Lowball longs, highball shorts

Cont'd discussion about Electronic Day Traders' Secrets: Learn From the Best of the Best DayTraders.

Randy Guttenberg Interview

If a stock is in motion, don’t jump on it. Instead, lowball it by entering a buy order below the current bid price so that if the price pulls back you buy it. Do not take the ask price. This will allow you room to hold onto the stock if it first moves adversely before going profitable. Also, it allows you to have a bigger profit. Don’t be afraid of missing out on a profitable trade.

Before trading, prepare a list of stocks you are interested in buying and that you are interested in selling. Then watch the stock index futures. As the stock index futures go up, enter lowball orders to buy below the current bid price on stocks you are interested in buying. As the futures go down, enter highball oders to sell short above the current ask price on stocks you are interested in shorting..

...cont'd tomorrow...

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