Don's openings Part 3

5 for 7 this morning, up $1600. Back to using lower envelope.

A couple of you have PM me about the calculations....check the older (Don's opening part 1 and 2) ...if that doesn't help, then let me know again, and I will go through it for you.

Don
 
I just wanted to compliment you on your excellent posts on EliteTrader. You are always polite, upbeat, and professional in your posts. I don't always agree with you but you are always thought provoking. You are a credit to this website and I wish you all the best.
 
Originally posted by Aaron
I just wanted to compliment you on your excellent posts on EliteTrader. You are always polite, upbeat, and professional in your posts. I don't always agree with you but you are always thought provoking. You are a credit to this website and I wish you all the best.
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Well, thank you Aaron...It really means a lot to me to hear this....:-) :-)

Don
 
I was filled with 10 longs and 5 shorts, still many more than I like having. Several of the longs were stocks that opened basically unchanged, so when the spoos started to drop, they followed pretty quickly. Things were pretty quiet and if I had fewer positions I would probably have held them, but the red piles up pretty quickly when you have 6 or 8 .20 or .30 losers.

The problem I have with this many positions is not being able to catch the real bad ones quickly enough or getting out of the small winners with a profit before they reverse. This is because I can't read the tape on them and don't see it coming.

-$1.00 today, still the second best week of the year after June's triple witch. Might have beat the record, but I've cut my size in half recently with the big volatility shaking me out too much.

Corey
 
Originally posted by lescor
I was filled with 10 longs and 5 shorts, still many more than I like having. Several of the longs were stocks that opened basically unchanged, so when the spoos started to drop, they followed pretty quickly. Things were pretty quiet and if I had fewer positions I would probably have held them, but the red piles up pretty quickly when you have 6 or 8 .20 or .30 losers.

The problem I have with this many positions is not being able to catch the real bad ones quickly enough or getting out of the small winners with a profit before they reverse. This is because I can't read the tape on them and don't see it coming.

-$1.00 today, still the second best week of the year after June's triple witch. Might have beat the record, but I've cut my size in half recently with the big volatility shaking me out too much.

Corey
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OK, a couple of things here: First off, my "buy orders" were quite a bit lower than yesterdays close, so you may need to widen your envelope a bit. I was filled on 7 of 20 (still a lot, but manageable).

Second, be sure to place your "stop winners" order in for slingshot effect while you're watching the others that may be losing a bit.

I suggest fewer stocks and a wider envelope for a few days...you need to get "good" at closing 3 or 4 well, then move to more stocks.

Good Luck...

Don
 
One thing I have been doing lateley is looking at the range of the ES over the last 10 minutes or so before the open. Today I set my bids and offers, then as the ES kept rallying, I kept raising my
offers, but I left the bids down where they started- I did not want
to be buying anything unch or up on the open. This sort of results
in a flexible envelope. Ended up with 4 longs and only one short today anyway, netted 28 cents, 3 of the 4 longs sucked, but IBM made 25 cents net and JPM 98 cents net- got massive price improvement - filled at .20 on a .50 bid to cover.
 
Well, I got filled on 13 orders this morning....made me pretty busy closing them for a few minutes. Worked out ok, made about $1020 or so after all was said and done.

Used a 1.0 envelope.

Don
 
netted about a point on 11 fills. will start increasing my size again. should've held WMT longer. i waited a while for it to come back and pared the loss, but especially since i had a cushion and the market was strong, i should've pulled a don move and held.
 
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