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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: Sword who wrote (3814)4/22/1998 6:26:00 PM
From: Eric P  Read Replies (1) of 12617
 
Jerry:

Thanks for the insight / lessons from your day Monday.

I trade through Castle Securities and did not notice any loss of NASDAQ / SelectNet service on Monday, but there was an outage at about 11:00 EDT on Tuesday.

I wish I could keep all of my losses down to your target of 1/8 point or less. I find it a difficult goal for the following reasons:

1) If I SOES in a buy (at the ask), then I already have a 1/8 point loss, considering the bid as the exit point on a stock with a 1/8 spread.
2) If I use an ECN (ISLD) to enter the trade on the bid, I will not get filled on the best trades, as the price moves in away from my bid. Unfortunately, you will always get filled on the losing trades, as the price drives through your bid price.
3) The alternative, a ~1/4 to 3/8 point stop, enable me to SOES into good trades. This obviously, results in larger losses in the bad trades.

I am still experimenting with the best way to handle this.

Thanks again for sharing your experience from Monday,
-Eric
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