I never traded after hours before. I got two of my IRAs in SSO
before the close but missed the deadline on the two smaller ones.
So I called my broker (Scottrade) and he told me how to do it
online. So I was able to buy SSO about 10 minutes after the close -
at 52.67 - 4 cents below the closing price (52.71).
Now I know how to do it and next time we have a closing
cliffhanger where I am not sure whether to pull the trigger at
12:59 PDT, I won't sweat it. If it remains unclear, just let the
market close, observe the closing price and. if appropriate, buy it
a minute later after hours.
My commission was same as during hours trade - $7.
Posted by burkmere on 23rd of May 2011 at 04:56 pm
Some brokerages make you wait until 15 minutes after the close
before their "after hours" opens. Schwab does, for example.
Why? I don't know...I guess not a big deal unless there's
some earnings announcement hit or miss during that 15 minute
period..(and sometimes there is)...
With Fidelity you can easily authorize accounts for after hours
online trading over the phone. The Extended Trading Hours
option eliminates the stress of hoping you catch last minute SPY
Alert revisions, as SPY price bounces above and below a moving
target. In iffy last minute situations just place your trade
after the close when the Alert is clear.
Posted by burkmere on 24th of May 2011 at 10:48 am
My Fidelity deferred comp brokerage account begins after hours
trading at 4:00.EST. So, no problem with getting a trade in
promptly affer the close.
However, with Schwab (which I use for my personal money) , the
after hours trading begins at 4:15. It's a 15 minute risk I'll have
to take with them. Unless there's some earning report, etc.
that happens at the close that causes the market to tank
considerably, the 1:15 time is ok...occasionally, I suppose if one
waits for the 1415 time, a 1% decline or more could occur from the
close...I'd probably tend to buy anyway, if it's only a 1% decline
from the close....as long as the criteria at the close was
met....
How would others handle this? I'm curious..what would you
do with a 1% decline or so from the close...does anyone else have
Schwab and have this same situation?
Why not just make sure your clock is right and pull the trigger
just before the close? Seems to me that on average you'll get a
closer fill that way and a few cents won't matter. I did that with
this one 10 sec before the close and got the exact price.
Posted by burkmere on 24th of May 2011 at 11:53 am
BKout3..well, the reason is that because if you are really going
to follow the system, there was no way to really know yesterday.
The "132.08 or below level to buy at" was too close to the
132.06 to know at the close. So, one might have bought
and the system might not have and thus no trade.
Sure, one could gamble and buy it and hope it's within the price
range for the buy, but when it's withing hundredths of a point, one
can't tell really until after the close...
Fair enough but in this case if there had been a surge of buying
at the close that meant I had entered on a "false signal" I would
think I could get out just after the close for a tiny gain (maybe
20 sec from the entry). Of course I know you wouldn't have that
option with the 15 min delay. Maybe use a different broker for this
system??
Posted by burkmere on 24th of May 2011 at 12:54 pm
Actually, even if I can't buy until 4:15 EST, it probably all
averages out...some entries would maybe be slightly higher than a "
spy system entry trade" close... But sometimes it would be
lower...my gut tells me over time..not much difference.
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Got in SSO after hours 4 cents below the close.
SPY system today
Posted by dougmil on 23rd of May 2011 at 04:48 pm
I never traded after hours before. I got two of my IRAs in SSO before the close but missed the deadline on the two smaller ones. So I called my broker (Scottrade) and he told me how to do it online. So I was able to buy SSO about 10 minutes after the close - at 52.67 - 4 cents below the closing price (52.71).
Now I know how to do it and next time we have a closing cliffhanger where I am not sure whether to pull the trigger at 12:59 PDT, I won't sweat it. If it remains unclear, just let the market close, observe the closing price and. if appropriate, buy it a minute later after hours.
My commission was same as during hours trade - $7.
Doug Milliken
After hours..
Posted by burkmere on 23rd of May 2011 at 04:56 pm
Some brokerages make you wait until 15 minutes after the close before their "after hours" opens. Schwab does, for example. Why? I don't know...I guess not a big deal unless there's some earnings announcement hit or miss during that 15 minute period..(and sometimes there is)...
With Fidelity you can easily
Posted by floyd on 24th of May 2011 at 10:16 am
With Fidelity you can easily authorize accounts for after hours online trading over the phone. The Extended Trading Hours option eliminates the stress of hoping you catch last minute SPY Alert revisions, as SPY price bounces above and below a moving target. In iffy last minute situations just place your trade after the close when the Alert is clear.
Fidelity, yes....
Posted by burkmere on 24th of May 2011 at 10:48 am
My Fidelity deferred comp brokerage account begins after hours trading at 4:00.EST. So, no problem with getting a trade in promptly affer the close.
However, with Schwab (which I use for my personal money) , the after hours trading begins at 4:15. It's a 15 minute risk I'll have to take with them. Unless there's some earning report, etc. that happens at the close that causes the market to tank considerably, the 1:15 time is ok...occasionally, I suppose if one waits for the 1415 time, a 1% decline or more could occur from the close...I'd probably tend to buy anyway, if it's only a 1% decline from the close....as long as the criteria at the close was met....
How would others handle this? I'm curious..what would you do with a 1% decline or so from the close...does anyone else have Schwab and have this same situation?
Thanks for any input..I'm curious...
Why not just make sure
Posted by bkout3 on 24th of May 2011 at 11:25 am
Why not just make sure your clock is right and pull the trigger just before the close? Seems to me that on average you'll get a closer fill that way and a few cents won't matter. I did that with this one 10 sec before the close and got the exact price.
Well...
Posted by burkmere on 24th of May 2011 at 11:53 am
BKout3..well, the reason is that because if you are really going to follow the system, there was no way to really know yesterday. The "132.08 or below level to buy at" was too close to the 132.06 to know at the close. So, one might have bought and the system might not have and thus no trade.
Sure, one could gamble and buy it and hope it's within the price range for the buy, but when it's withing hundredths of a point, one can't tell really until after the close...
Fair enough but in this
Posted by bkout3 on 24th of May 2011 at 12:31 pm
Fair enough but in this case if there had been a surge of buying at the close that meant I had entered on a "false signal" I would think I could get out just after the close for a tiny gain (maybe 20 sec from the entry). Of course I know you wouldn't have that option with the 15 min delay. Maybe use a different broker for this system??
Averages out....
Posted by burkmere on 24th of May 2011 at 12:54 pm
Actually, even if I can't buy until 4:15 EST, it probably all averages out...some entries would maybe be slightly higher than a " spy system entry trade" close... But sometimes it would be lower...my gut tells me over time..not much difference.