Opening Orders - 2008

rwk · Apr 8, 2008

Quote from sucre_estave:
WYE took me for a wyed. Ended up scratching, would have been better to hold a bit.

This is the part of the strategy I haven't quite gotten my brain around. How do you avoid/manage the wild 'wyed'? The only comment I have seen (from Don I think) was that we "daytrade" out of the position, whatever that means.

It seems to me that the best trades should never go against us. But some take off against us and just keep getting worse.

gehko · Apr 8, 2008

Quote from rwk:

This is the part of the strategy I haven't quite gotten my brain around. How do you avoid/manage the wild 'wyed'? The only comment I have seen (from Don I think) was that we "daytrade" out of the position, whatever that means. It seems to me that the best trades should never go against us. But some take off against us and just keep getting worse.

It will click someday...the wyeleder (wilder) the better.

sucre_estave · Apr 8, 2008

Quote from rwk:

This is the part of the strategy I haven't quite gotten my brain around. How do you avoid/manage the wild 'wyed'? The only comment I have seen (from Don I think) was that we "daytrade" out of the position, whatever that means. It seems to me that the best trades should never go against us. But some take off against us and just keep getting worse.

Personally I manage it by prior experience with the stock on the open. You get used to how it performs and you know when it's having an unusual day. Some will go against you hard and come back quickly quite often; its just a matter of experience. Sometimes you just take a hit; you try to keep it as small as possible.

rwk · Apr 8, 2008

Quote from sucre_estave:
Personally I manage it by prior experience with the stock on the open. You get used to how it performs and you know when it's having an unusual day. Some will go against you hard and come back quickly quite often; its just a matter of experience. Sometimes you just take a hit; you try to keep it as small as possible.

Thanks for the feedback. I have been trading a long time, and it's now my only source of income, though I am new to this strategy. Maybe I'm just a Neanderthal or something, but I have never been able to develop a feel for much of anything, except that certain stocks seem to be toxic for some reason I cannot fathom. That's part of the reason why I gave up on arcade-style daytrading. Now I rely heavily on automation.

saico · Apr 8, 2008

Quote from lescor:

Was good for me too. Very busy, about 130 fills, pretty equal long and short, green right away, flat fairly quick.

How do you guys manage that amount of open positions? Can't imagine you do that manually. Do you have protective SL's on?

sucre_estave · Apr 8, 2008

Quote from gehko:

Quick question. When looking for gaps does anyone use a single exchange or do you take the best bid/ask (mark) to scan through?

Sorry but I don't understand what you are asking. Are you talking about opening orders or trading gaps in general?

gehko · Apr 8, 2008

Quote from sucre_estave:

Sorry but I don't understand what you are asking. Are you talking about opening orders or trading gaps in general?

Opening orders. I was trying to get a feel for weather the mark for all exchanges is of more importance than a specific exchanges bid/ask

rwk · Apr 8, 2008

Does anybody trade Amex stocks with this strategy? Would the takeover of the Amex by NYSE change anything?

Don Bright · Apr 9, 2008

Quote from rwk:

Does anybody trade Amex stocks with this strategy? Would the takeover of the Amex by NYSE change anything?

I wouldn't try it with Amex stocks...not until they merge with the NYSE anyway.

Wednesday...+$320 but I was stupid. I take a small loss in AIG, paid 47.18 (4 cent loss), left my auto retrace order of 47.08 in by mistake, it got filled, sold it back at 47.05 (thank goodness, it went on down another quarter, that would've really upset me, LOL). Always cancel your orders when flat (as I scream at my bootcampers, LOL).

Back at it tomorrow.

Don

sucre_estave · Apr 9, 2008

Quote from gehko:

Opening orders. I was trying to get a feel for weather the mark for all exchanges is of more importance than a specific exchanges bid/ask

For opening orders the only exchange I pay attention to is NYSE.

Today 8 long, 1 short, +804, 12400 shares

Sloppy trading on my part hurt me on some but actually helped on others, so could have been better, could have been worse. Weird day - looked to be a sleepy open but there was lots of movement after the bell.