To: On the QT who wrote (81732 ) 11/21/1998 8:38:00 PM From: arthur pritchard Respond to
qt<how to use limit orders in fast market conditions> Believe me, there is a way, and it has worked virtually all the time for me. I don't have time right now to go into extreme detail, and we may have to do the balance on the phone, but basically my rules are to do as large an order as i can, in a fast market. Then to pick a price way ahead of the present spread, knowing from having become intimate with the particular market maker window, exactly how fast the spread is moving. I know it sounds kind of show offy, but i have to say, that one quickly gets real good at it. I'm sure you and i will eventually trade together, based on some of your past and present questions. Even if it over some kind of dedicated line, and just for the purpose of making some points clear. Anyway, back to the story. Actually, the trades are about 8000 to 12000 shares in size. My timing is usually very good. The mm chops it up in eight pieces, at prices very favorable to me. I don't know how much you have observed these things, so i don't yet know if we are on the same page. Sometime I'll tell you about my block trade when AG had handed out a position paper, five minutes before he spoke about a major interest rate adjustment. It was recent, perhaps you were "there". I saw the papers being handed out on the television, saw the futures drop almost straight down, placed a limit order way ahead, and came out very well. Now, as i have said, that i know i can do it, it is no longer that much of a challenge. Actually, i have stopped that kind of trading for awhile, while i investigate where my mind wants to be next. I will pm you on that subject. Let me know whether i am making any sense to you. Regards...arthur ...btw, and i find this important, i have consistently beat day trading execution systems, with the above procedure...i.e. i sat there, next to a very good day trader and could get better executions, and i was on the internet...i admit, i was lucky, because the internet was not down...actually i believe something did go wrong, but not before i was out..but of course, the technology is coming our way...i.e. shortly it will be unlikely that a person is bounced off...but that is not my field...
