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Just heard a web conference by Don Bright last night and as I (superficially) understand it,
the premise of one of his key strategies is to buy at the open. His traders help the specialists
out so to speak. The orders are entered under a condition that they are either filled at the open or cancelled.
Sounds like you've got some protection while your hanging out at "the water hole called earth". (love it ^ _ ^)
I mention this as you might be interested in what Bright Trading is doing.
Best regards
Joe
----- Original Message ----
From: intermilan04 <intermilan04@xxxxxxxxx>
To: amibroker@xxxxxxxxxxxxxxx
Sent: Friday, August 18, 2006 9:51:35 AM
Subject: [amibroker] Re: Buying at open -- In Real Life
I've been placing market orders overnight, therefore I've been
entering at the "open." So far, I haven't been screwed with the
opening price that I've gotten (I made like 10 trades...some gapped up
because the entire market gapped up several times). This week has
been a great market, so I'm up 5% this week.
Regards,
intermilan04
--- In amibroker@xxxxxxxxxxxxxxx, "Phsst" <phsst@xxx> wrote:
>
>
> > The simple answer is ... DON'T ... It's like trading with a blind
> fold on ... Blind folds are only good if you are at the wrong end of a
> firing squad or the object of humor in pin the tail on the donkey ..
> Both of which seem to be quite appropriate analogies for this
methodology.
>
> Hi Fred,
>
> The best *trading* month I ever had was Feb 2000, where I traded an
> Ameritrade account which restricting trade times to actual market
> hours (no pre or post mkt hr trading). (I filtered my trades to a
> fraction of avg daily dollar volume... and it was an AB trading system
> I had developed)
>
> As you will recall, this was during the 'last gasp' of the dot.com
> tulip craze.
>
> I had an EOD trading system that created next day entry signals to buy
> @ open. While I had reservations about entering Mkt Orders prior to
> next days open, I decided to risk a few bucks and actually trade the
> system with mkt orders entered the previous night.
>
> For the next few weeks, I experienced excellent order executions which
> the majority of times beat 'printed' Open prices.
>
> When the 'bubble' burst, I stopped trading the system and have since
> moved my accounts to IB.
>
> Now, I have no idea how IB might perform in a similar trading system,
> but I don't think there is a way to restrict pre - post mkt executions
> @ IB.
>
> My point is that it is never safe to make assumptions about how any
> broker will perform on these type of orders, and that it might
> actually be prudent to take a little risk and find out 'what shakes'.
>
> It's only money, right? And there is only one way to find out the truth.
>
> Best Rgds... D
>
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