Opening Orders - 2008

Sort of "normal" +$400 approx.

School starts today, looks like a big class (+50), I have brought in Rob Friesen from Canada (PairCO), and Cash Coyne (remote manager) to help a bit...show new stuff, etc.

Good trading...

Don
 
Since I'm new, I'll only share my results when they are good! :) Okay, I'll post when I remember too...

Today, 3/3, +283 (I only go in with 500 shares...like I said, still new).

Here's my questions to the veterens. Are you all using automated programs to get out quick (it sounds like it). I struggle, because when I look back later in the day, I have so many "shoulda held". Today, it would have been a pretty light day (2/2 +83) but I held BP for a .40 drop on a short. If you have 10+ fills, how do you keep track of where they are all going, or are you relying on automated exits?

Thanks for the help. I'm thinking about trying a system like going in with 1k shares and having a .06 stop on 100% of my shares if it goes against me, or a .12 on 50% if it goes my way (or instead of XX cents, a %age of the price). Any lessons learned anyone is willing to share?
 
Quote from as62705:

I'm thinking about trying a system like going in with 1k shares and having a .06 stop on 100% of my shares if it goes against me, or a .12 on 50% if it goes my way (or instead of XX cents, a %age of the price). Any lessons learned anyone is willing to share?
More...

That sounds great on paper, but the reality is that you will get killed when the book gets closed and re-opened 10 cents beyond your stop. Close stops can be a complete disaster during the first 10 minutes of trading.
 
4 fills / 3500 shares

1 long / 4 short / + 1492.00

dropped my connection right after the bell...i could see fills coming in but not flatten or get quotes...

wierd...

had trade desk close me out...would have been better... but i can't complain...
 
Quote from DonKee:

That sounds great on paper, but the reality is that you will get killed when the book gets closed and re-opened 10 cents beyond your stop. Close stops can be a complete disaster during the first 10 minutes of trading.
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I agree, he'll get caught on the shake-outs. I don't use the stop loss function, but those that do tend to use about20 cents and have minimum volume numbers at that price as well.

Today, in front of class, just 2 manual fills of a couple of pennies each to show the mechanics of the trade.

Don
 
Okay, got it - so the stop loss isn't a good idea. So if I subject this strategy to traditional money management and look at a risk:reward, are OPG orders more likely to give you a 1:1 risk:reward, but you are counting on many more of your fills being profitable?

I guess what I've learned in doing these orders is that the toughest part (for me) is managing my losses.

My results are weak this morning: 2/3, +17. Same thing happened as yesterday - 2 small winners for +85 and stuck with BP not doing much. So, about 10 minutes after the bell I put a stop loss on it and this time it got hit. So -68 on BP. Again, I'm only playing with 500 shares until I learn this better!
 
Quote from chiguy:

4 fills / 3500 shares

1 long / 4 short / + 1492.00

dropped my connection right after the bell...i could see fills coming in but not flatten or get quotes...

wierd...

had trade desk close me out...would have been better... but i can't complain...
More...

THAT'S the way system issues are supposed to work out! Nice!

Only one fill on a small position for me today, so a scratch day. Blocked everybody and their goat on news today...
 
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