Don's openings and more for 2005

Mschey, My loss was worse over 10 G at one time but I held on on some crazy HMO stocks that rebounded nicely, Futures was not really cooperated , it bounced from the low but not by much the started to fall again yesterday.
Made a little back today 2000 gross and about 1600 Net. Still feel depressed and tried to get over yesterday's hit. Glad just to be on the positive side today, it will help me to sleep better over the weekend.
 
6 fills / 800 shares each

4 long / 2 short +1156.00

- .6 / + .9 %

used trailing stops...a very hands on morning as our quotes were a tad off this morning...

blocked the oil service group today...whew........
 
Above average day hosed by 1 lousy loser.

3 long fills, 2 wins, 1 loss, +75

I feel bad for you Danjos, that was awful what happened. You did well in not panicking when down 10K to get out with less of a loss. You'll get it back - a few more days like today are all you need.
 
Quote from danjos:

Down 7000 USD on 200K shares.
I have been suspicious something ws wrong since yesterday that I received too many fills on the long side and also significantly higher fills than normal. I think I found out that I put the fair value as -3.1 as supposed to + 3.1.
More...

Wow, I did the EXACT same thing yesterday, put the fv in as a negative number. The gap size showing on my spreadsheet just seemed too out of whack with where es was trading and I was trying to figure out what I did wrong. Luckily found it with 30 seconds to go, just enough time to cancel orders, but not enough time to re-send. I had horseshoes up my arse as I woulda been crushed in the hmo's as well.

I've made screwups like that before, and if you trade a large list of stocks with some size, boy, the mistakes can be costly. Only two months ago I sent orders at wrong prices and was long 250,000 shares of stock within minutes. That's about $10M in positions. I hedged with spy and traded my way out of it, actually made a bit after commissions. I've been paranoid about making some kind of keystroke error ever since.
 
Quote from danjos:

Down 7000 USD on 200K shares.
I have been suspicious something ws wrong since yesterday that I received too many fills on the long side and also significantly higher fills than normal. I think I found out that I put the fair value as -3.1 as supposed to + 3.1.
More...

OPG's are much more of a gamble than ever before, and they're addictive and deceptive....

addictive because ....
1) you think that by preparing the excel spreadsheet with fair value estimates are the same values that the specialist is thinking or using....
2) by doing all those premarket activities, you are pretty much assured (guaranteed) of a decent gain or break even
3) all those prepatory activities brings you closer to where the markets will be opening...and there's no guarantee that all the interest in stocks will be displayed or represented by the S&P values that are used

deceptive because ...
1) you can't get yourself off the practice of these huge dual sided (hedged) "poof" orders that dissapear after the OPG round
2) you think that by just varying the range of stocks you can pretty much get and edge or start off with a nice gain
3) won't get creamed on a huge losing day, like so many others who have sworn off of these methods...

One usually learns the detrimental effect of OPG's when one crashes with a huge loss that's uncontrollable and is forced upon you as YOU put the orders in, and hoped that the specialist was wearing kid gloves that day...

sorry for the losses, but this downside has been discussed many times on these threads....

snake oil, well, that's a conclusion you'll have to draw...
 
i have found that if you choose your stocks carefully and have them correlate to the major indexes that when all else fails the arbs will help keep them in line...

they should be enough out of whack to make a decent trade but not so far as to cause extreme pain...

however keyboard errors and the occasional brain cramp can deep six the most balanced opening trades...

also to be aware of the news in all your stocks is imperative...

sorry to rant... and i must admit that i have made some of the dumber mistakes available... but thats just how i learn...

no one likes anyone to get smoked but like they say "you knew the job was dangerous when you took it super chicken" ( i guess i am showing my age...saturday morning tv from a while back)
 
Quote from limitdown:

...and there's no guarantee that all the interest in stocks will be displayed or represented by the S&P values that are used
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Has anyone done a correlation to other indices such as using the oil futures for oil stocks instead of the S&P?

Cash
 
Quote from lescor:

http://www.elitetrader.com/vb/showthread.php?s=&postid=798417#post798417
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no, wrong conclusions.

very successful trader, i am, as yoda would say.

at the same time, I have seen well over 40 different traders take the same lessons I did and succeed and then blow out huge when they ramped up on volume and nubmer of stocks...

also, have seen longer term results and took the time to cross reference with them what worked and didn't...most of what i shared on these threads were the net conclusions that many (not just me) traders drew from their actual experiences.

I knew one trader who made (according to the head trader) well over $3 mill his first year doing huge size and huge numbers of stocks on OPG's, well before it became so well known, and a few years ago, when it worked with vastly better consistency.

I applaud your accomplishments and discard your negative comments. This wans't a challenge for you to show cause, but, since you have, congradulations and enjoy your edge.

There are some who succeed, and many more who swear off the stuff
 
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