Don's openings Part 4

I am a slow learner. Today I took MOST of the financials out of play, but left BAC on. My bad.. Also WB, but got off of it real quick.

Slow to take a profit on PEP, wanted to give it a chance. Didn't want to go today. Market was too weak to let em run long.

BSX got weak in a hurry too.

But I did give the longs a chance to play out.. just didn't work out today.

(note to dimwit trader: next time take off everything remotely related to a real bad story like JPM)

Here are the trades.
 

Attachments

Originally posted by TonySanDiego
I am a slow learner. Today I took MOST of the financials out of play, but left BAC on. My bad.. Also WB, but got off of it real quick.

Slow to take a profit on PEP, wanted to give it a chance. Didn't want to go today. Market was too weak to let em run long.

BSX got weak in a hurry too.

But I did give the longs a chance to play out.. just didn't work out today.

(note to dimwit trader: next time take off everything remotely related to a real bad story like JPM)

Here are the trades.
More...

Tony, you got me confused a bit here. I bought BAC on the open at 66.30 (at 9:30:13, I placed a "slingshot" sell order of 66.45 immediately at: 9:30:55, and sold the stock at 9:31:45 for 66.70, a profit of 40 cents......I tried to make less, but it moved so fast they had to pay me more.....am I missing something?? Did you simply hold the stock hoping for a bigger run than that...heck, if you can get even a quick quarter....go for it.....I'm curious??

Don
 
Don,

I was probably still trying to get a chart up on another fill or something.

I do plan to let my OO run more than you do, so I haven't been putting in sell orders as soon as I get filled. Notice BAC didn't stay up there long.

My difference in philosophy is because I have been noticing that I was leaving an awfully lot on the table with the real quick exits. But the downside is that they can get away from you in a hurry too on a day like today. Also, "gap up - run up" days, and "gap down - run down" days are hard on my style.

In brief, I tend to view opening orders as entries to somewhat longer term trades. I believe you view them as quick scalps, just a very few minutes (seconds even) trades.

If I had left my shorts on for a few minutes more yesterday, I would have done well indeed.

The problem with BAC is, that with my philosophy, BAC should have never been there in the first place.

The other problem is that, today, the market in general just didn't move up, in fact, it became fairly weak after the opening.

I am not sure if my style is "correct" or not. My opening orders stratagy is certainly a work in progress. :confused:

Thanks,
 
Don, your BAC example is what I was refering to in my earlier post on slingshot orders. You are saying that you dumped your whole 2000 share position on that slingshot fill? Is that what you normally do, put your whole position out there looking for a slingshot fill? I got some of that .70 print in BAC with a slingshot order, but only 300 out of 1000 shares, which is about what I normally put out fishing for a quick fill. It reversed right away and I got out of the rest of it close to the opening price. The reason I only put out some of my position is what if that print was the start of a big run? BAC can make some huge, fast moves and I'd feel like a dope taking it all at .40 and then watching him run another dollar. Comments?
 
OK, let's review the slingshop concept again. When I have several orders coming in at the same time (thus making it difficult to "read the tape" on each stock), I place a good solid "winning close" order in, as in BAC yesterday. If BAC were to have "crept up" to the price, I would review it and perhaps cancel and replace it with a higher offer.....as "Tony" wants to do (to avoid leaving too much on the table), but when a stock does what BAC did, I capture the profits. And yes, I usually kick back the whole trade.

Another important point. This is an "opening strategy"...so if you adjust your mindset to reflect that, you will perhaps be able to do Two things: 1. Take smaller losses (thinking that "I can always buy it back a bit lower"...so you can sell a losing trade, withouth thinking "gee, I know this is the bottom" or something). and 2. Capture those slingshots without remorse!

You can always "get back in" and I do that often....it's much easier to close a loser, with the idea that you can get back in at a better price...and "show that specialist!"....

Remember, we're looking for a consistent profit....and only $500 a day = $100K per year......

Good Luck...

Don
 
OK....IBM, KRB, and MWD. I told the traders to adjust their opening envelopes to reflect the 'pre-opening indications"...for example: I lowered IBM down to 65 on the buy side (it opened at 64.75 - out at 64.95)...

Plus $1000 (50 cents).....

Sure we "could make more"....but we "will make more"....each stock traded below where I sold it...and that is a seperate decision....

Back to you....

Don
 
Only two fills

AA +.50
UPS - .1.00 :(

Guess it's my fault for not linking it to FDX.

These gaps are killing me.

Yesterday it was EK.
 
You must log in or register to reply here.
Back
Top