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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (4625)7/8/1998 11:52:00 PM
From: _aj  Read Replies (1) of 12617
 
In my opinion, getting filled on the way out is far more important....missing a fill on a buy only leaves you out of a trade instead of stuck in a sinkhole.

Getting filled on the way out begins with the purchase. Pay close attention to the LII situation before entry (and through the trade). Pass on any trade that does not offer significant support at 1/6 or 1/8 below your entry point unless you are fully prepared to accept a large loss on a downturn. If the trade moves against you, get out at once...do not wait until all of the marketmakers have pulled off of the bid.

Remember that soes is often the best way out if most of the bidders are MMs, but often isld or inca work better on fast movers. I have 1000 share soes, isld and inca hot keys set up for buys and sells. Thus, when in a trade I am ready to choose the system that works in the situation at a keystroke.

If there are a few MMs at the ask on a stock you feel is beginning a strong move you can be pretty sure that unless the move doesn't happen (and the MMs stay at the ask) you will not be far enough up in the queue to get the stock. Often the trader will follow the stock up, always trying just a little too late to get in at the ask. Rather than use a market buy (which I almost never do), I would look at the LII. Are there 1000 shares on isld 1/16 over the ask? You're probably not going to get in at the ask anyway, so consider grabbing those shares (using selectnet).

There's no question that getting fills on moving stocks is difficult. That's just a fact of trading. But, Irby hits it right on the head...you must be comfortable with the various execution alternatives. Be ready to use inca, isld, or whatever else gives the best chance of success.
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