All of the historical trade information published on this site is for simple Market Orders to buy stock the next morning on the open.
 
You can greatly improve the results of the Night-Trades system by placing Limit Orders instead of Market orders. This is very simple to do.

The Up Side:
The up side is that your trading results will greatly improve.

The Down Side:
 The down side is that you will miss getting some orders filled and your number of  trades will go down.

This can best be shown using the spread sheet below for 2008 data.

Limit Price percent below the close	Total number of Trades	Number of winning trades	Number of losing trades	Percent winning trades	Average percent gain per trade	Total number of days that trades were made
0	399	286	113	72	5.28	53
0.5	377	269	108	71	5.5	51
1	354	256	98	72	5.96	48
1.5	327	241	86	74	6.4	46
2	301	224	77	74	6.91	43
2.5	281	209	72	74	7.23	40
3	264	201	63	76	7.81	39
3.5	234	181	53	77	8.47	35
4	212	162	50	76	8.68	35
4.5	201	153	48	76	9.15	33
5	183	140	43	77	9.34	32
5.5	164	124	40	76	9.34	31
6	146	111	35	76	9.69	28
6.5	133	100	33	75	10.38	28
7	119	91	28	76	10.9	28
All Market Orders	455	327	128	72	4.67	54

As an example, if you place a limit order for the next day, 5% below the close, the number of trades will drop to 183, you will only open trades on 32 days of the year and your average percent per trade will rocket up to 9.34% per trade.


If you would like to improve your results by using limit order instead of market orders, you can use this chart to adjust the Night-Trades trading system to more suit your requirements.