> trading at the open has been classified by
> most specialists and professionals ( which is not something I am
> claiming to be here ) as an activity that is performed by the
> uneducated newbies ... This is not my statement but it is one I
> happen to agree with and I think for good reason.
I know... "Don't Trade the Open" has been regarded as 'Sage Advice'
for a long time. And I took it on faith for a long time.
But when I developed a mechanical system that backtested well on EOD
data based upon trading at the next days open, there was only one way
to find out the truth. (I also backtested the system using 'Limit'
orders and the system performance degraded dramatically).
My decision to trade the system was a no-brainer. If the 'Sages' were
right, then I would be risking a few cents per share to professional
operators who wanted to do a little scalping at my expense, and if the
Sage Advice was true then I'd take my losses and move on to something
else.
In other trading situations I've experienced 40% and 50% Trade
drawdowns on existing positions that occurred in a matter of seconds
as a result of 'news' (or manipulation of the news), so risking a few
cents trading the open left me unfazed.
Trading the Open worked well for me.
> It is a simple
> enough process to analyze intraday prices and see that this is in
> fact about the worst time of the day one could arbitrarily pick to
> trade.
Not being argumentative, but what kind of analysis has been done, and
are there published verifiable results of that analysis. I'd be
interested in seeing the detail. As for me, I don't have access to a
database of intraday ticks to attempt any kind of analysis.
One final point. After a lifetime of observing numerous instances of
so called 'Sage Advice' get de-bunked, I accept fewer things at face
value. And with an investment of thousands of dollars in investment
books written by the 'Sages', I find it very rare indeed to find
bankable info in the pages of those books.
Hopefully Howards book will be enlightning, and therefore worth it's
price.
Please note that this group is for discussion between users only.
To get support from AmiBroker please send an e-mail directly to
SUPPORT {at} amibroker.com
For other support material please check also:
http://www.amibroker.com/support.html
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/amibroker/
<*> To unsubscribe from this group, send an email to:
[EMAIL PROTECTED]
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
