Don's Openings, Part 5

Quote from bungrider:

Hey Don,

I just wanted to apologize if I sounded like an ass on my last post - I'm not trying to give you a hard time, and I think it's great that you spend so much time helping other people learn how to trade opens.

I personally think that it's a poor strategy that usually makes money, but when it doesn't, things can get ugly and illiquid pretty fast.

Again, apologies, but just giving my .02
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No problem, Bung. All I do is show what I'm doing with my own openings and my traders. I wish you the best.

Don

BTW: Today, Dec 17: +$990, filled on 4, profits on 4. A "good day" (so far).

Don
 
Quote from lescor:

Newsflash!

All kinds of trading strategies work, but not all traders can make money using all kinds of strategies. Scalping works, swing trading works, enveloping works, trading news works. There are traders making money using every one of those strategies. Just because you can't make money with one style doesn't mean that other traders can't do it. It probably means you are trading a style that is not compatible with your personality and your beliefs about the markets. Or you just suck as a trader.

Opening orders work. I've made money with them every month since I learned how to trade. I make money almost every week with them. I rarely have blowout days. BUT, OPENING ORDERS ARE NOT FOR EVERYBODY. It takes a lot of work and a set of trading skills that not everyone posseses.

I could start a thread called "Scalping doesn't work and only idiots would even try it", but who would look like the idiot?

By the way, I got creamed today in FNM and WYE, went 1 for 5, and had my biggest loss in many weeks. But you know what? It doesn't even phase me because I know results like that are part of the system. If you think opening orders are a ticket to easy money, you've either never traded or have rocks in your head.
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Well put!! FRE and FNM "giveth and taketh away" at times....had a longer ride than I liked as well.

Don
 
Inmates and Profits, glad to see that at least the tone of the board has not fallen to a point where we cannot at least, have a sense of humor.

Whether inmate actually is, or whether he /she is another incarnation of another alias...who the heck knows. You guys are right about the bullets...gotta get them them first.

TraderProfit.....I'll be checking in with you...

Don
 
Well, I certainly don't claim to have a patent on the same strategy that I first employed in 1979. There have been many changes to this and other techniques. Heck, I could show you all how to make $100K year playing blackjack, but only a very few would be able to do it. This strategy is not all encompassing, it is simply a way that works to give traders an understanding of how markets work, a reality based method for entry, that has a much higher likelihood for success than most of the nonsense being "sold" or "marketed" out there.

I simply do it, teach, share it....there are thousands of stocks, and a few thousand traders....so I don't worry too much about diluting the marketplace. We have many, much more intricate strategies employed by our traders nationwide that I would never divulge to the Public. Some of these more advanced strategies were designed by traders who had to learn about trading somehow...like doing openings or MOC's daily...rather than flounder around looking for a magic pill or system.

I look at this as teaching someone to read, and then they develop the basic abilities needed for success (or not). Surely, you wouldn't want us to stop teaching our children how to read.

The "paranoid" types, who fear that they will not be able to make money because someone else is attempting a similar stategy, sometimes fail to realize that they have to simply expand their horizons....maintaining profits in the ever changing markets takes work.

As they say "this (trading in our case) is a journey, not a destination"....Some like this strategy, some don't. I post up my results and try to help others. If you choose not to try it, I certainly understand ..and, just like Blackjack, only a few will succeed (yet card counting has proven over the years to be a successful way to make money, but few have the discipline or desire to do it). (I'm not pushing blackjack either, just making a comparison).

Don
 
Yep.. the stratagy is totally screwed... why else would I not make money today.. ?? :p

4 Longs... and a bad day for longs.

JPM.. -.09

NOK.. -.09

AZN.. +.12 cheated myself on this one, but the futures were not doing right.. so I bailed.

EDS.. -.02, this one finally broke out about a half hour later. Who is going to stay with it when the futures are tanking big time.

This was a day to just get short the futures and stay there.
 
This was textbook today.....4 fills, 4 winners, +$1060 (53 cents). Had people use a 1% envelope, and increase their share size a bit due to lower volatility. (Before 007 or anyone jumps in with a "see, he wants traders to trade bigger volume so BT makes more money")....let me state that we have a "cap" anyway, so all trades in excess of $25 are free anyway, so that is obviously not the reason for adding to share size.

I suggest bigger size, to a point, in lieu of adding more stocks to the opening program. Some of guys do hundreds of stocks, but I prefer that newer people keep it to 20 or so, looking for 3-6 fills each morning. This number is more easily traded out of, no panic, no frantic...just read the tape and use the slingshots.
We want consistency...

Christmas party in Vegas tonight....a little social time for our local traders....I guess we're supposed to say "Holiday gathering" - but I like Christmas, and all my friends who celebrate Hanukkah are always in attendance, and everyone is welcome). No Santa Claus, but we do have a fortune teller and a caricaturist (I shoulda hired 777 to do my likeness...:-) :)

Have a good one, everyone!!

Don
 
Some days it is better to be lucky than good..... :p

McAfee virus software messes with ECHOtrade's Sterling software something fierce. I normally have it turned off, but occasionally it turns itself on anyway. I did not notice that this morning McAfee had restarted itself. I started having problems right at the open, called the trade desk and had everything cancelled. Only got BK short for -.05.

Didn't miss any long fills.

BUT, I did miss getting LXK short, which shot straight up from the open, and would have cost me a pretty penny to get loose from.

On top of this, I had to mess with e-signal's charts again today.

And.. I got on the wrong side of the QQQ's for -.11 too.

Now I am going back to bed....

:(
 
Tough morning Tony...Pretty good movement today, so far anyway in my stocks. There are always software glitches, and no one has a perfect system....I figure it's a 50/50 event if the lines go down or the computer crashes....

Now, "get outa bed, and start trading"...

:)

Don
 
...Es's have been very good to me, equities are still a steep learning curve at GTT, Don good to see your still killing them at the OO, hang in their Tony....

Good trading all...

mrktwiz
 
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