Don's openings Part 4

This was posted on the old DOn's Opening#3 string and I would like to see if anyone has a answer to thsi question posed;

RE> OO will be less effective until SEPT
Opening orders are being manipulated heavily by the specialists due to lack of volume.

Smart traders are either not doing OO or being very specific.

FYI

What littel I know of the OO strategy I don't see how "all of the sudden" it is going to stop working overall, maybe you might have certain stocks that you need to either add or delete from your daily list, but everything just "stopping working" ???

I don't get it?

Confused and need help....

mrktwiz
 
4 for 4, +1 scratch, netting about 50 cents. i had to sit through some pain with a couple of them, about 25 cents worth in two, so i saw my P&L swing from -400 to end at +350.
 
Originally posted by mrktwiz
This was posted on the old DOn's Opening#3 string and I would like to see if anyone has a answer to thsi question posed;

RE> OO will be less effective until SEPT
Opening orders are being manipulated heavily by the specialists due to lack of volume.

Smart traders are either not doing OO or being very specific.

FYI

What littel I know of the OO strategy I don't see how "all of the sudden" it is going to stop working overall, maybe you might have certain stocks that you need to either add or delete from your daily list, but everything just "stopping working" ???

I don't get it?

Confused and need help....


mrktwiz
More...

Come on, this is paranoia setting in. The openings have worked better all through June and July....and August has been fair....there is no "Specialist conspiracy" trust me. Our best months for OO orders, overall for the firm, have been recently. Consistency is the key to the openings....

Good Luck!!

Don
 
been hearing from my friend who just started trading in your LV office too....had a hard time believing that the OO just stopped working all together.

mrktwiz
 
Originally posted by dafugginman
4 for 4, +1 scratch, netting about 50 cents. i had to sit through some pain with a couple of them, about 25 cents worth in two, so i saw my P&L swing from -400 to end at +350.
More...

Good for you....remember, after you're 'in" a trade (opening only or otherwise), it is your job to treat it like any other trade....and to look for a good exit point...no predetermined amount of profit or loss, simply good exit points....don't get "shaken out".....so holding for a few minutes or hours is allowable, sometimes even overnight (be careful with this, have a great reason for holding it that long).

Again, good job!! Keep it up!!

Don
 
2 fills, 2 winners, 29 cents net.

I must credit Don Bright for one of those wins. I was short immediately on one stock, with the market moving lower very nicely. After it made some progress, I entered a buy stop about 10 cents higher. Usually I wouldn't do this, because common wisdom is that stops that are too close to the current price are at risk of being picked off, but since I only had 2 fills to manage, I thought I'd give it a try.

At first, the stock kept progressing down, and I even moved the stop down after it progressed another 10 cents.

Sure enough, the market started rallying, and so the did the stock...rather quickly. The stop triggered and I preserved close to maximum profit potential--certainly much more that if had tried to rely on fast fingers! The stock continued to rally for 30 more cents, but the stop allowed me to buy what was almost the bottom of the move. I'm definately going to use this approach more in the future.

Don, any thoughts on how far away to place the stop, or how long to wait (if at all) to put it in?
 
Originally posted by MartinWeinberg
2 fills, 2 winners, 29 cents net.

I must credit Don Bright for one of those wins. I was short immediately on one stock, with the market moving lower very nicely. After it made some progress, I entered a buy stop about 10 cents higher. Usually I wouldn't do this, because common wisdom is that stops that are too close to the current price are at risk of being picked off, but since I only had 2 fills to manage, I thought I'd give it a try.

At first, the stock kept progressing down, and I even moved the stop down after it progressed another 10 cents.

Sure enough, the market started rallying, and so the did the stock...rather quickly. The stop triggered and I preserved close to maximum profit potential--certainly much more that if had tried to rely on fast fingers! The stock continued to rally for 30 more cents, but the stop allowed me to buy what was almost the bottom of the move. I'm definately going to use this approach more in the future.

Don, any thoughts on how far away to place the stop, or how long to wait (if at all) to put it in?
More...

I place "STOP WINNERS" (simply closing trades at a proftiable price)in quickly at around 15-25 cents depending on the stock. No real set rule.

2 for 4 today, got stuck in FRE and FNM (If I had placed a 5 cent stop winner, I would have been fine). Here's one for those who think I "pad" this thing....I was net loser about $2K today....hey, it happens.....(I can always use the excuse that I was not in my main offifce (Denver), had people watching and asking questions from my seminar, or I can simply tell you the truth, I lost money today.....:-) Not perfect, just highly probable.

Have a good weekend everyone!!!


Don
 
Originally posted by Don Bright


Good for you....remember, after you're 'in" a trade (opening only or otherwise), it is your job to treat it like any other trade....and to look for a good exit point...no predetermined amount of profit or loss, simply good exit points....don't get "shaken out".....so holding for a few minutes or hours is allowable, sometimes even overnight (be careful with this, have a great reason for holding it that long).

Again, good job!! Keep it up!!

Don
More...


Don, you actually reccommending someone to hold losers overnight?

That is a recipe for account closing.
There should be no circumstances for a daytrader to hold losers overnight, once you start holding then you ineffect have become an investor.
 
Originally posted by TonySanDiego
Question for Don, Robert or anyone.

Why is a stocks Beta a factor in determining the Fair Value of a stock?

Thanks,
More...

Honestly,

You need to figure that one out for yourself.

nitro
 
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