|
PureBytes Links
Trading Reference Links
|
Tim,
Thank you this post! For me, the issue of one's thinking (a traders
thinking) is the foundation and fundamental basis for any of the actions
(or trades) we enter or exit...and for me distinguishes the successful
traders from the one's that end up loosing their accounts and having to
stop trading.
Your other point about "patience" is another very good issue...one which
personally I have struggled with and still do, which comes back to ones'
thinking (or analysis...trading plan), and confidence in my trading plan.
Maybe some of the RT's would be willing to share their thinking process to
the point of making that decision to buy or sell and the type of order used
to enter and exit the market, and at what point they might have changed
there minds, not trusted their initial analysis, resulting in changing
their order.
A conversation regarding all of the different kinds of orders that are
used, in what situations they are used, which type of orders are allowed or
not at the different exchanges I think would be useful. There are orders
which the exchange won't take, but your broker will and visa versa.
There are different time frame traders, which might also dictate the type
of orders used. I know a day trader who places resting orders, meaning at
different price points a limit order to buy or sell is placed and as the
day progresses those resting orders might be C/R, depending on his
analysis. And there is another trader I know who only uses "market orders".
Again thank you,
Mark Seflin
=============================================
| As is readily apparent to me, one has to be extremely careful as to how
each post has been worded, and not shot off in 2 minutes like I did. It
was not my intent to start a worldwide movement to make things easier for
floor brokers by making everyone stop CR. I wanted traders to think about
how they were trading and pass on what I have found in my experience as a
pit broker. What I have found is most who use CR are "chasers" who would
have been better of if patient, if you are not one of these traders, great
you have a real understanding of the market.
|
|
| On further reflection, perhaps there is an easier way to settle the
practice of CR for each trader. Take the profit they missed out on by not
CR and add it to what they lost by CR.
|
| Perform that evaluation over the course of an extended period of trading
and it should give you a rough idea if you are a chaser, or someone who
really knows where the market is going.
|
| Tim Lee
|
|
|