Well, while I was sleeping, anyway, Silver and Gold were advancing. Indeed, advancing well past my entry points. That shouldn’t be a problem, that’s what stop-limit orders are for.
My regular procedure is to enter orders on IB (my broker) as “regular trading hours” only.When regular hours begin, the orders become active.(Keeps me out of bogus moves in thin overnight markets).
Just what are REGULAR hours? Depends on the market, the exchange. And, unfortunately, IB.
Silver and gold trade on NYMEX.
For silver, open outcry trading is from 8:25 AM until 1:25 PM ET.
For Gold,open outcry trading is from 8:20 AM until 1:30 PM ET.
What does IB say are the hours for Silver? “0930-1600”.
What do they say for gold? “0930-1600”
What do they say for anything trading on nymex? “0930-1600”
Truth is, 0930-1600 correlates to NO market’s trading hours at NYMEX.
This reeks of….software programming. It’s not right, it’s just consistent. Try weakly and have a default.
So my orders, entered for Gold and Silver, would have fired within about half an hour of the real “Regular Hours Open”, if only IB knew them.
IB Customer service was unapologetic. “The hours are listed on a best effort basis”.It took me two clicks to get to the real hours. I guess that exceeds IB’s best effort.
I actually noticed this weakness a while ago, but at the time I was trading at all hours, not just regular hours, so it didn’t much matter.(Trading at all hours didn’t allow me to get much sleep, which, ultimately, it turns out, is required).
There is no real workaround for this order entry issue other than to be manually re-entering lots of orders…everyday, incuding during the day.Christ on a crutch.
