an old, rusted-up .22 rifle <g>

Whether using an online broker or direct access, the key to getting filled on the offer when shorting (making the spread) is to get the timing exactly right. Too early, and the stock will trade over you (you could have offered it higher for a better entry). Too late, and the stock loses momentum (you're not filled). It's usually about a 5-second window you have to hit in the high-flyers.

I also like putting a marginally higher bid out to cover a short near the bid into downward momentum. We were lucky enough to be short DIGL into the lows today, and got part of it covered in the 48.20's that way! Timing, which comes from gaining a good handle on the dynamics of the inside market, is everything.

Steve
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