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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Eric P who wrote (3832)	4/22/1998 8:32:00 PM
From: Sword	Respond to of 12617

Eric: The reality is that I when the stock immediately ticks against me, I have the same problem. I usually lose the 1/4 to 3/8. The key is to be selective on the entry points and only make the trade when you have an edge or a higher level of confidence on the price direction. An amazing thing that has been happening lately, is that I have often been canceling out of my trades when I detect the market going against me and I have placed the long order on the bid instead of at the ask. This is somewhat subjective and I can only do it successfully when I am watching the Level 2 screen and tickers closely. I place the bid when the market is pausing after retracing and trades are going both red and green on the ticker. I usually get put on the bottom of the stack by the impatient buyers who refresh. This is OK. I then wait and if the red starts flowing the stack gets smaller, I cancel out. More than 50% of the time the stock downticks, sometimes significantly as it resumes its pullback. I then wait for a new entry point. On the other hand when the prints start going solid green and the asks are getting gobbled up, I'll quickly cancel and resubmit by blowing a monster bid past the next level. That gets me filled right away (although not as fast with ARCA) (thanks for the earlier advice, funk). I got clobbered today because of slow quote streams. I need ISLD! I might also fly down to Texas to see the Cybertrader stuff. The MB Trading server keeps jamming on me. -Sword