SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Canadian Options
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Porter Davis who wrote (690)10/9/1997 9:17:00 PM
From: Dave.S   of 1598
 
Porter:

I'm in full agreement with your criticism of the automation which is being forced upon an unwilling trading population. I just want to point out how openings are completely different under CATS as compared to the LOTS system we used on the old floor.

I trade some very illiquid stocks these days such as Hummingbird, Magna, Geac, and Cognos. The trick on the opening is to put a bid/offer about $1 below/above the indicated market. This problem, which occurred with BCE today happens all time on these thin stocks. For example, I was very pleased to sell some MG.A yesterday at $101.50 which turned out to be the high for the day/year.

My point is that traders will adjust to the new system by putting in more outlying bids/offers at the opening, as I have learned to do. No I didn't get any BCE at $42.15 this morning but I kicked myself for not having a bid in place. Tomorrow you will see me bidding/offering for some $1 below/above the market at the opening trying to catch some.

I know I'm giving away one of my successful trading techniques here but I would like to see a liquid and fair market develop at the TSE.

One thing I have learned in my 8 years as a pro is that the market will constantly change and trading styles which worked in the past are as valid as yesterday's news.

P.S. The great tragedy of the BCE opening today is that it invoked sell stops placed my many small traders at $42. I saw at least 20 odd lots going through at this price which must have made these investors quite upset at their poor fills. This is also going to be alot more common when the options are automated.

Dave
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News