Don's openings and more for 2005

Quote from chiguy:

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...
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You have to increase your size when you feel comfortable. The easiest way to do this is in smaller increments. If you want to give your self a 15% pay raise, then increase your size from 500 to 600. WHen you're fine with that, go to 800, then 1000, and from there it is pretty easy to go bigger.

As for holding, I really don't. My only rule is that I tend to my losers immediately. They have the power to make or break your day. The winners take care of themselves.

Good trading to you!

Mike
 
Quote from chiguy:

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...
More...

It sounds like you already keep records of your trades. I do too. What I do is figure out an "target" exit time based on past performance. My thought process is, if everything is working I should be getting out "about" X time. And I try to make myself wait until then. I've found that lack of accuracy in my target time still beats my itchy trigger finger when I have a profit. All it took was a few early bailouts when my target time showed a much better profit and I started to be more patient.

And it all defers to how the stock and market is acting of course.
 
Quote from astocktr8r:

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
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The ruling went our way...and in any case, nothing happens for a year (and, as you well know, things can certainly change a lot in a year).

Don
 
Quote from mschey:

You have to increase your size when you feel comfortable. The easiest way to do this is in smaller increments. If you want to give your self a 15% pay raise, then increase your size from 500 to 600. WHen you're fine with that, go to 800, then 1000, and from there it is pretty easy to go bigger.

Good trading to you!

Mike
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Mike is correct...we try to have the "bootcampers" up to 2,000 shares by the end of training (for openings, 1,000-2,000 for other trades)...this helps in two ways, since our pricing structure rewards you for all shares above 1,000 on any given order.



$270 today, small open....had new "test pilots" watching, trying to explain everything to the newbies while trading.

Don
 
Quote from Don Bright:

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.
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You contradicted yourself here, no? The $1000 fee is good for a lifetime of free advanced classes, only open to Bright Traders.

I took the basic class, paid the $1000, but I'm not a Bright Trader. Is the advanced class open to me?
 
Quote from Don Bright:

I'll check our data base, and get back to you....glad to help!

Don
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Are you talking about Starwood (HOT) vs. PDCO or PTEN? In either case, they don't show up in our database of correlated pairs at this point. Let me know if you want to trade them a bunch, and I'll have some research done for you.

Don
 
Quote from mschey:

As for holding, I really don't. My only rule is that I tend to my losers immediately. They have the power to make or break your day. The winners take care of themselves.

Good trading to you!

Mike [/B]
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Unless you're kidding about "don't be sore; short some more" it appears you average down losers quite a bit. Just curious when you say you "tend to losers immediately" do you just play it by your gut or experiences in a particular stock; sometimes cut the loss; sometimes average down; discretionary so to speak.

I try to adhere to a consistent strategy, including cutting losses but I'd say about 20-25%, and this is where I concur with Don (believe it or not), if enough conditions are favorable (tape, etc.) I
will average.

I studied psychology in college and I'm fascinated by the psychology of trading and the internal and external factors that go into trader's decision-making.
 
Quote from chiguy:



could i ask what kind of size you use to get these numbers...
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My base share size is set to 4500, but like Mike, I vary it for many stocks based on share price, volatility and how well the stock has worked for me in the past.

A stock like MOT or DIS I'm in the 7-9,000 share range. 2-3,000 for the higher priced, wilder movers.

It takes a while to be mentally comfortable with larger size and the p/l swings it will give you. But experience teaches you to trust your numbers and to just let your edge work for you over time.
 
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.
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BUMP. don what do you think of this idea?
 
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