I think OPG stands Opening Only (AKA "OO") orders.
OPG Orders
- Thread starter Lightningsmurf
- Start date
I wont go into details since I cant give away something that took me 3 years to learn and cost me tens of thousands to discover....but suffice it to say that I try to get in on the first print of the day. That has good and bad points...simply - if it goes your way, its good; if it goes against you, its bad. Again, I usually try to be part of the opening print.
And when I say I play the earnings, all I mean is that it is during those earnings seasons that many stocks get gapped up or down. And I play those stocks most of the time.
And when I say I play the earnings, all I mean is that it is during those earnings seasons that many stocks get gapped up or down. And I play those stocks most of the time.
Yea...The orders get cancelled automatically after the stock makes its first print at NYSE or AMEX. No need for you to furiously cancel thigns...Great for those days when there are lot to do.
Ok, this morning I shorted GM at market. When I hit the send button GM was trading at about $61. I got filled at $60.30!Possibly some of the worst slippage I've ever had.
Could I have prevented this by using an OPG order? Obviously I knew before market open that I wanted to go short...
How would this compare with a regular market order that is sent before the market opens? I'd get the same fill, right?
Anyone?
Could I have prevented this by using an OPG order? Obviously I knew before market open that I wanted to go short...
How would this compare with a regular market order that is sent before the market opens? I'd get the same fill, right?
Anyone?
First of all, i would recommend to NEVER use market orders,especially when shorting.I don't think you would have been filled at the opening price of 61 if you had an OPG order because 61 was a downtick from yesterday's closing price of 61.25.You could have also shorted the stock before the open through an ECN,on an uptick or downtick,since the short sale rule doesn't apply to premarket and after market trading.
The primary reason is that you want to participate with the NYSE Specialist (buy when he buys, sell when he sells), and that is done with OPG orders. Sometimes a couple of hundred dollars is made with the first tick. Check out the threads about our openings, and feel free to PM me if you have further questions.
Don
Originally posted by DayTraderNYC
Np upticks? Well..Isn't that the reason for using conversions/bullets? I truly believe that if you are not able to use bullets in daytrading, your profits would decrase by mor than 50%. If you are in some firm that does not allow you to utilize bullets, I say you need to move.
Second, the specialists are totally aware of this game played by the daytraders. How many times have you been in a position where the trade goes against you right off the bat, take your 50 cent or $1 loss (because that was the next print!) only to have the stock go right back to where it opend and continue to go from there? The specialists are not stupid ... so you need to be extremely careful with these opening only trades.
Having said that, this is my bread and buter....
Are conversions good on the open?
Hi Vinnie1,
I understand why you suggested not using market orders to short, and after today I'm inclined to agree with you. The thing is: I'm not day trading - I often hold for 2 - 5 days. So a few cents isn't as important to me as much as getting my positions and exits set up the way I want them. I often use limit orders when going long, but when going short I find that I end up chasing stock and getting a worse fill than I would have had I just used a market order. I HATE chasing stock!
Anyway, thanks for the ideas guys.
I understand why you suggested not using market orders to short, and after today I'm inclined to agree with you. The thing is: I'm not day trading - I often hold for 2 - 5 days. So a few cents isn't as important to me as much as getting my positions and exits set up the way I want them. I often use limit orders when going long, but when going short I find that I end up chasing stock and getting a worse fill than I would have had I just used a market order. I HATE chasing stock!
Anyway, thanks for the ideas guys.