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In a message dated 98-03-28 16:56:27 EST, you write:
<< I'm in favor of electronic trading and global markets - as long as they are
real, liquid and permits the same type of orders as during the day.
The problem I have with Globex now is that when I have bigger positions on
overnight, I must watch these illiquid markets all friggin night where they
don't permit stops.
I suppose one could argue that I would get slammed in the morning via a gap
anyway, though there are many times when wild (illiquid) swings occur at
night and it upsets me into taking action that ruins my original plan.
And...after all that, many times the day market opens unchanged.
If THAT weren't enough, for some odd reason, whenever I enter a night
order, I usually lose money. Maybe it's that I am more aggressive at night?
But many times I find I could have gotten a better price the next
day...certainly a better spread.
I mean, why drive everyone nuts at night with a market that barely trades
at this time?
I personally wish that the Globex would go away until it grows up. <g>
Catch 22.
Tom Cathey
>>
I understand your frustration, but one traders "hell night" is anothers
"window of opportunity".
The catch-22 is if everyone waited until everything is "perfect" like the day
session :=) then how would the volume grow?
Anyway, volume is steadily growiing, and there are some slow periods(relative
to what- the day session) but movement always picks up.
I'll bet your night losses have to do with carrying over price movement
assumptions from observations of the day session?
I've taken the view that the night session is all together a "differnt
market" and treat/trade it accordingly.
Jon
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