I'm not a full-time trader, but I am a fairly active swing trader. I have Friday's off from my regular job (engineer) and try to monitor the markets looking for potential trade setups. Yesterday I had my Level II up watching Citigroup (C) along with some other stocks. I noticed that it was trading for about 2 1/2 hours back and forth between 3.48 and 3.49. I saw thousands of sellers at 3.49 and thousands of buyers at 3.48. My assumption is that if I wanted to buy 10K shares at 3.48 and immediately sell them at 3.49 for $100 profit (before commissions of $9.99 per trade) that my trade would probably not get executed immediately, right? So, I'm thinking that I may need to put in my bid at 3.481 and once filled put in my ask at 3.489 for an $80 profit. Does this sound feasible or am I naive about these inside prices getting filled faster (over 300K shares of C were traded on Friday)? Do any of you trade this stock this way? As always, thanks in advance for your comments.
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Pennies from heaven
- Thread starter crew
- Start date
Okay, that's basically answers my question. I thought I had found a way to make some quick money in small amounts; but I guess if that were true everyone else would be doing the same thing.
One final clarification: if I adjust the bid/ask up fractionally (bid 3.4820 ask 3.4880) is it more likely to be hit? And do I want to make it a Fill or Kill? Thanks.
One final clarification: if I adjust the bid/ask up fractionally (bid 3.4820 ask 3.4880) is it more likely to be hit? And do I want to make it a Fill or Kill? Thanks.
Quote from crew:
Okay, that's basically answers my question. I thought I had found a way to make some quick money in small amounts; but I guess if that were true everyone else would be doing the same thing.
One final clarification: if I adjust the bid/ask up fractionally (bid 3.4820 ask 3.4880) is it more likely to be hit? And do I want to make it a Fill or Kill? Thanks.
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