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FreeEnterprise
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Posted - 2010.02.16 00:31:00 -
[1]
Greetings MD, This is my first post on the forum, but I read frequently.
I am trying to get into trading, station trading to be more specific, I mined up around 100mil pocket money on my main, and have set up shop in Rens.
Now to my question:
Being a station trader I use mostly buy/sell orders to make my profit, the odd contract, but needless to say buy/sell orders are my bread and butter. Now; when does one know it is time to modify a buy/sell order because it isn't buying/selling? I have had my thoughts, and have read some very MIXED opinions, but would really like some honest opinions.
Thanks.
FreeEnterprise.
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Breaker77
Gallente
Reclamation Industries
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Posted - 2010.02.16 00:46:00 -
[2]
 Originally by: FreeEnterprise
when does one know it is time to modify a buy/sell order because it isn't buying/selling?
If you don't have the higest buy or lowest sell order, it's time to modify it.
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FreeEnterprise
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Posted - 2010.02.16 00:48:00 -
[3]
Originally by: Breaker77
Originally by: FreeEnterprise
when does one know it is time to modify a buy/sell order because it isn't buying/selling?
If you don't have the higest buy or lowest sell order, it's time to modify it.
Right, but if my buy order is on top, and even though it's on top it isn't getting any action, when is it time to either cancel the order or modify it?
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Breaker77
Gallente
Reclamation Industries
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Posted - 2010.02.16 01:02:00 -
[4]
Originally by: FreeEnterprise
Right, but if my buy order is on top, and even though it's on top it isn't getting any action, when is it time to either cancel the order or modify it?
Well that means that no one is selling any there. Either they are using sell orders, or it's some item that is infrequently traded.
You didn't set a min order quanity did you?
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FreeEnterprise
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Posted - 2010.02.16 01:05:00 -
[5]
Nope. Just a basic 3 month order.
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Cista2
Jita Direct Sale
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Posted - 2010.02.16 06:43:00 -
[6]
Originally by: FreeEnterprise
Right, but if my buy order is on top, and even though it's on top it isn't getting any action, when is it time to either cancel the order or modify it?
Before you set up your order, you need to check the market history graph/tables. It will tell you how many units are traded each day. By looking at the daily median you can also gauge how many are sold to buy orders vs. through sell orders.
As you progress, set up some thresholds for items you want to trade. For instance, that turnover should be higher than x units per day, profit margin should be higher than y %, and daily profit turnover should be higher than z isk.
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Phoenix Mutual Fund / MD stock market / Audits 001 |
FreeEnterprise
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Posted - 2010.02.16 06:48:00 -
[7]
I always check the market history before posting a buy order, and I have a personal threshold of nothing under 100 per day. Which is enough to regulate out items I feel won't yield profit (in my opinion). Being in Jita I assume that my buying/selling of ore/minerals would be within 30 minutes of the post; is this an unrealistic digit or am I simply letting A.D.D. get the better of me?
-FreeEnterprise-
"an economic and political doctrine holding that a capitalist economy can regulate itself in a freely competitive market through the relationship of supply and demand" |
Cista2
Jita Direct Sale
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Posted - 2010.02.16 06:59:00 -
[8]
Originally by: FreeEnterprise
Being in Jita I assume that my buying/selling of ore/minerals would be within 30 minutes of the post; is this an unrealistic digit or am I simply letting A.D.D. get the better of me?
Funny though, in the OP you state you are in Rens.
If you expect to sell things within 30 minutes (??) you can only trade a few minerals I believe, but I am no expert on that. Also, within those 30 minutes you will be undercut many times on the really hot minerals, so you won't sell within 30 minutes anyway.
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Phoenix Mutual Fund / MD stock market / Audits 001 |
FreeEnterprise
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Posted - 2010.02.16 07:07:00 -
[9]
Originally by: Cista2
Originally by: FreeEnterprise
Being in Jita I assume that my buying/selling of ore/minerals would be within 30 minutes of the post; is this an unrealistic digit or am I simply letting A.D.D. get the better of me?
Funny though, in the OP you state you are in Rens.
If you expect to sell things within 30 minutes (??) you can only trade a few minerals I believe, but I am no expert on that. Also, within those 30 minutes you will be undercut many times on the really hot minerals, so you won't sell within 30 minutes anyway.
Yes I was wondering when someone would notice! I had a spurr of the moment decision to move to Jita to get a feel for the wider field of play it presents.
I will let my orders cook for a little while longer then I suppose, Thanks for the info Cista, much appreciated.
-FreeEnterprise-
"an economic and political doctrine holding that a capitalist economy can regulate itself in a freely competitive market through the relationship of supply and demand" |
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