Don's Openings, Part 6 2003

[astocktr8r]

Quote from AOL_9.0 Man:

do these things actually work?

anybody figureed out how to automate this?


anybody willing to share that automation process?

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Yes, it has been automated, Bright does it and so does Echotrade (whom I use). Check out predatorpro.com for more info on Echo's automation.

With the predatorpro software you can customize it in a wide variety of ways for your entries. You can just send off exclude or send off certain groups, just buys or sells, or you can create a stock list and just use the same stocks day in and day out. This is the method I use since I can develop a feel for how certain specialists normally trade.

It isn't the entries that matter though, it is the exits. With Echo I have the system set up so that after an entry it auto exits me if the stock goes against me be a certain price amount. That way I do not have to worry about my losers, I can concentrate on my winners and look for good exit points there.

You can also program it to get you out if your unrealized profit or loss hits certain amounts or use a trailing stop, whatever method you choose that works for you.

Good luck

 

[garyk]

Quote from astocktr8r:

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It isn't the entries that matter though, it is the exits. With Echo I have the system set up so that after an entry it auto exits me if the stock goes against me be a certain price amount. That way I do not have to worry about my losers, I can concentrate on my winners and look for good exit points there.

You can also program it to get you out if your unrealized profit or loss hits certain amounts or use a trailing stop, whatever method you choose that works for you.

Good luck

With predatorpro can these amounts - stops, profit targets, trailing stops, etc - be unique for each symbol, or are they the same for all symbols?

 

[astocktr8r]

Quote from garyk:

With predatorpro can these amounts - stops, profit targets, trailing stops, etc - be unique for each symbol, or are they the same for all symbols?

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They are the same for every symbol, however you can exclude symbols if you want to and you can have different parameters for exiting either longs or shorts. They might be able to add that feature if it is one you want, You should send an e-mail to support@predatorpro.com and see if they can add that feature for you.

 

[Don Bright]

(To continue the "mine is better than yours" fun and games...LOL).

What some of the more serious automated guys are doing is to get better access via FIX protocol for better access (it seems that after so many line items per second, this works better on the NYSE)....and instead of being stuck with predetermined prices or ranges for profits or stops, they use AI based on NBBO and averages between bid/ask to determine exit points.

But, being a simple guy, I prefer to watch the stocks myself...I have yet to see a computer program that can read a tape better than a good, human tapereader.

Fewer stocks, fewer parameters, more shares after proficiency... pretty basic...

Happy New Year.....

BTW, welcome back to Jeff D. at Echo...is Rob back in one of the "big chairs" again as well?

Don

 

[astocktr8r]

Quote from Don Bright:

(To continue the "mine is better than yours" fun and games...LOL).

What some of the more serious automated guys are doing is to get better access via FIX protocol for better access (it seems that after so many line items per second, this works better on the NYSE)....and instead of being stuck with predetermined prices or ranges for profits or stops, they use AI based on NBBO and averages between bid/ask to determine exit points.

But, being a simple guy, I prefer to watch the stocks myself...I have yet to see a computer program that can read a tape better than a good, human tapereader.

Fewer stocks, fewer parameters, more shares after proficiency... pretty basic...

Happy New Year.....

BTW, welcome back to Jeff D. at Echo...is Rob back in one of the "big chairs" again as well?

Don

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Don, Sorry if you thought I was saying that Echo was better than Bright, that was not my intention. I was simply stating what Echo/Predator automation does. I have no idea what your automation consists of so perhaps you can tell us so that the readers have a better comparison of the two.

Your manual system of tape reading is fine if you are only trading a couple of stocks but when you are in 10+ positions at once it is pretty hard to do. That is why I like to use automation to take one aspect of trading out of my hands so I can concentrate on trying to maximize my profits. Just different strokes for different folks.

 

[Daryn]

There is some excellent OPG software available from the link below. Although I am not sure if you need to be a member of Bright Trading to purchase it or not, it allows for customization of each criteria for each stock (envelopes, stops, trailing stops etc.).

Daryn


http://www.pairtrader.com/products.html

 

[Don Bright]

Quote from astocktr8r:

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Don, Sorry if you thought I was saying that Echo was better than Bright, that was not my intention. I was simply stating what Echo/Predator automation does. I have no idea what your automation consists of so perhaps you can tell us so that the readers have a better comparison of the two.

Your manual system of tape reading is fine if you are only trading a couple of stocks but when you are in 10+ positions at once it is pretty hard to do. That is why I like to use automation to take one aspect of trading out of my hands so I can concentrate on trying to maximize my profits. Just different strokes for different folks.

I understand...and I was just having a little fun (although, sometimes my "fun" does get misinterpreted on the board, LOL)...and you can check "Daryn's" notes above for some cool stuff.

My friends/traders who were at Echo for a while say that PP is pretty nice....and since that "software is software" and lasts about as long as your memory of the movie you saw last...we all know that constant updates are being made.

We keep focusing on the bottom line...and how the traders can make money. That may sound trite and even pompous, but what I mean is that all the software in the World is not going to make anyone a nickel. Over the last couple of years we expanded the OO programs to include the trailing stops, automatic closing orders, all the pre-programable toys we could think of...but found that the traders were making more "bottom line" money tape reading their exits.

My "old bootcampers" were doing 15-20 stocks on the opening...my new bootcampers will do maybe 4-6 very specialized, well thought out opening orders....again, looking for consistent profits....To Build Their Confidence Up....this is Primary to all trading strategies...we (as serious traders) should all realize by now that NOTHING will work all the time, and that we must have confidence in our ability to respond to the market...and have all the MENTAL tools to respond with as needed.

Sure, all the mechanical tools are there, and part of the basic arsenal, and even "fun to use' but thank God it boils down to the Human interaction...or else my Brother would have replaced me and all of our traders back in the 80's with computer programs!!

Don

 

[Don Bright]

Only TWX....+ $140.....

Back to work....

Don

 

[astocktr8r]

But unlike Don had 20 fills. .6% envelope

Exited pretty quick because of thin trading today, large number of execuions and had some decent quick unrealized gains. I probably should have stayed in longer and let the winners run more. Recieved some big slippage on a few of the stocks as I exited. Watched my unrealized gains slip by almost 50% as they became realized gains. 15 winners, 3 losers and 2 break evens.

 

[Don Bright]

Super Quick....Just for Fun...and to show a few people how "mechanical" this can be...

.4 envelope....3 fills (of 7)....I placed 3 "slingshots" immediately.

I was completely done by 9:33:16....

Up $440.00 (not bad)....

Sure, I "shoulda" made more...but that's not the point to this journal...this journal is hoping to show new people, that with the right help and plan, that they can make money trading consistently....

To the "naysayers"....check back a couple of years ago, when they said...."the system is dilluted" and "Don's an idiot to keep telling people about it"...etc. etc.

Geez, just like the Energizer Bunny...the simple things just keep on going...(yes, we make changes, and this is just a small example of what we do, but after another year of posting, we're still doing it).

Happy New Year ...to Everyone!!

Don