Don's openings and more for 2005

Just checking in...hands on working with "Test Pilots" this morning, they did much better, I didn't trade my own account. BTW, my pairs are doing very well (only up to 10 now, on the way to 50).

Don
 
Quote from Copernicus:

lets say you get filled on 20 stocks, how do you follow this, and put in all these orders after they open?
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20 is a lot, but I've had that many on a few occasions. As soon as I'm filled, I'm placing what Don calls a slingshot order for part of my position. It depends on the stock of course how far out I go, may be 6 or 7 cents for smaller stocks, 15 or so for the larger ones. If I've already got the order box up, it's so quick to just layer a few orders out there, so I usually do that too. Say I'm long 5000 at the fig. It takes about 5 seconds to put 1500 for sale at .08, 1000 at .17, 1500 at .28. Then I'm on to the next stock.

All the while I'm paying close attention to the ones that are hurting me the most. I'm also trying to gauge the direction of the spoos and if the market is running solidly up, I'd be canceling the sells in the longs so they can run some more and paring down on the shorts.

The layout I use for openings has 18 Level 2 boxes and a 1 min chart for each, so I can visually keep an eye on the charts for that many stocks, which helps.

A risk on days with that many fills is that I miss one all together. Sometimes I find out I've been in a trade for 5 minutes already and I didn't even realize it. But lots of fills generally means it's going to be a good day.

One time I sent orders with incorrect prices and had like 38 fills. All normal trading went out the window and I was just constantly sorting my positions by p/l and playing defense. Got lucky that day and make 4 grand.
 
Quote from sucre_estave:

That scenario gave me the willies just reading it. I'm guessing Lescor got spanked on it too, seeing as he said FNM has given him some recent whacks.

I'm sure his account is large enough to weather such uncommon setbacks though. Losing 10K on a multimillion dollar account, while painful, is still not going to take you out of the game. Size (and cajones) is all relative...
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LOL, if I had a multi-million dollar account you wouldn't see much of me on these boards.

Nope, I do it all from an account I keep in the $20-25k range.
 
Quote from mschey:

Tell us more about your pair trading Don!
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Come on Mike, you know that we keep all the really, really, good strategies "in-house" - and that trading pairs is pretty "capital intensive" so that most traders cannot even get involved.

(previous is "tongue in cheek" for those who don't know me), LOL

Don

:D
 
Quote from lescor:

LOL, if I had a multi-million dollar account you wouldn't see much of me on these boards.

Nope, I do it all from an account I keep in the $20-25k range.
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Then I congratulate you on the size of your cajones (and skill).:D
 
Quote from lescor:

LOL, if I had a multi-million dollar account you wouldn't see much of me on these boards.

Nope, I do it all from an account I keep in the $20-25k range.
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Corey:

Do you trade thru a prop firm and use their order entry platform and data workstation? I'm a broker-dealer and I use my own custom built trading platform and Thomson One (formerly AT Financial) data workstations.
 
Quote from lescor:

20 is a lot, but I've had that many on a few occasions. As soon as I'm filled, I'm placing what Don calls a slingshot order for part of my position. It depends on the stock of course how far out I go, may be 6 or 7 cents for smaller stocks, 15 or so for the larger ones. If I've already got the order box up, it's so quick to just layer a few orders out there, so I usually do that too. Say I'm long 5000 at the fig. It takes about 5 seconds to put 1500 for sale at .08, 1000 at .17, 1500 at .28. Then I'm on to the next stock.

All the while I'm paying close attention to the ones that are hurting me the most. I'm also trying to gauge the direction of the spoos and if the market is running solidly up, I'd be canceling the sells in the longs so they can run some more and paring down on the shorts.

The layout I use for openings has 18 Level 2 boxes and a 1 min chart for each, so I can visually keep an eye on the charts for that many stocks, which helps.

A risk on days with that many fills is that I miss one all together. Sometimes I find out I've been in a trade for 5 minutes already and I didn't even realize it. But lots of fills generally means it's going to be a good day.

One time I sent orders with incorrect prices and had like 38 fills. All normal trading went out the window and I was just constantly sorting my positions by p/l and playing defense. Got lucky that day and make 4 grand.
More...

how many cups of coffee do u drink before the open? :-)
i can see how this strategy is not for everyone.
thankx for the info, i can understand the mechanics behind it better now.
 
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