Don's Openings, Part 6 2003

astocktr8r · Oct 6, 2003

Finally, back to the good ol days... 6 fills- All positive.
1 basically break even +.01
2 small gains +.05
1 medium +.20
2 Large gains +.40

Left my envelope the same .70% on most stocks
Looking forward to a good week.

TonySanDiego · Oct 7, 2003

One fill
GDT scratch .00

In other trading...

Struggling... Can't hit my ass with a bass fiddle.

Got back into GDT cause it looked to be setting up long and the market was beginning to trend up.

Naturally, the sellers came in to chase me out. Later it took a quick jump.

GDT -.04

KO -.03 on 3 trades
WFC -.03 plus a bullet
FRE -.01

Don Bright · Oct 7, 2003

Quote from TonySanDiego:

One fill
GDT scratch .00

In other trading...

Struggling... Can't hit my ass with a bass fiddle.

Got back into GDT cause it looked to be setting up long and the market was beginning to trend up.

Naturally, the sellers came in to chase me out. Later it took a quick jump.

GDT -.04

KO -.03 on 3 trades
WFC -.03 plus a bullet
FRE -.01

Tony, just to be sure, I want to make sure that you're not trying to trade any sort of Momentum strategy. No, no, no. Momentum hasn't worked for about 18 months. Whipsaw happens to the best of us, but don't get caught up in it....that's what happens when trying the strategies that worked a couple of years ago.

Sector, RS, manual enveloping 1 or two stocks......forget momentum.

And, when did we need bullets today? I had 2 of my bootcampers "over reacting" to small down move in the market right after the open....I shut their screen off....there was no call for bullets (and, yes, Bright makes money on bullets, but that's not important).

(you know that I'm not being critical, but you have become a "standard" on the board, and in some ways, a personal challenge).

Best of luck!!

Don

astocktr8r · Oct 7, 2003

6 fills today. 4 winners, two losers but 10 cent slippage on 3 of my stops basically wiped out my gains. Oh well...there is always tomorrow. Anyone else have problems with slippage?

Predictor · Oct 7, 2003

2 fills 2 winners. Wish everyday was this easy!

Don Bright · Oct 7, 2003

Quote from astocktr8r:

6 fills today. 4 winners, two losers but 10 cent slippage on 3 of my stops basically wiped out my gains. Oh well...there is always tomorrow. Anyone else have problems with slippage?

"Stops"? on profitable trades, or are you using "stop losses"? We prefer to never use mechanical (actual) stop orders.

FWIW

Don

astocktr8r · Oct 7, 2003

Don, When my trades get executed I am putting in stop losses on them until the opening rotation is complete.

Then I start adjusting my stop losses if a stock has moved positive so that I should be locking in a profit if it turns against me. If all goes well I keep adjusting my stops as the stock keeps moving and let the market take me out when the stock turns the other way. The more a stock runs the looser my stops are.

Basically I am trying to let my winners run.

I find it easier to manage the openings doing it this way instead of exiting manually since you never know if you need to watch just a couple of stocks or 20 or more. Basically it is a mechanical system until I get down to only a couple of positions then I can start watching their charts and level 2 screens to try find good exit points and support and restistance.

lescor · Oct 7, 2003

How has that system been working for you lately? I've found that stocks generally run a lot less and you can have a .10 profit turn to a .15 loss in about 30 seconds. I never use stops in the market for openings, but I would think the slippage would be pretty big.

5 or 10 dozen Bright traders placing 3-5,000 share orders 6 cents from the opening print probably has affected things somewhat, but that's just a pet theory of mine.

GATrader · Oct 7, 2003

Add about 2 dozen Echo trazders, 3 dozen Schoney's, 2 dozen Assents, 10 dozen First NY......

Ron In-a-sauna · Oct 8, 2003

Quote from TonySanDiego:

One fill
GDT scratch .00

In other trading...

Struggling... Can't hit my ass with a bass fiddle.

Got back into GDT cause it looked to be setting up long and the market was beginning to trend up.

Naturally, the sellers came in to chase me out. Later it took a quick jump.

GDT -.04

KO -.03 on 3 trades
WFC -.03 plus a bullet
FRE -.01

i find those med devices tough to trade.. i.e. bsx, gdt, mdt, etc...