Don's openings and more for 2005

Quote from vhehn:

hi don. i have an idea. why doesnt bright trading put on a combination elitetrader get together/trading seminar some weekend this summer. i need an excuse to come out to las vegas for a tax deductable weekend vacation.
how many other elitetraders would be interested? if so speak up. a weekend in vegas with a bunch of traders could be fun. remember, "what happens in vegas stays in vegas". lol.
More...

I'd go for "business" of course :D
 
Quote from chiguy:

to goofy to trade the open...

retail sales...pfe...gm downgrade...

did nothing...

would have worked great though.....

system says profit at 9:00 would have been about 988.00 on 11 fills...

7 short 4 long...

-.9 / +1.1 %
More...

Oh yeah, well I keep track of the woulda coulda's too and today if I didn't pull any stocks and held every fill until the close, I'd have been up over 20 grand. What did I really make instead? 600 bucks. Whoopidee doo...
 
If I'd held to the close, I would have been up 39k. I love to track those numbers too. My research shows that holding to the close tends to be a losing proposition though. Today was a net loser for me. Down about $1400. Oh well, tomorrow is another day.

Good trading to all!

Mike
 
hey lescor ...mschey...

my results would have ben better at the close...but not like you gents....

my woulda coulda shoulda p&l is based on 500 shares per stock in the oex...i block nasdaq and stocks under $5.00

could i ask what kind of size you use to get these numbers...

not being a smartass just asking so i can learn....
 
Quote from nitro:

FWIW, I think you go too far.

I went to the Bright trading course many years ago. I can tell you that at the time I did not know of these particular strategies. I learned alot and while I could not use the strategies recommended because I stayed retail, it did get me thinking about how professional traders approach the stock market, and in particular the listed market (I came from a futures and automated systems approach to trading.)

Is it worth $1000 today? Back then I think it was because getting real world experience when money was flying all over the place was worth it. Today, in my opinion the cost of the class should be at most $500 because there just isn't that much money to be made by trading this way. But here is the thing - People estimate what their time/knowledge coupled with the demand for what they are offering is worth and charge accordingly.

As people continue to pay $1000 to continue to go to these classes, why would Bright reduce the cost? In a capitalist market, demand and supply creates the price.

What I do find funny though is that people that keep attacking Don for this thread. The Opening Only strategy has been completely discussed on ET many times. If you read through all the "Opening" threads, you can put it together. Further, Pairs trading is no secret either. What exactly is he selling if you get the strategy here on ET? There is only one answer to that - Bright Trading brokerage, because in order to do these strategies correctly, you have to have access to lots of capital.

Although I have reservations with the way that profits are reported on ET with these strategies because there is no mention of the leverage used or the commission payed, I don't think there is anything wrong with the rest of it.

nitro
More...

In case you don't know, the fee entitles you to a lifetime of free advanced classes, only open to Bright Traders...taught 4 times per year by my brother and our best traders. And, since they usually make the $1,000 back in a week or so of automated openings, I don't think it's outrageous at all.

Now, $3,000-$5,000 for a seminars by "book writers" who have no clue abou the markets is outrageous., LOL...

And, we have mentioned the $capital usage for openings, that's why I don't mind "revealing" how it is done...since retail traders (for the most part) cannot participate...that's why it still works so well.

Nitro, you're one of the "good guys" - you might think about coming back to our course (free of course)...we now have 8 hours or more of live trading during the trading day...and the classes have improved 1,000 percent....(this applies to all of you have come in the past). April is over-booked (45), but there is still a few spots in June.

Everyone have a good opening....I have to run, I have 20+ "Test Pilots" from the College and University who are doing openings for the first time, no training yet, with our money at risk...they risk nothing...that is how confident we are with the strategy.

All the best....to everyone!!

Don


Don :-):)
 
Quote from Cluseau:

what's the average drawdown per time unit (day, week, month ) using the opening strategy ?

i know nothing of it...who coined the phrase/strategy?
More...

I've been doing it since the 1970's when the NYSE Specialist would "wire" us on the regional exchanges, telling us he had 200K extra IBM to buy (for example) on the opening. I would respond with "I'll sell 10,000 at 90.25, another 10,000 at 90.50, another 20,000 at 91.00)" etc., and I would get some or all of the order, knowing full well that I would be on the same "side" as the NYSE Specialist.

We have updated and automated much of this by now of course.

All the best (sorry for the "history" lesson).

Don
 
Hey Don, Will the new trade through rules have any effect on either opening orders or envelopes during the day? Also, any new info on Nasdaq opening orders?

Thanks
 
Typically, I trade 3000 share blocks on the opg. However, I also adjust this a liitle based upon price of the stocks. I.E. a $100 stock, I will do half as much as a $50 stock. Because I feel that the risk in trading stocks over 90 or 100 is much greater.

Good trading to you!

Mike
 
michael thanks for your reply...

it seems that my p&l for my size is not bad....

how long did it take you to learn to hold or is it a matter of capital...

it seems i have a serious case of premature execution..

any comments would be greatly appreciated..

thanks again...
 
You must log in or register to reply here.
Back
Top