Don's Openings, Part 6 2003

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I don't see how there is any objective loss cut method involved in this strategy. I've seen mention of stop winners but stop losses are supposed to be bad? I don't understand that. How do you control your risk ?
 
Quote from MondoTrader:

I don't see how there is any objective loss cut method involved in this strategy. I've seen mention of stop winners but stop losses are supposed to be bad? I don't understand that. How do you control your risk ?
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Good Question: What I try to teach our new people is that "I hope you like your money"...as a way to control risk. Do not use mechanical stops, use "mental stops" and then "adjust as needed." If a stock is gapping down after you bought it, then it makes no sense to chase it down (you already have a problem, don't add to it).

Regarding stops: What happens, is if there are "stop loss" orders in, there is a chance that they may be targeted before a reversal in the stock price....this is called a "shakeout."

Hope this helps!

Don
 
Biggest loss today was on a stock that opened after my 9:38 time. I Violated my own rule and it cost me 21 cents. The first tick was the worst tick.

At least, my automated system seems to be working ok. Been ferreting out the bugs which is hard to do when you only get one shot at testing it every day. But for the last couple of days it's been working as expected. Still have a few bugs to get out and need to work on my monitoring and "tweaking" capabilities.

For the record:
10 fills
8 wins
2 losses
33 cents total

Cash
 
All this and manage/coddle/assist 200 remote traders at Bright!!

Good job!

Now, when we know this software/technique works, then we ask you to share and share alike. . .

L.O.L.
 
Don Bright (Mar 13, 2003 5:16:27 PM)
"Our stats have been posted, but it's roughly like this.....about half make it through the first year (vs. 10% of overall business ventures, not bad), and we have about 70 percent successful in year 2, 80% year 3, etc. We have our original traders from 10 years ago...."

And just how many traders of "our" original traders that "we" have from 10 years ago be? Bob Bright, and who else? You are including Bob Bright in that figure of original traders, aren't you? Were the original traders professional experienced traders already, or were they unexperienced traders who were trained by Bright Trading?
 
Give it a rest 777....or at the very least quit posting cross-thread so we don't have to continue to endure your pointless dribble in more than one subject area. Your song and dance are getting old.
 
Quote from elcid:

Give it a rest 777....or at the very least quit posting cross-thread so we don't have to continue to endure your pointless dribble in more than one subject area. Your song and dance are getting old.
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Don has always portrayed himself to be one that answers questions willingly.

So far, I have posted the questions now 3 times with no answer from Don.

I am just quoting his comments from an on line chat session, and asking for clarification.

That you would have difficulty with that, I find interesting.

The more the "fans" or employees of Bright Trading come to Don's defense by attacking me and dismissing the questions I ask, the more I know I am on the right track.
 
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