8/25/2023 0 Comments Lightspeed day trading![]() I dont think the time period or distance from the NBBO is relevant either given the above scenario. The fact I never lost money is immaterial. What if I had entered a GTC around 1 Std Dev, then the order is cancelled with no warning or notice, and the next day the stock (or other asset) plunged through the price, only to find say 12 hours later that I'm now deeply in the red? I dont think this is an unrealistic scenario. ![]() If they did, they'd probably focus more on you - an investor buying on margin but not checking the account for 6 months - they might question your suitability to trade, more than they'd care about Lightspeed.įair point If they sent me a notice stating that orders needed re-entering, or could be cancelled, or similar. In any event, you luckily lost no money, so I doubt the SEC or anyone else would care. I've also gotten notices from other firms, stating "due to xxx, all GTC orders will be cancelled this Friday and must be re-entered." I've heard of brokers automatically cancelling orders at month or quarter end, so maybe that is what happened. In my thinking this is utterly negligent of them as I could have ended up owing them money equivalent to the amount I originally posted with them.ĭoes anyone know if this would be a valid case with the SEC? I havent lost any money, but to my thinking, a broker has no right to adjust or cancel orders unless they will somehow affect the integrity of the firm or other clients accounts. They can give no explanation other than 'Sh!t happens' or words similar to that. Six months later I log to see where I am, only to find all my GTC's were cancelled by Lightspeed!!! I do however place some GTC stops in case they puke as I bought on margin. If I turn out to be a good stock picker, I'll add to the account (it turns out I'm not!) I buy some stocks with the idea of just picking up the dividend - more of an investment over time. I highly recommend this platform if you are active day-trading today’s fast markets.So I opened a small account with lightspeed for buy & hold with some spare cash. With Lightspeed Trader, operation costs are very low, and commission rates are very reasonable. Some other sophisticated platforms can do that, but would charge hundreds of dollars a month just to use the software. There with the click of the mouse button, you can adjust the limit price of your order rapidly - multiple times in a second. You want to modify an existing open order and adjust the limit price upward/downward by a few cents, by a few dollars? You can select some built-in macros and invoke them with custom-defined hot buttons. Lightspeed Trader has always been a top contender in order execution speed, and ease of order modifications. In today’s rapidly moving intraday markets, every extra second you spend placing/modifying orders can result in diminishing profits. To send a new order, or to modify an open order, may take 30 seconds to even a minute. Some of those platforms are cumbersome to use. ![]() Over the decades I have used many different direct-access platforms. The platform is highly reliable, feature-rich, and allows you to speed up custom order placements/modifications with hot keys and hot buttons which I use often. Order placements and fills are very fast. I have been using the Lightpspeed Trader platform for active day-trading stocks and equity options for over 4 years. Title: Lightspeed Trader is Light-speed Fast!
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