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I
think you would find it quite different trading in the States. I
think that most people lurking around on this site actually "work" their
orders. By that I mean that they watch the open and strike when they
think it is right.
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An
alternative way is to give the order to a broker. But if I want to buy
100,000 shares and there are only 1,000 on offer, I surely won't get a fill for
all of them at the opening offer price. Either I or my broker will
have to chase the order or let the market come to my price.
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By me
paying 1% commission (actually a little less), I can be guaranteed getting the
open price regarless of how many shares I am trading. The broker
gets stuck with working the order. Rest assured, the broker doesn't lose
money working my orders. They first manipulate the open and then
manipulate the prices until they've satisfied by order. They may
swap my "buy" with another traders "sell", do a token trade to establish the
opening price and I'll never know the difference.
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BTW,
I'm a purely mechanical trader. I don't watch screens and I don't
look at charts. My PC's email my orders to my broker about six hours
before the open. Then, I'm either fishing or doing research, trying
to improve my systems. I have no idea which stocks I have bought or
shorted and I have no real reason to want to know.
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<FONT face="Times New Roman"
size=2>-----Original Message-----From: Yuki Taga
[mailto:yukitaga@xxxxxxxxxxxxx]Sent: Monday, July 07, 2003 11:03
PMTo: Chuck RademacherSubject: Re: [amibroker] Re: I'm
looking for a trading system to purchase!Hi
Chuck,Tuesday, July 8, 2003, 9:29:32 AM, you wrote:CR>
4. If you have a pure mechanical system that you are ACTUALLYCR>
trading on the open and ON AVERAGE you are getting slippage andCR>
commission on $50,000 to $100,000 orders of less than 1%, I wouldCR> be
very impressed. Especially on the short side. It's
easyCR> enough to see. Just compare your fill prices with the
officialCR> open price. It is, after all, the official open price
that youCR> are using to measure the performance of a system
whenCR> backtesting... not your fill price.Afraid I don't
understand. Maybe it is different than in Japan. WhenI trade on the
open, regardless of size, my order is going to befilled at the printed
opening price. All of it. Every time. Thereis no
slippage possible in that case here.YukiSend
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