Don's openings Part 3

OK, new week, let's get these openings working right!
Just so you all know, we advise our newer traders to do twice the "normal" number of shares on the opening, as they would during the day. We do this because it is a high probability play, and we want them to climb that learning curve.

We have a lot of "news" out there to affect individual stocks, so be quick to take 10 or 20 cents on the opening, in case of reversals.

Back to you after the open.

Don
 
C and AOL were quick and easy....+ $500....

Back to it tomorrow....

Just a note: I'll be in Anaheim for the show, presentation on Saturday, meeting with some of you at the Marriott (6PM on Saturday, I think...I'll have to double check). We have a pretty big booth this time....come on by to say hi!!

Don
 
No Tony I left my envelope/shorts alone....

HON took forever and I had to hold on for awhile. Glad futures started to drop.

Netted .60 total today.

Robert
 
Originally posted by rtharp

HON took forever and I had to hold on for awhile. Glad futures started to drop.
More...

Serious? You sat through being .55 down and held on?
 
Yep when I had 12 other winners I really don't care about one stock. I trade a basket of Longs /shorts with the futures.

Futures started to move lower and when you calculate fair value on HON wasn't anywhere near what it was. HON is a VERY SLOW MOVER.

HON has a beta slightly over 1. If the futures are gapping down 10% and HON is only down 1% I'm happy to short him.
I know I'm short with the specialist if I'm short on that opening print. Problem was he was changing his average cost with running it up. So I started to peel out slightly as it went against me.


Robert
 
rtharp, or anyone else for that matter...how do you manage 10 or more fills? are you trading off the P&L mostly while tape reading a couple of others that are moving against you, or do you flip through quickly to get a quick feel, and/or do you put in stops...thanks.
 
I trade the Opens VERY differently than Don Bright does.

I've been in over 35 stocks at one time. Usually though I average 15-25.

I trade off of P&L

and reading futures...

Perfer not to give out more details than that.

Robert
 
Originally posted by dafugginman
rtharp, or anyone else for that matter...how do you manage 10 or more fills? are you trading off the P&L mostly while tape reading a couple of others that are moving against you, or do you flip through quickly to get a quick feel, and/or do you put in stops...thanks.
More...

I do agree with DON on one part NO STOPS

It's the specialist job to clean out his book.

He will clean out limit orders and stops. Stops are guaranteed losers for me while limit orders are guaranteed winners.

Robert
 
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