Don's Openings Pt. 2

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You're right about keeping things to ourselves. We only allow Bright Traders to our advanced (single day, free) classes.

In a way, trading certain strategies is like Blackjack card counting. Anyone Can do it, but very few Will be able to do it. Anyone should be able to make $100K / yr. counting cards, but so few are disciplined enough or dedicated enough to do it correctly. They get caught and stopped because they are too conspicuous or else they are too timid in bet ratios, etc. Trading is the same, and that is why I don't mind sharing some of the basics with everyone....many cannot even do them (limited by market access or capital), and many don't know how to play the exits. But for those who try hard, and follow the rules, they will see how much more fun this business is when you make money.

All the best....

Don
 
Robert

this non-sharing thing is a new concept for you. could you please explain your current belief vs your previous one where you said by sharing, everything came back to you in spades. This is not to give you are hard time. But after speaking with you on this subject in the past I thought that you were more evolved than me in a sharing kind of way.


Does this mean I should stop writing about my oz scan adventures?

You can pass on this subject if you are offended by the question. I am not trying to mess with you just trying to develop a topic that has a great deal of relevance for me at the moment and I know that you think about these kind of things.

John
 
Originally posted by jem
Robert

this non-sharing thing is a new concept for you. could you please explain your current belief vs your previous one where you said by sharing, everything came back to you in spades. This is not to give you are hard time. But after speaking with you on this subject in the past I thought that you were more evolved than me in a sharing kind of way.


Does this mean I should stop writing about my oz scan adventures?

You can pass on this subject if you are offended by the question. I am not trying to mess with you just trying to develop a topic that has a great deal of relevance for me at the moment and I know that you think about these kind of things.

John
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I had a big change of beliefs when I started doing arbitrage. When you see free money and start making a high 3 figure salary, than teach it to a few more and notice your 3 high salary is getting less and less especially when you are fighting for fills with the same guys than it becomes more noticable. It was drilled into my head as I found an arbitrage opportunity and more than 8 people knowing it decreased my profits by more than 50%. Now this is an extreme.

On thinner issues it does make a difference especially. This change happend almost 8 months ago John. Since then I still post on this board but am VERY general about what I will answer.
You asked me about Opening Orders but if you noticed I didn't bother forwarding my spreadsheet and all the info I've gathered over months and months of work. I occasionally trade some thinner issues on the opens. There are only so many shares at each price level. If I'm getting stopped out due to a loss I'd prefer to be able to get out with a .10 loss instead of a .40 loss due to 40 people all running for the exact same exit/support level.

Now I do have to give Don Credit. He has been VERY quiet about the exit strategies on this. I've tried to do the same. I have my own tweaks on Opening Orders that are very different from how Don and a lot of his traders exit. I've taught traders in my office what I do and that is all I'll do. I have an incentive for them to do well.
 
Not trying to be sarcastic or offensive, but what is the point of posting on this website if you don't want to discuss ideas and thoughts with others? It wasn't that long ago when you yourself started a new thread entitled "don's Trading Strategies" to have him DISCUSS AND SHARE his trading strategies with everyone...........Besides, just like Don said, not everyone is capable of using these strategies anyway.........Also, this strategy has been around for awhile anyway (just like Don mentioned) and has been written about in a few books and articles I have read. If you don't want to give the farm away on your own paticular technique, thats fine, but I am assuming that most people that post on this website are on this site for the purpose of learning, communicating, and sharing. Otherwise, why bother visiting the site other than to post "up 3000 today" or "down 7000"?

-Not attacking, just my opinion-
 
Jon I reread your thread. I still believe in giving opening and heartly in my life. This won't change as it does come back to me 10 fold. I just try to find other ways to give other than with all the specifics of my trading strategies.

I do understand though that there is a cycle and markets change. So what works today won't work tomorrow and by sharing I feel I can grow and be open easily to what is working months from now compared to today.

Robert
 
RE> Good Job!!! Keep it up....

To everyone: OK, I go in to the hospital tomorrow at 5:30 AM....so do well, and I'll be back to you sometime next week. Make lots of money!!

Don


Best wishes and Godspeed to a quick recovery.........

Regards,

Mrktwiz

BTW - I love reading "consistantly" about traders making money on the opening order trade set-up, please keep posting all!
 
Originally posted by Gansoro


Corey,

Just a clarification... on your final calculation, I think you made a mistake in your explanation. When you said, "I take the result of that calculation and divide it into the spx cash price and express it as a percentage." I think you meant, "I take the result of that calculation and divide it BY the spx cash price and express it as a percentage."

Is that right? In the first instance, the "percentage" would have been a huge number. Right?
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You are right. Today's number was -.533. 75 cents on 8 fills.
 
I agree with Robert, you can only share so much information before it starts to impact your own bottom line. I have some thin names on my opening orders list and the less people firing in orders at the same time, the better for me.

But I've learned a lot from this site and enjoy sharing and contributing to the community we have here so that everyone benefits. If I want to recieve, I think I should give too.

For instance, I've only had one fill on IBM in 4 months, any one else found the same? I took all oil drillers off my list because they trade off the price of oil more than the futures. I took CRA off my list because it just was too inconsistent and when I'm wrong, the gaps in the stock are big.
 
Originally posted by Don Bright


No, since the primary benefit is being on the same side as the specialist during the single best trade of the day. You gotta change brokers.

"My Doctor is lousy, what can I do besides change Doctors?" (you get my point).. If you're retail, check IB, or go all the way and join a professional firm..

Don
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for those that use IB, can you do Don's strategy using them?

thanks
 
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