2 fills only, +$300 approx...up for the week (lost yesterday, stupid CVS)...LOL....
I've been sharing info with some of my top "opening only" traders the last few days....same, but several, styles seem to dominate.
1. 10-20 stocks, tighter envelopes, 2,000 - 4,000 shares shoot for 6-12 cents on an average 3-4 fills. Manual entry exit.
2. Auto entry of up to 40 stocks, adjust envelopes based on up/down bias and sector/beta. Cut losses immediately, "ride" winners...manual exits.
3. Auto entry with layers (this is what I am doing currently).. 2,000 shares at (for example only) .5 envelope, 1,000 with 1.0 envelope, 2,000 more at 1.5 envelope. Up to 150 stocks. Auto exit with variable pricing from 5-12 cents. I auto exit price for half the total number of shares, preferring to "tape read" to hopefully extract more $$.
4. Fully automate entry and exit, 100+ stocks...stop losses set for 100% "market" orders at a range from 5-15 cents, profits set for 100% cover at price from 5-15 cents.
5. "Fully" automatic entry exit with trailing stops for profits...this "sounds" really good, but is subject to "outside" errors based on position window triggers (if position window is slow to update, which happens during especially busy mornings).
So, my reason for all this? Heck, I don't know, all I've done is "prove" that there is several ways to approach the same strategy...all of which can be very successful.
A few are testing entering at the opening, exiting with MOC orders..this was done successfully in the 1990's by a group in San Francisco...giving them more time for surfing, LOL. Who knows, it may be working again.
Back to it,
Don
