Question for those who trade 24/7 markets

T

trader99

Last night I saw this opportunity. Looks juicy. But I was afraid to put it on since it's a 24/7 market. I didn't want to stay up all night monitoring it. This morning woke up to see had I put the position on it would been have a nice $20K-$30K gain(depending on how much I was willing to buy).

I guess I could have use stop orders. For that size, I don't know.

Or I could just enter on a smaller size and let it ride.

I usually just trade intraday and occasionally overnight. For one market, I've been holding weeks because I had a long term view and it's working out.

But for something I just want to go in and out with size and I'm about 60-70% sure of the signal, what's the best approach for 24/7 markets?

1) stay up all night watching it
2) put in stop loss
3) trade smaller size
4) ??
 
2 and 3. You can't trade the same size because your stops (#2) will be further out. Place the trade, and forget about it, so #1 doesn't make sense. Either you are right, or you are wrong. #2 takes care of being wrong. If you're right, there will be plenty of time to get out when you're awake. You're not scalping.
 
treeman said:
2 and 3. You can't trade the same size because your stops (#2) will be further out. Place the trade, and forget about it, so #1 doesn't make sense. Either you are right, or you are wrong. #2 takes care of being wrong. If you're right, there will be plenty of time to get out when you're awake. You're not scalping.
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You are right! I'm still kicking myself. I could have put on a smaller size and still made $5k-$10K-$15K. Now I made nothing because I was planning to put on a mega size and too afraid to hold overnight.

Shucks!
 
SunTrader said:
With 2) make sure stops rest on your broker's server if you are using automation, - in case your internet goes down at the wrong time.
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While it's typically best to have stuff resting with the broker, it can also go wrong if orders at the broker are cancelled due to a technical issue. It's very rare but has happened.
 
d08 said:
While it's typically best to have stuff resting with the broker, it can also go wrong if orders at the broker are cancelled due to a technical issue. It's very rare but has happened.
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Yes but probabilities would say a lot rarer on the part of the broker to be down.
 
trader99 said:
Last night I saw this opportunity. Looks juicy. But I was afraid to put it on since it's a 24/7 market. I didn't want to stay up all night monitoring it. This morning woke up to see had I put the position on it would been have a nice $20K-$30K gain(depending on how much I was willing to buy).

I guess I could have use stop orders. For that size, I don't know.

Or I could just enter on a smaller size and let it ride.

I usually just trade intraday and occasionally overnight. For one market, I've been holding weeks because I had a long term view and it's working out.

But for something I just want to go in and out with size and I'm about 60-70% sure of the signal, what's the best approach for 24/7 markets?

1) stay up all night watching it
2) put in stop loss
3) trade smaller size
4) ??
More...

Put in a stop-loss or put in a VERY LOUD sound alert to be sure to wake you up when the price moves to a certain level so you can decide manually to close or keep it open.
 
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