Ask the people in the Chatroom at ET if I trade well.
Don's Openings, Part 6 2003
- Thread starter Don Bright
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Ask the people in the Chatroom at ET if I trade well.
Don, I donât understand you.
The opening orders were a very profitable strategy for a number of years. Your traders as well as others were making great money because of the specialistsâ imbalances at the open.
But then you decided to start advertising this strategy on the internet and in your Vegas classes. Heck, you even started giving out automated spreadsheets to enter OO orders. Is it a coincidence since then that this strategy has become less and less profitable to date? Maybe. I understand the market has changed and everything is tougher. The cyclicality in this business is based on strategies working, everybody jumping in, strategies getting saturated, then less profitable, everybody jumping out, etc.
But why did you start advertising this strategy at the end of â01? Was it based on a purely benevolent motive to help out professional traders make a little extra money everyday? Maybe. Was it a way to generate a ton of commissions among Bright Traders and market the LLC at the same time? Possibly. But didnât you realize that as it benefited new OO traders, it would take food out of the mouths of other traders who had been doing it for years as well?
I mean you have been around this market for a long time. Youâve seen these cycles before. Didnât you realize that just a few more people doing this strategy would dilute it and dramatically reduce its effectiveness? For example, take a stock with an average opening print of 50,000 shares. Just 10 more traders putting in OO of 1000 shares each is now 20% of that print. And thatâs just 10 traders! Now consider the hundreds that have been through your classes and the tens of thousands who have read those pages and pages of message boards thoroughly describing the mechanics of the strategy as well as every little nuance involved.
I guess my question is to why you would advertise this strategy in the first place. Was it for one of the 2 reasons mentioned above? To weed out the bad traders? Did you think there was enough pie to go around to not hurt those who were presently enjoying it? I donât know, only you can answer that, and in other posts I think you already have. I definitely believe the OO would be less effective now compared to say â99, but in my humble opinion your actions have done a lot to ruin this strategy's effectiveness. I think itâs been an injustice to those who have profited from the strategy for a number of years and honestly think you owe them an apology.
Anyway, Iâm just venting. It has irritated me for a while and when I saw the post about putting other strategies on here that work well, I figured itâs time to say something. Just my 2 cents.
It is common, when people cannot construct an argument, present facts, quotes, links, commons sense, etc. to be come angry and spew insults.
One way I know when I have won an argument, is when someone can't stay to the topics at hand, and starts to call me names, and tells me what kind of life they think I have.
Funny, and predictable as hell.
Like a fiddle, like a fiddle.
2 cents well taken, and understood. Much like my "snake oil" tour... I figure I cannot "naysay" the stupid tactics employed and taught (and charged outrageous fees forwithout offering something of value in return). It is easy to detract, it is much more difficult (and yet, fulfilling) to offer solid help and suggestions.
Don
The "fact" that I can is see that you posted claims that are not in dispute, if what you claim to be true, is that you are happy trading at Bright.
No doubt others are happy too. So what?
My points of contention have to do with the methods of marketing Don employs, and his misuse and abuse of the process in recruiting new employees.
Whenever I call Don on his "shit" he just says he is better than the others in the business.
That is his best defense?
Please kill this thread. DB and Optional are like the two kids who dislike each other but dont have the balls to fight. You will never, ever agree on anything so........
Do this, starting monday you both stop arguing and post every trade you make on a spreadsheet in a new thread (using your respective strategies of course) and at the end of the month the trader with the lower return on a % basis gets banned for life from Elite trader.....what do you say?
Do this, starting monday you both stop arguing and post every trade you make on a spreadsheet in a new thread (using your respective strategies of course) and at the end of the month the trader with the lower return on a % basis gets banned for life from Elite trader.....what do you say?
I say foolish, and doesn't touch the heart of the issues.
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