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ATM
A Confidence Boost
Last Activity 9/8/2019 11:15 AM
26 replies, 1624 viewings

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CJL

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Joined: 9/2/2005

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Subject : RE: A Confidence Boost
Posted : 12/3/2018 1:22 PM
Post #45755 - In reply to #45736

I might be wrong but I think we going too deep on entries MOO. Specialists do not control the opening as much as they used to.There are many market makers along with larger volumes before the open and hence less price discrepancy.The other thing is, who is to say you will get a bad execution? They cant rip everyone off, one side of the market will get the better deal. Also with a RTM strategy (as someone said earlier) you are entering while catching a falling knife. If anything, when everyone one else is selling and you are one of the only ones buying thats more incentive for a MM to open something even lower which benefits the RTM trader.
If you created and tested a system using MOO then that's whats what you should use and not second guess it. Trying to squeeze a little bit more might not be worth it if you are taking trades you never wanted nor can you test the implications of doing so.You are then not following your system.
If the fear is too many OT people are doing the same thing im sure nirvana can come up with something to allow people to have their market orders sent a certain amount of seconds or minutes after the open which shouldn't be difficult. IB also has some decent algos to enter orders with that can greatly help.
Joe
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Jim Dean

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Subject : RE: A Confidence Boost
Posted : 12/3/2018 1:51 PM
Post #45756 - In reply to #45755

I agree re mechanics of opening prices, but that’s not the main factor imho.

I think MOC, or real-time Mkt orders that target a particular time of day, can offer significant advantages in some cases. And of course limit and stop market orders offer significant benefits.

Imho the key benefit to daily bar MOC, or intraday Mkt orders, is minimal delay from the last time the algorithm was able to gather and process ohlcv info. If an entire night passes, lots could change!

Of course those distinctions are more relevant to short term (or intraday) trading than to swing, trend and position trading.

[Edited by Jim Dean on 12/3/2018 1:55 PM]

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