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Here's what my level 2 screen looks like.... - The New Guy

It definately dissappears (well, sometimes it does). On a level 2 screen you can see the depth for at least a dollar most of the time. Sometimes they leave it at the same price, and sometimes (If I offer more than .1 better than theirs) they move their order up to just behind mine. Anyway...

Really? I hit the tops and bottoms all the time! When I go long I usually catch the top, and vice versa for the bottom! :p :p :p In all reality tho, I agree and know that too. However, bailing out at %40 of the move isn't really ideal either. However, I'm not complaining, as I made...

I'm certainly no stats pro, but can't you do it in %? - The New Guy

Cool, good to know. FWIW I'm using 30 min charts and once I hit a price that is 2 x the stop loss I exit half, then supposedly I'll let the rest run til the end of the day. However, in the two dummies I've traded, I bailed the second half far too early. KCI, most notably and I left more than...

I didn't think it was surprising, just interesting. I agree, I'm very close to the CBOE and on very fast lines, yet I can't come anywhere near getting it. I assume that doing it from another account would be illegal, no? - The New Guy

I'm CERTAIN that I bailed out of my KCI puts FAR too early today.... :( - The New Guy

Well that's the interesting part. Sometimes they do, sometimes they put an ask in 10 cents above, sometimes they just delete all their orders. I assume that it has something to do with their risk rules programmed in to their models, but I have no idea. I've tried suckering them into putting...

Thank you, but that's not what I'm talking about. I guess the title of this thread is misleading... I'm not new to trading, or trading options and I know how level 2 screens work and all that. What I was refering to is the fact that the 6.00 ask dissappears out of the depth, not that it's...

It's true, but if you watch for the bid/ask to thin out on whatever side you're trying to get in on, you can usually catch it just before it moves up to the next bracket. Assuming you're trading with direct access, rather than through a broker over the phone or something. I can definately...

I don't get it... I'm not asking how to sell the contract the quickest... I have one contract i want to sell, the ask is currently 6.00 and I want to offer it one point lower than what the MM is offering it at. Hence, I offer to sell it at 5.90. - The New Guy

Cuz every dime of spread you can shave off is $10 per contract? - The New Guy

Just closed the other half of my KCI short (well, I bought puts to be more accurate). Dang, if only all dummies were like this! What are you guys using as your exit criteria (for profits), if you don't mind sharing... - The New Guy

very cool, thanks. Any idea where i can find out more info on this? - The New Guy

I have a question about option MM's. This probably pertains to all MM's, but because of the specifics (see below) I've only noticed it with options. Consider a very thinly traded option. There's only the MM's prices, say 5.50/6.00. I put an order to sell at 5.90 and all the 6.00's...

I played FFIV on the long side yesterday as a dummy set up (30 min chart). It was my first try at dummies, and although I took profits far too soon (at the first consolidation) it still worked out rather well. Did anyone short KCI today as a dummy trade? The set up was beautiful! - The...

OK, I have no idea if you're being sarcastic or not, but before dropping this matter forever I would like to appologize to you. I feel that I overreacted with my post last night and regret some things I said. In reality, I am in this business to earn money, and any advice is appreciated...

Very interesting... Thanks for replying. I've definately learned alot from your posts and mav's and riskarb's too. Good stuff! - The New Guy

Anytime Dan. Did anyone else get caught in that major reversal today? I was "trading the trend" until I realized I didn't know which way the trend was! lol. Oh well, hit all my stops today, great for the discipline! - The New Guy