The Opening Orders Thread
- Thread starter Don Bright
- Start date
Decent (again "shoulda" been better). 3 fills +$500.
All the best,
Don
All the best,
Don
Only 1 short fill on a test position, so another scratch day.
First decent snowfall of the season here today- 4-5 inches. Actually got about 4 minutes worth of driveway shoveling out of my 4 year old; looks like I'm stuck doing the rest.
First decent snowfall of the season here today- 4-5 inches. Actually got about 4 minutes worth of driveway shoveling out of my 4 year old; looks like I'm stuck doing the rest.
I have traded for years. I have regularly read this thread off and on for quite a while. I usually put a couple of orders in on the open and I have been fairly profitable although the open is not my bread and butter trading. I have always traded the more liquid NYSE stocks and rarely if ever traded the Naz very much. <p>I have taken a few weeks off and I guess things have changed. I got caught in something called the Nasdaq opening cross for NYSE stocks. I put in a limit order looking for a gap down and to get filled at or at least near the NYSE open. I would rather not mention the name of the stock as it until today has been a very very profitable opening play. The stock did gap down as I hoped but I got filled at my limit which was a gap down but quite a ways above the NYSE open and quite a ways above where all the trades on my time and sales were showing. <p>The stock did come back to me and after about 15 minutes and I took a profit at 200 dollars but there was nearly 300 hundred dollars between the NYSE open and my fill which never did show up on my time and sales data. I contacted my broker, I have never got around to using direct access, I have been fortunate enough to be profitable with the broker I have who uses some kind of routing system but the stocks that I trade are so liquid it has not seemed to matter much. And my opening plays until this day have been at the NYSE open are very close to it and my orders were executed at numbers which appeared on my time and sales. My response was this business about the Nasdaq opening cross and that something about NBBO and it would probably be that in the future I could not expect to participate in the NYSE open and my opening limit orders would be filled at this number which I have never seen published called the NASDAQ open if before 8:28 cst and if my order was not marketable to that open then it would be filled if it became marketable after that so-called opening print which was the case today.<p> I have monitored this thread long enough to know that the posters on this thread are the most seasoned traders of this entire forum and who understand the technicalites of trading, a lot better than I do. I am certainly interested in any thoughts or advice that you might be able to give me. <p>I will express my thanks in advance for any reponses that you might care to offer.
Be sure you're routing to the NYSE with an OPG order type. That will avoid the Nasdaq pitfalls and other consolidated ECN trading.
Good luck,
Don
Good luck,
Don