Don's Openings, Part 5

lescor,

This is great information. Thanks for posting.

If I'm reading this right (and doing math right), then it seems you are putting in about 55 orders per day, getting filled on 5 or 6, and making 2 to 3 cents per trade after an assumed 1 cents per share commission? That adds a nice ~$7K per month to your bottom line. Not bad at all, especially considering the time it takes each day.

This makes a great reference point for those of us just getting started or considering starting to trade this method. Again, thanks.
 
Lately I've been averaging about 65 stocks each day. I currently have 82 on my list, but pare it down each day because of news or the technical picture. I like to get 4-7 fills each day, it's about as many as I can manage efficiently. The days with 15-20 positions still do well, but you have to play the game differently.

For September I averaged 2.0 cents per share traded on the openings, net of commissions. With rebates, I pay less than a penny a share, so that helps the bottom line.
 
July, and especially August were great for me, but September was my worse month ever. Lost money 3 out of 5 days every week and alot of big gapping losers too.
 
Again sort of a nothing opening for me.

2 Shorts, both major oil companies.

RD +.11, gave it some time and gave a little back.

BP -.06, same thing, I never had much in it, and it didn't look to be weak, so finally jumped out of it.

Tomorrow is another day.
 
Originally posted by Dave K
Tomorrow will be pivotal, new quarter, beginning of October, lot's of concern with the market at lows. Tough to keep an open mind, but you really need to be careful tomorrow morning, be sure to do both sides, and don't get too opinionated.

Don, could you elaborate on this a bit more.

Thanks
More...

Not a lot I can say until tomorrow morning when I have all the pre-opening news. I can say this: October is historically a tough month for investors, and can be for traders too, if they get stubborn. Many "pro's" are expecting a continuing downtrend, but I worry when we get too many people thinking the same thing....

Personally, I'm keeping tighter markets for the next few days (not looking for big swings, just take out a dime or two a few times a day...or even less).

I.E. Today: AOL Bot: 11.54 Sold 11.68, Bot: 11.57, Sold 11.64, Bot:11.56 Sold 11.69. 8,000 shares each way for 8.5 cents (no "home runs" - just little singles).

This was all done with pre-entered "envelopes" (actually I did take out one offer). This is what I mean by keeping tighter markets (and being happy with smaller per trade profits).

Forgot to click "send" on Monday, and was out on Tuesday, so here is this from a day ago...sorry

Don
 
JustStarted,

Go back to Don's opening 1, 2, 3, & 4 threads and read them....he has covered it so many times I have lost count.

cas
 
Man.. you guys want ALL don's secrets.. :p


Did well on opening orders today.

3 Longs, 1 short.

Longs:

BAC -.18 and darn good thing I got out.

MMC +.65

CL +.30

Short:

JNJ -.30 nothing I could do, opened up and went up. Good thing I got out when I did.
 
OK, got "screwed" (as some look at it, I'm just saying that to "whine" as some like to do :-)) on MRK today, it printed at my price to cover with a profit, but I was left out, it ran up...and I lost $580 on it (coulda been worse). GE was good, C was good, so I ended up a -$208 (10 cents)....

The bootcampers did pretty well, we warned them about the banks, so they "dodged" a bullet this morning.

To the new people: Yes, please check the previous threads, but if you have specific questions...please ask here, I'm glad to help.

Don
 
Was there news out on banks today?

I didn't see any on briefing. Am I blind.

If you all saw news on banks (bad) or major drug mfg (good), where did you see it?

I dodged bullets on the banks only because I got 4 quick fills (not on banks) and canceled the rest of my orders. Looking back, I would have been crushed if I had had to deal with all those banks I WOULD have been filled on.

Thanks
 
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