Don's Openings, Part 6 2003

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Quote from Ron In-a-sauna:



not to beat the horse... and you wont find many that will advocate a "doubling down" adding strategy, myself included, but just wanted to add another insight, and another pitfall is you may do this a few times, and , it actually WILL work quite well, and then you will be more inclined to do in the future b/c of past success and then you WILL get killed eventually... so dont even go down that road the first time...
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I'll "beat the horse" a little bit, with an obvious gambling analogy to add to Dave's comments. Imagine winning a $10,000 Keno ticket on your first trip to Vegas, you got rewarded for doing a foolish thing (playing a really negative edge game)....well then, for the next few years you are "keno expert" and continue to play this negative edge game, and the outcome is disaster.

I hope our friends in the East get their power back on soon.....and their Internet connections..... (Cash, are you back "up" yet?).

Don
 
Quote from Don Bright:


I hope our friends in the East get their power back on soon.....and their Internet connections..... (Cash, are you back "up" yet?).
Don
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Yes, we're doing fine. But I think those to the North got hit a little bit harder.

Also, to throw in my 2 cents on the double-down theory. Based on what I've seen (working with hundreds of traders over the years), I'd say it works 100% of the time every time you do it until the first time that it doesn't work and that's when your status changes from trader to ex-trader. Kinda like Russian Roulette... no problem 5 times out of 6, game over on the 6th ( or usually sooner)
:(
 
Quote from trader88:

Didn't Bright Trading teach their pair traders to double or even triple down on losing pair positions?
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Whole different concept, and even that strategy has changed considerably in our last few classes. But, yes, at one point when the market dictated, we did add "range" to our pairs trading (glad you were paying attention ...lol)..... You've help to point out how it is so crucial to adapt to the marketplace, and how vital it is to have "continuing education." Even our best traders pop in every 3 months or so for a 2 day "tune up and catch up" with the latest changes.

Everyone have a good weekend, back to triple (quadruple) witching closing.....

Don
 
A big fizzle for such a nice OO gap.

SNE -.15
WYE +.05
WM +.04
WFT +.14
NWL -.09
TXN +.04
FRE +.01
KMX .00 started trying to cover at the market at +.20, got out even. Shoulda got greedy quicker on this one. :)



Three other trades today.


WM +.03
MWD +.03
MO .00

Was leaning to the long side early and totally missed the downdraft.
 
A losing day on OPGs today, but with some good spots. I took some of Don's advice on one of these earlier threads, and was able to make back a bit of my loss.

One of my opens gapped up (put me short on the open), then just had buyers come piling in. I chopped out of the trade, and since I had been watching the tape carefully on this one, I continued watching it, sold it again when the buying stopped and it pulled back. Overall, it was still a loser, but that second trade sure helped.

Then a late opener was just "textbook." It opened way down, and just took off with buyers climbing over each other to get in. Those are always fun... :)
 
Always productive to read these ET posts that lay out trades - even/especially the losing trades that most traders don't want others to know about - in an intelligent, thorough, easy-to-follow manner.

Especially yours, Dave.

Another serious trader who listened to "uncle" Don's lessons on how to patiently hang in there to reqroup and recoup an OPG loss.
 
100% success with the bootcampers today on the openings (hope I don't jinx them). We have a few more new people "filtering in" over the next couple of days, hope they do as well.

Back to work...

Don

To: DaveN...."yes there is life after the opening, Obe1Kanobe"

:)
 
I think Don did jinx the bootcampers based on todays openings, LOL. Will be interesting to see how everyone did today.

UGLY!!!!!!!!!! BVF-AGGGGGGGHHHHHHHHHH EK-AGGGGGHHHHHHH CLS-AGGGGGHHHHHHHHH MWD-AGGGGGHHHHHHH

A weeks worth of gains wiped out.....Oh well, that is the way the cookie crumbles sometime.:(
 
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