Don's Openings, Part 6 2003

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Quote from lescor:

October ended up being a decent month considering how poor August and September were for me. I ended up with an about avaerage monthly profit, but had reduced my share size by about 20%. I'm going back to full size next week.

Here's some stats from my own trading for those interested. I didn't miss any days in October (23 trading days).

109 longs 121 shorts 131 wins 27 scratches, 65% win rate.
average fill rate 7.2%
Average # orders sent each day 139 (a little lower than normal because of earnings season)
Size of avearge morning gap relative to fair value .42% (august and september were much lower than normal on this stat)
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Pretty solid results!

We are suggesting that our top traders reduce the number of stocks and get the per trade size up to around 3,000 or so (this cuts their costs by over 40% in most cases).

But, in your case....I won't say a word.. you're doing it right, and the 65-70% success is right in line....Keep it UP!!

Don :)
 
Good Monday....for bootcampers, all profitable....again...

But then, they kept on trading....still ahead, but "paying the price' for the learning curve.

With 1-2 weeks to go, they are tradigng 1500-2000 shares on the open (with profits)...

Breaking even on the enveloping and RS during the day.....

Interesting note: One guy was 19 winners, 3 losers, and was only ahead a few dollars....Gotta cut those losses...stocks DO NOT "have to come back"....!!

New group starting on the 10th and 17th.....

Don
 
13 winning days, 4 losers, 117 fills, Did not keep track of the number of winners versus losers but will start this month. To me the bottom line is total profit/loss. My profit/loss versus loss (drawdown) rate was a solid 9 to 1.

This month is starting out ok but Honeywell shook me out today. Would have been an excellent day without that shake out.
 
Wednesday, 2 bootcampers with fills and profits, 2 with no fills, 2 with losses....

Oh well, it happens....these guys are still ahead of the curve and the statistics, but I won' tell them that....might jinx them!!

Don
 
AGGGGHHH, went from having a pretty decent day to a flat out ugly one because of HIG which gapped from being a 20 cent winner to a dollar loser. Covered it with an 80 cent loss after it pulled back. It was an ugly move.

In total 7 winners 4 losers but that one stock killed me today.
 
Quote from astocktr8r:

AGGGGHHH, went from having a pretty decent day to a flat out ugly one because of HIG which gapped from being a 20 cent winner to a dollar loser. Covered it with an 80 cent loss after it pulled back. It was an ugly move.

In total 7 winners 4 losers but that one stock killed me today.
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Yeah, you don't want to play around with HIG. That's definitely one where you want o take advantage of the slingshot, cause once he's done, he is DONE
 
Quote from astocktr8r:

AGGGGHHH, went from having a pretty decent day to a flat out ugly one because of HIG which gapped from being a 20 cent winner to a dollar loser. Covered it with an 80 cent loss after it pulled back. It was an ugly move.

In total 7 winners 4 losers but that one stock killed me today.
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OK, not that you need to hear it.....but..."what the heck are you thinking?" A 8-12 cent slingshop would have solved the whole problem (I know you know this...just trying to help others).

Today's bootcampers.....4 for four (with fills)...from $150 to over $500 on the opening program.

One small lesson in focus: One bootcamper bought HPQ on the open at 22.96, and put in a 10 cent "slingshot".....at 23.06...well, he was filled just fine.....he BOUGHT another 1500 shares at 23.06 instead of SELLING it.....after the error, he was long 3000 shares,...sold them back around 23.05, not a big deal, but....but.... could have been a disaster....

Focus people, focus.....Buy button on the left side, Sell button on the right side... never put buy on top and sell right below it....

When all is said and one....all the software can do is what you tell it to do....."buy, sell, or cancel".....only 3 choices......don't over think it....

Don
 
Slingshot orders (exits) -

How do you determine on which stocks it is best to use a slingshot order, and which not? I see some that make a quick move then reverse (HIG example today), and others which despite some pullbacks will eventually fill the gap - a slingshot order without a reentry will keep you out of most of the profits.

I'm presuming it's just knowing the stocks you focus on - anything else I'm missing?

How do you determine the location of the slingshot order - again just knowing your stock?

Thanks.
 
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