Don's Openings, Part 6 2003
- Thread starter Don Bright
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What a strange opening. I only sent longs today and getting WYE and LLL was a surprise because I knew they had good earnings so I wasn't expecting to get them long, but it just shows that you never know how the market will interpret news until the stock starts trading for the day. Also got WEN but that was expected due to downgrade. It was tough to hold the longs with spus crashing during the first half hour.
Tony, could you explain why you chose NEM for your list? The fair values that you calculate are based on the S&P 500 and gold stocks are generally anti-corellated to the index. Theoretically, they should be losers most of the time if you base prices on the stock futures. What's your experience been with them?
I just pull them off TC2000 based on price and volume. I send out a pot full of orders everyday, sort of shotgun approach.
I've had both good luck and not so good luck with gold stocks. (and everything else) They seem to work about as well as any others.
I remember NEM for both a real fine winner and getting burnt.
How about the OO guys start another journal dedicated to OO plays rather than intervene in Mr. Bright's thread each day.
My suggestion is start an OO thread with an appropriate title and then each of those that intend on contributing to the thread each day Identify yourself from the get-go and then we can better monitor progress.
Just a thought.... Good Luck to all..
My suggestion is start an OO thread with an appropriate title and then each of those that intend on contributing to the thread each day Identify yourself from the get-go and then we can better monitor progress.
Just a thought.... Good Luck to all..
What is Raven?
Raven is prop software for Echo traders. The link is poosted on the Pro firms threath but here it is also.
But remember Echo only....... (I don't trade there either)
http://www.predatorpro.com/
But remember Echo only....... (I don't trade there either)
http://www.predatorpro.com/
Quote from H2O:
Raven is prop software for Echo traders. The link is poosted on the Pro firms threath but here it is also.
But remember Echo only....... (I don't trade there either)
http://www.predatorpro.com/
The predatorpro site also has a automatic open order software called Orca, that is preprogramed to set limit order prices for 650 NYSE stocks and can send open only orders right before the NYSE open with one click. The site also states that "countless traders do (open orders) these days" yet less people are making good money at it anymore. "good money" Truer words have not been spoken. Countless people will never make good money doing the same thing.
My bet is that Orca and Raven are good software and people will probably make money using them for a bit, but since this is a no skill trading method, as more and more people with no trading skill think its easy money and are drawn to trade the exact same trade automatically there will be big losers once to many people click the button.
If you look at the size of the open print of the larger NYSE stocks, except for about 5 stocks or so, its not that big. UPS for example a 72 billion dollar company, with 2.6 million shares traded on average a day, had an open print of 20,400 today.
I think its smart for Tony to trade gold stocks with open only orders if few people trade them, but you need to know something about gold stocks too. I like to add stocks after people post how there had losers or stop trading them. I added FRE after Don said he was not trading it anymore until the accounting issue was resolved. That is were the big money is.
Good luck
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