Don's openings Part 4

Originally posted by egusc
IB has open only orders. I have an account at IB and only on one day have my orders that should have been filled not been executed. I have been checking every day since and IB is working just fine.

"He has helped considerably by allowing me the opportunity to show some restraint and common sense in the face of his silly rhetoric. " I agree, your restraint has made u look very good.

Don, Thanks for all of your input here inspite of the peanut gallery.
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Yeah, that's what I thought.....I hope you're making money with the strategy...and thanks for the kind words...:-)

Don
 
Originally posted by rtharp



Market doesn't have to touch.............

It has to trade at 35.39 or below and he is automatically filled for NYSE stocks.

Robert
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THEN WHY HAVE A BUY LIMIT? You are willing to go long ONLY when the price reaches your price, for example, the old high was 40 and you are willing to BUY (go long) ONLY when the price hits a new high, so you set your BUY LIMIT price @ 41.

Otherwise, if you want to go long, BUY at the OPEN with a Market On Open order.
 
Originally posted by topmo


THEN WHY HAVE A BUY LIMIT? You are willing to go long ONLY when the price reaches your price, for example, the old high was 40 and you are willing to BUY (go long) ONLY when the price hits a new high, so you set your BUY LIMIT price @ 41.

Otherwise, if you want to go long, BUY at the OPEN with a Market On Open order.
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Don't you mean a "BUY STOP @ 41"? A buy limit order entered when the limit is higher than where the stock is trading will be filled immediately, no?
 
Originally posted by topmo


THEN WHY HAVE A BUY LIMIT? You are willing to go long ONLY when the price reaches your price, for example, the old high was 40 and you are willing to BUY (go long) ONLY when the price hits a new high, so you set your BUY LIMIT price @ 41.

Otherwise, if you want to go long, BUY at the OPEN with a Market On Open order.
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That's a stop order you are describing..... not a limit order

I'm willing to go long if the stock is at 39.39 OR BELOW....

not above


but..........I'm willing to short if the stock opens above

41.43 or above.

Having a buy market order gives me no edge as I might not want to be filled with a buy order if it doesn't open below fair value and if it opens way above fair value I want to short it


Think of it this way............using limits I'm fading the opening print

If I used stops I'd be joining the opening print

Robert
 
Originally posted by rtharp



Only about 20% of what I am getting filled overall is going against me (more often than not fills are in my favor and as a trader I play odds). I can easily be in 30-40 stocks on those opening prints. Yes a few went against me. So what the MAJORITY went in my favor.

There are very numberous time where the opening print is the BEST print and there is no looking back afterwards.
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That's interestin that 80% of the stuff is going your way. Would your results be improved if you closed out (at a loss) the stuff that wasn't going your way? I know you like to hold on, and for you I guess that is working, but if someone was trying to emulate your style, would they still be profitable by closing out these 20% of losers early on?
 
Originally posted by daniel_m


That's interestin that 80% of the stuff is going your way. Would your results be improved if you closed out (at a loss) the stuff that wasn't going your way? I know you like to hold on, and for you I guess that is working, but if someone was trying to emulate your style, would they still be profitable by closing out these 20% of losers early on?
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If they were to copy me.........than they need to hold onto some of the losers. The guys who try to get out early on sell at the lows and buy at the highs. It's also impossible to hold close stops when you are in 20 positions.


I'm not giving out all my secrets on this thread (what incentive do I have to water down profits) but I've spend an hour each morning making sure to get rid of trades that can kill me. There are common patterns I've discovered in my losers so knowing the risk is greater than the reward when one of these patterns shows up I remove it.



Robert Tharp
 
Originally posted by dotslashfuture
If the opening only orders are a major part of your trading strategy, how do you prop guys spend the rest of your day ?
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Rateyourrack.com is pretty popular

amIthebomb.com


as well as a few other sites :)
 
Today was pretty easy, 3 for 4 +$603....

It seems that my friend, Mr. Tharp is keeping about the same consistent batting average....good job!

Don
 
"Someone remind me after next week (I'll be in Denver for a presentatino on the 21st and 24th), and I will bring forward some new info about volatility plays, and how you may want to incorporate them into not only your openings, but your overall trading strategies("Bright Bands" if you will)."

just a small hint.lol
 
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