Don's openings and more for 2005

lescor · Jan 28, 2005

I thought I was looking at PG=N in esignal, my bad. Sweet trade if you got it then.

Quote from GATrader:

Corey, how did you play that spread intraday, I was looking at the hi.lo on 10 min bars and there was pretty much a 20-30 cent spread. Is that what u are talking about or were you long overnight when it shrunk from $9 to where it is now?

It took a while to settle into a range of about 10 cents the second half of the day. I was mostly just scalping the spread back and forth for a nickel, but there were several times that you could pick off one side and not have to spread it. I got G 8,000 shrs for 4 cents in about 10 seconds once. I didn't go hard core on it all day, but did about $2600 on it, over 200,000 shares traded though. These M&A spreads are great for the first day or two, then get so tight that I don't bother. A good spread is a lot of fun to trade though.

Shreddog · Jan 28, 2005

Quote from lescor:

I thought I was looking at PG=N in esignal, my bad. Sweet trade if you got it then.

It took a while to settle into a range of about 10 cents the second half of the day. I was mostly just scalping the spread back and forth for a nickel, but there were several times that you could pick off one side and not have to spread it. I got G 8,000 shrs for 4 cents in about 10 seconds once. I didn't go hard core on it all day, but did about $2600 on it, over 200,000 shares traded though. These M&A spreads are great for the first day or two, then get so tight that I don't bother. A good spread is a lot of fun to trade though.

Should I just delete PG from my OPG list for the near future because of this merger? Just wondering if the Arb guys will kill any opportunity. Or should I leave it in for that reason?

lescor · Jan 29, 2005

PG will continue to trade as it has in the past. G, however will now be pinned to PG's price. I have G and will be removing it from my list (too bad, he was a good performer).

However if I get filled in PG, I'll immediately pull up G and watch him for a possible hedge if needed, or fire in an order and see if I can get the spread at a good price.

WannabeTrader27 · Jan 29, 2005

91 longs, 232 shorts. avg position size 11,200 shares. gross profit $52,841, net profit $$43,411.

One of my better days. Above average for sure.

DaveN · Jan 29, 2005

Wow! If that's for real, you made 0.73 cents per share traded (which is about right for full auto) but only pay 0.13 cents per share? (I'm assuming that includes SEC fees...) Sweet deal.

mschey · Jan 29, 2005

What firm allows you to take down that big of size on the open, I estimate that you put on about $100,000,000 or more worth of positions? More importantly, where can I get that rate?

lescor · Jan 29, 2005

Yes, I was just typing the same question. Over 3 1/2 million shares on, well over $100 million in exposure.

Who lets you swing that line, and how many hundreds of g's do you have to be down before they boot you out? With that size, your P/l would be swinging by 10's of thousands of dollars every minute. I'm guessing you have to be on a profit split / no money up deal.

We'd all love to hear your story...

danjos · Jan 29, 2005

Just to monitor that kind of positions would take more than several monitors. the trade must be fully automated.

Once there was JPM and ONE and after the merger I still keep both of them until they delete the symbol. And it worked okay.

Just curious,do any of you guys use ECNs to exit your OPG positions? Because in news stock usually ECN presents is widespread but for opening I havent really paid too much attention.

Shreddog · Jan 29, 2005

Quote from danjos:

Just curious,do any of you guys use ECNs to exit your OPG positions? Because in news stock usually ECN presents is widespread but for opening I havent really paid too much attention.

If I'm taking liquidity I let my broker's (IB) smart routing get me out via any avenue. A fill's a fill right? If I'm looking for price improvements I route to NYSE.

So I keep 2 order lines per stock, one for SMART, one for NYSE. For me that's quicker than watching a montage.

Timber Hill provides a decent number of fills if I'm taking liquidity. I consider this an advantage of using IB.

PS. Thanks guys for the feedback on PG!

SammySOESa · Jan 29, 2005

Quote from lescor:

Yes, I was just typing the same question. Over 3 1/2 million shares on, well over $100 million in exposure.

Who lets you swing that line, and how many hundreds of g's do you have to be down before they boot you out? With that size, your P/l would be swinging by 10's of thousands of dollars every minute. I'm guessing you have to be on a profit split / no money up deal.

We'd all love to hear your story...

LOL. bro, this clown doesn't hava story. one time he got his satin panties all bunched up his clit 'cuz i had the unmitigated gall to say i was making $350 a day.

he told me: "Common Sammy! Everyone here knows you're a total joke and a liar. You're not impressing anyone with your high tales of you and people you know making money.

Give it a rest bud and go back to flipping burgers at the local McDonalds. I'm sure that's your real job."

only a non-trading homo would get so incensed at another trader's claiming such a small gross. i'm sure this cat blew up his account, and his resulting jealously of real traders prompted his $300 million envelope nonsense in this thread.