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>If you place your order 5 seconds after the bell, then you might not
get the opening price; but if your order has been open throughout
pre-market, you should get the opening price as everyone else.>
No, No, No, No, NO...
In all markets there is a Bid/Ask price which is associated with a
Bid/Ask "Size". That is what Level II is all about...
So if your pre-market open MKT order is for more than the Bid/Ask size
at the open, then you will get executed Up... or Down the Level II
layer(s),... ie. you are not guaranteed the "opening price". Depending
upon your order size (combibined with other traders mkt orders), you
could get multiple executions at different prices on your order
>This is one of the reasons why I trade only on NASDAQ now...NYSE and
AMEX do not guarantee such opening price determination, and I am fully
aware of the importance of getting the exact open prices for my system>
It does not matter which mkt you trade... the combination of bid/ask
price and size should determine the prices at which various lots (both
yours and others) are executed at.
Seems like you are 'splitting hairs' on this subject.
The bottom line is this:
If you have an EOD backtested trading system that is profitable (and
accounts for slippage), then quit trying to 'tell the mkt' what your
execution prices should have been. In other words, quit counting
per-share trading pennies and instead, focus on gross trading
profit/loss monetary units per trade.
Without wasting too much of my time on this... if I place a mkt order
for 5000 shares the previous night, I should not be surprised to have
five or more execution prices associated with that order before it is
completely filled.
Rgds, D
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