Interesting the issues one runs into when one starts to trade money with a partner (either GP or noisy LPs!)
Here is one issue: I use GTC orders that are always live. Around 2:00AM this morning, I was filled in one market. My partner in my fund called up this am and was yelling that we are down because we got "picked off" and the market opened higher and has stayed there. "Our sale doesn't even show up on the intra-day chart!"....
I'm not running millions of dollars, so I'm not worried about leaving a 5 lot out there overnight; for every time I get picked off, there are others (like in silver) where I get filled overnight and the market continues to plunge on the open, thereby getting me a much better fill. In my mind, it washes out over time, until / if I ever get to the point where I need a trader to break up my orders and manually work them.
Thoughts on leaving orders live overnight? Do you do it? Do you not? Does it depend on the market for you (currencies vs. illiquid grains)?
