Colin,
Your strategy is more of a position trader than a day trader. My experience is that Dell, like any other stock, can take mind-bending course changes when you least expect it. So I prefer to day trade, get in and out relatively fast. I suggest you might benefit by reading a book called Electronic Day Trader, which has some good stuff on execution strategies and techniques. Personally, I avoid market orders. I prefer to target my price precisely. If I don't get my price, I usually pass on the trade. Market orders can give you a fill far from the current inside ask at times and you find yourself buying the top of a run. Not good. There is no reason you should have to wait two minutes for a market order to fill. That's ridiculous, unless there is just no volume in the stock. That won't be your problem if you are trading Dell!
My fills on limit orders on MBT are usually in a few seconds. If it's more than seven or eight, I'll kill and try another route. Usually, you should fill very fast. If you cross an ISLD order, for example, you could be filled before your finger lifts off the mouse button!
Rick |
