The After-Hours Trader by Michael Sincere

By Michael Sincere

Suggestion: learn Michael Sincere's most recent e-book: All approximately marketplace symptoms (McGraw-Hill, 2011)

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Let’s see what actually happened with this particular stock. LNUX was priced at $30 a share by Credit Suisse First Boston on December 8, 1999. The next day, when trading began, it immediately opened at $299 and climbed as high as $320, finally closing at $2391⁄4, a spectacular gain of 698 percent from the initial offering of $30. If you had put in a market order for this one, we are pretty sure you would have been dissatisfied with your execution price. Thousands of investors undoubtedly were taken for a roller coaster ride on this stock and paid dearly for the experience.

Often, people love to talk about how important it is to change as long as it doesn’t affect them. As we move through the twenty-first century, Wall Street will be going through a dramatic transformation. The sudden acceptance of after-hours trading by nearly every traditional brokerage is one clue the game is going to be played differently. It doesn’t matter whether Wall Street accepts it peaceably or kicking and screaming—many people believe that after-hours is an idea whose time has come. In the end, we believe the real winner will be you, the retail investor, because increased competition lowers prices, improves service, and speeds up technology.

We do think, however, that night traders will eventually participate in the after-hours market when there is breaking news or momentum plays. On the other hand, traders who use other short-term strategies, such as swing trading, may find the after-hours market a potentially lucrative arena. Swing traders tend to hold stocks from 1 to 5 days rather than for 1 to 5 minutes, aiming for largerpoint profits. Contrary to what many critics say, it is possible to make money in the after-hours market using short-term trading tactics.

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