Used the Echo's "Raven" exit feature for my opening orders today.
The facts:
17 fills
14 winners
3 losers, (gonna lose MO next time he bites me)
I brought my envelopes in somewhat today for more fills.
I have never had remotely that many fills with opening orders before. Without the "Raven" auto exit software, I would have been utterly overwhelmed. The little "ding" (for fills) just kept ringing and ringing.
As it was, I was catatonic, frozen, but it didn't matter. "Raven" handled the bulk of the exits. I was mostly hiding under the desk.
Note that the decision on where to set my entry parameters (I do it through a spreadsheet, not through "Orca") and my "Raven" exit rules IS ALL MINE. And I know for a fact that they differ quite a bit from some of the other guys at Echo.
The arguement that automation is just another tool is a correct one. If I make a wrong judgement about my entry criteria, or which stocks to take out or leave in, even "Raven" won't save me, although it quite likely would lessen the damage.
We will see if the tea leaves and goat's entrails that I am consulting for my rules hold up over the next few days.
In any case, I would not, could not, do the numbers of OO that I am able to with "Raven"
My $.02 worth.
The facts:
17 fills
14 winners
3 losers, (gonna lose MO next time he bites me)
I brought my envelopes in somewhat today for more fills.
I have never had remotely that many fills with opening orders before. Without the "Raven" auto exit software, I would have been utterly overwhelmed. The little "ding" (for fills) just kept ringing and ringing.
As it was, I was catatonic, frozen, but it didn't matter. "Raven" handled the bulk of the exits. I was mostly hiding under the desk.
Note that the decision on where to set my entry parameters (I do it through a spreadsheet, not through "Orca") and my "Raven" exit rules IS ALL MINE. And I know for a fact that they differ quite a bit from some of the other guys at Echo.
The arguement that automation is just another tool is a correct one. If I make a wrong judgement about my entry criteria, or which stocks to take out or leave in, even "Raven" won't save me, although it quite likely would lessen the damage.
We will see if the tea leaves and goat's entrails that I am consulting for my rules hold up over the next few days.
In any case, I would not, could not, do the numbers of OO that I am able to with "Raven"
My $.02 worth.
