Don's Openings, Part 6 2003
- Thread starter Don Bright
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Quote from Don Bright:
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
10-14-03 10:42 AM
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....
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.
Go to T-REX Journal and download the Swing Vix FORECAST Matrix. This should help to place you on the right side of the market each day before you place your trades. Also download the 2 bar charlie system. Based on what I've seen you do you should not give up. I think my suggestions will help to encourage you.
Opening Orders
ALL +.22
FCS -.04
Raven took me out both trades while I was engaged elsewhere. It helps to have a partner watching your back.
Missed the move on BLS, saw it just a tad too late.
KRB -.03 on three tries
WM -.08 on three tries. Got faked out badly on one trade, took a very poor exit. But you never know, a few minutes later it really did move hard against my position.
I need to refine my scans. I am getting too many candidates, and many are not too good a candidate.
And, after the big move down, I had exactly zero stocks on my long side scans.
Thanks for the encouragement Don. Actually, I do have a day job now. I only get to trade an hour or so in the morning.
Helps the bank account ( I was getting really short) but takes away from the trading focus.
later...
ALL +.22
FCS -.04
Raven took me out both trades while I was engaged elsewhere. It helps to have a partner watching your back.
Missed the move on BLS, saw it just a tad too late.
KRB -.03 on three tries
WM -.08 on three tries. Got faked out badly on one trade, took a very poor exit. But you never know, a few minutes later it really did move hard against my position.
I need to refine my scans. I am getting too many candidates, and many are not too good a candidate.
And, after the big move down, I had exactly zero stocks on my long side scans.
Thanks for the encouragement Don. Actually, I do have a day job now. I only get to trade an hour or so in the morning.
Helps the bank account ( I was getting really short) but takes away from the trading focus.
later...
I tried to download it but only got the icon...Quote from T-REX:
10-14-03 10:42 AM
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....
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.
Go to T-REX Journal and download the Swing Vix FORECAST Matrix. This should help to place you on the right side of the market each day before you place your trades. Also download the 2 bar charlie system. Based on what I've seen you do you should not give up. I think my suggestions will help to encourage you.
I hope you get into the groove again!
I noticed you said something about "scans" above....why would you be scanning anything for the opening only orders? Pick a few stocks, and trade them every day so you get to know how they act. When you respond to "scan" ...you are playing in someone else's "poker game" every day....that's not good....you want people coming to your poker game (and to bring money).
You know how your stocks respond to openings, spoos, sectors, etc. If you're going to do any mid day scanning, try that "Trade-Ideas" plan ($50 per month, with full user defined parameters).
If I misunderstood what you meant above....then "never mind."
Don
I thought yesterday was going to be good with lots of trades and only had 1 fill, made 10 cents on it though.
I thought today was going to be slow but had 12 fills. 7 losers, 1 break even and 4 winners but made some decent money by using good money management, kept my losers small and let my winners run. Average winner 40 cent+, avg loser -.10.
---------------------------
Don, at an upcoming investment show (say next year in Anaheim) how about giving a class on the strategy?
I thought today was going to be slow but had 12 fills. 7 losers, 1 break even and 4 winners but made some decent money by using good money management, kept my losers small and let my winners run. Average winner 40 cent+, avg loser -.10.
---------------------------
Don, at an upcoming investment show (say next year in Anaheim) how about giving a class on the strategy?
#@#!!#%$#@!
Spent a half hour setting up my opening stocks, taking out the news etc, then Excel crashes as I get ready to enter my orders.
I mean I turned the air blue with my reaction. There was a LOT of news to work through, then to have it all come to naught...
as I said.. #@#!!#%$#@!
I was so upset, I couldn't find a thing to trade after the open.
Don,
My scans are for the trades AFTER the open.
I have my spreadsheet for the opens, which I review quite often. But I don't scan anything for it, except to check for continued adequate volume.
I am tending to see a huge number of sellers in the book if my setup is to the long side, and the same with buyers if I come up with a sell setup. I guess that is why so many stocks are in tight ranges, but I find it interesting.
I am passing on a lot of trades because I can't see much potential since there are opposing orders lined up in the book as far as the eye can see. Often time the stock chews through these orders without a single significant supporting offer/bid ever showing up.
Anybody else seeing this?
as usual....
Spent a half hour setting up my opening stocks, taking out the news etc, then Excel crashes as I get ready to enter my orders.
I mean I turned the air blue with my reaction. There was a LOT of news to work through, then to have it all come to naught...
as I said.. #@#!!#%$#@!
I was so upset, I couldn't find a thing to trade after the open.
Don,
My scans are for the trades AFTER the open.
I have my spreadsheet for the opens, which I review quite often. But I don't scan anything for it, except to check for continued adequate volume.
I am tending to see a huge number of sellers in the book if my setup is to the long side, and the same with buyers if I come up with a sell setup. I guess that is why so many stocks are in tight ranges, but I find it interesting.
I am passing on a lot of trades because I can't see much potential since there are opposing orders lined up in the book as far as the eye can see. Often time the stock chews through these orders without a single significant supporting offer/bid ever showing up.
Anybody else seeing this?
as usual....
One of the best automated traders I knew had his system running on 2 separate PC's, with 2 separate I-net connections. He did everything on the primary PC, but if it went down, he just hit a button on the other PC and it picked up where the crashed system left off.
you may want to consider modifying your software to do this.
Good Idea! They've asked that I give 3 different stage presentations (stage 2 I think)....I will devote a good portion of (or all of) one to the Opening Strategy.
See you there!! Don't forget to sign up for the VIP reception at our Headquarters after the show on Sat and Sun!!
Don
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