Don's Openings, Part 6 2003

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Quote from Ron In-a-sauna:



just dont mind the blood stains in the rooms at barbary coast!!
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Oh, yeah, I forgot...but the "club" in the basement is still the "cool spot" for the younger (and "trippin'" set..

Don:D
 
Quote from astocktr8r:

There is a whole multitude of NYSE stocks. To think that they are ALL being hammered with opening orders from daytraders is a little bit of a stretch in my opinion. Besides, the whole idea of the strategy is that you are taking the same side as the specialist.
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yes, but with the software and spreadsheets used for opening orders, a trader can basically load the whole universe of NYSe stocks into a batch..

Not saying it a wise thing to do without doing your homework, but the ability is there...
 
Quote from mdl060374:



yes, but with the software and spreadsheets used for opening orders, a trader can basically load the whole universe of NYSe stocks into a batch..

Not saying it a wise thing to do without doing your homework, but the ability is there...
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I agree it is possible to do this strategy on the whole universe of stocks, Echotrades Predator Pro will do that if you want, however for most traders the size limits would have to be adjusted down or the amount of capital required would be enormous. Can you imagine Don's bootcampers entering 2000 share orders on say all of the S & P 500 stocks? I think the majority of traders only use this strategy on 50 stocks or less.
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Quote from mdl060374:



yes, but with the software and spreadsheets used for opening orders, a trader can basically load the whole universe of NYSe stocks into a batch..

Not saying it a wise thing to do without doing your homework, but the ability is there...
More...

Yeah, we've found that the better traders (more profitable) have actually cut down their universe of stocks. Our more expert traders, with automation, may do 100 or so, but most do less than 20 nowadays.

Bootcampers did well again last week, and up net of 23 cents today.

Don
 
Quote from astocktr8r:


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I agree it is possible to do this strategy on the whole universe of stocks, Echotrades Predator Pro will do that if you want, however for most traders the size limits would have to be adjusted down or the amount of capital required would be enormous. Can you imagine Don's bootcampers entering 2000 share orders on say all of the S & P 500 stocks? I think the majority of traders only use this strategy on 50 stocks or less.
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You definitely want to make some selective stock choices for your OPG portfolio. Some stocks just aren't suited, S&P 500 or not. And there are some stocks not on the S&P that are. Just do your homework.
 
Not a good day, slow data feed so closed out fast. 8 fills -$24

I've noticed that on the last 10 trading days that the futures were down before the open that my winning % has dropped to only 50%. Anyone else notice this?
 
Not too bad a day..

OO

ACN +.16
WYE -.02
BP -.01 took a quick peek at the book and bailed
BR .00 same thing


And then we tried to trade

WYE .00
WB +.03 set up was there but market just wouldn't move, then the sellers came in

WYE +.09 and boy did I screw this trade up. Tried to cover for .18, then .15, then .12, price just kept jumping away from me. The price was retracing faster than I could get my changes in.

Then after I got covered, it gapped .20 in my direction and never looked back. Moved .40....

:mad:

duh.....

WFC see WB above.

Then we go chop... chop... chop... a little dodge here, a little jab there...

Is this anyway to try to make a living????

I am wondering if I am being persistant to the point of being stupid with this trading thing.



:confused:
 
Don,

What do you make about the recent calls to get rid of the specialist system? Curious if you have any insight on where that is going. Fidelity was just today saying it needs to go.


Thanks,

cas
 
Quote from TonySanDiego:

Not too bad a day..

OO

ACN +.16
WYE -.02
BP -.01 took a quick peek at the book and bailed
BR .00 same thing


And then we tried to trade

WYE .00
WB +.03 set up was there but market just wouldn't move, then the sellers came in

WYE +.09 and boy did I screw this trade up. Tried to cover for .18, then .15, then .12, price just kept jumping away from me. The price was retracing faster than I could get my changes in.

Then after I got covered, it gapped .20 in my direction and never looked back. Moved .40....

:mad:

duh.....

WFC see WB above.

Then we go chop... chop... chop... a little dodge here, a little jab there...

Is this anyway to try to make a living????

I am wondering if I am being persistant to the point of being stupid with this trading thing.



:confused:
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All traders question this at some time or another. But, what else is one to do? Get a job? There are no jobs. I hate to see anyone get frustrated at the time when they may be making progress (yes, even if they're trading at a different firm, like you are).

Check your capital commitments, and see if you can continue without hardship. If you cannot, then perhaps look for something to do part time. If that doesn't work, then at least you gave it a good shot.

I think you have the determination, now work a bit more on discipline and perhaps on your focus.....and smile, heck it's only money!!

Don:)
 
Quote from cas:

Don,

What do you make about the recent calls to get rid of the specialist system? Curious if you have any insight on where that is going. Fidelity was just today saying it needs to go.


Thanks,

cas
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Much to do about nothing in my opinion. Fidelity says they complain to the NYSE, and I'm sure they complain to the NAZ. Traders should understand the game and play it properly. If there is no central market, then there is more room for abuse IMO. As I mentioned in another thread, even the AMEX is coming to my office today to discuss the Opening strategy, and how they can start doing it for the Nasdaq stocks they are going to list.

Since the Specialist system has made our traders a lot of money, I hope they keep it. I hope they keep the "uptick rule" (another edge, since we can use bullets and conversions). We take risk, we have some benefits, just like any Exchange member.

I say again "fix the problems, don't throw away the system." The sensationalism on CNBC and other places is simply that, must be a slow news day. What ever happened to the "end of all mutual funds" (since they were busted front-running?? What ever happened to the banking system (ala BAC's involement), what ever happended to the Investment banking system? etc. etc. ad nauseum....

Not to worry...

Don
 
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