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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Dave O. who wrote (8430)	5/14/2000 8:17:00 PM
From: TheKelster	Respond to of 18137

I have to confess. I have been guilty of this exact game. It's been a month or so since I have done this, but I have been carrying on like this for about 6 months. Believe it or not I started out doing it for amusement. Sometimes, I have all the positions I want for the moment and am bored with reading chat threads. I have in these cases just picked on individual stocks for the purpose of amusement. I almost always used 1000 share lots. I have even found situations where the stock was not moving and there were a few bidders in the ISLD that seemed to want the stock more than the MM's. With enough spread to play in I would put a bid in front of them. When they pulled their bid I would pull mine. After a time period they would put theirs back up and I would step right back in front. Sometimes they would pull theirs and before I could pull mine they would step in front of me. I would then up the ante and step in front of them. It was mostly for fun but partly just to learn a bit about the psychology of the traders. I have even played this same game with an MM, more than once. It is a bit educational to see how they move in response. Some times they just keep jacking it up and I quit just before reaching an actual buy point. Sometimes they get fed up with me and enter a 5K or 8K order just to see if I am going to top them. With all the traders that have joined the game in the past year or two I would not be surprised to find this going on in spades. Also with the low volume and low desire to take an actual position, it gives them something to do to past the time.