Regular readers knoiw that a key component of my trading rules is to have stops in place at all times and to keep them up-to-date.
Over the course of this year, I have been shafted a few too many times by opening-bell nonsense that I've decided it's time for a change. My short position on SQM last Friday took the cake. Here's the minute-bar graph of Thursday and Friday. You can imagine where my short got stopped out:
Like I said, this isn't the first time that some weird-ass nonsense at the opening bell (either just a big order or outright cheating) has screwed me over, so I've made a pretty big decision: I'm going to cancel all my stops before the opening bell and, after about ten minutes or so, go through each chart and put them back in one by one (verifying with each chart that I remain satisfied with the stop price set).
This opens me up to a new kind of danger, of course, which is the possibility that the entire market is moving against me and that the opening prices will be the best prices of the day.
However, it seems that more often than not, the "noise" of the opening bell screws me over often enough that it's worth it to go through this exercise. I'm going to see how this goes, but I've updated my rules page to take this new attitude into account.