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Opening Orders - 2008
- Thread starter Don Bright
- Start date
Quote from chiguy:
very bad day...
11 fills /17500 shares
2 long / 9 short / -6570.00
financials killed me...a slow and steady creep on all fills...
was stubborn and lost 3x more than i should have...
maybe time for a break...
broke rules....lost money
i just had my second worst day too. could have been much worse actually but was able to cancel my remaining non-filled orders. it was the financials that killed me. i even thought i had done something wrong.
heres a tip from something i've noticed with the financials for the past while. whichever direction XLF goes in the morning, it'll follow that direction for the first 20 or so minutes. so if you're in a position on the other side, get out on ANY retracement. too bad i didn't follow my own rule this morning...
done for the day. going to go relax and shrug it off.
Sorry about your day, Chiguy.
Taking a break from OPGs might not be a bad idea; I'm not seeing much in the way of performance the last couple of weeks either, and I don't even trade the financials. I've been trimming down size on my roster untill I see better results.
Hats off to anyone who's been able to get anything out of OPGs recently; its getting hairy out there.
Today 3 short losers, two were test fills, -338, 2200 shares
Taking a break from OPGs might not be a bad idea; I'm not seeing much in the way of performance the last couple of weeks either, and I don't even trade the financials. I've been trimming down size on my roster untill I see better results.
Hats off to anyone who's been able to get anything out of OPGs recently; its getting hairy out there.
Today 3 short losers, two were test fills, -338, 2200 shares
Quote from sucre_estave:
Sorry about your day, Chiguy.
Taking a break from OPGs might not be a bad idea; I'm not seeing much in the way of performance the last couple of weeks either, and I don't even trade the financials. I've been trimming down size on my roster untill I see better results.
Hats off to anyone who's been able to get anything out of OPGs recently; its getting hairy out there.
Today 3 short losers, two were test fills, -338, 2200 shares
The strategy is dead. Don just posts results here and there when he is positive so every couple days to get more people into boot camp so they pay the fee.
The irony is that Don probbaly killed it him self by providing info on the this website. God bless him for that. But maybe not the best business move?
Quote from sucre_estave:
Sorry about your day, Chiguy.
Taking a break from OPGs might not be a bad idea; I'm not seeing much in the way of performance the last couple of weeks either, and I don't even trade the financials. I've been trimming down size on my roster untill I see better results.
Hats off to anyone who's been able to get anything out of OPGs recently; its getting hairy out there.
Today 3 short losers, two were test fills, -338, 2200 shares
I agree, it's been a dry spell at best. I'll cancel at the drop of a dime rather than get caught, so mostly I get no fills since my list is small to begin with.
Hopefully it's just a slow phase & will pass soon.
This may be a positive thing for the opens...I have a call in to my guy at the NYSE for clarification.
NYX NYSE plans to revise specialist-trader rules - WSJ (57.68 )
The Wall Street Journal reports the NYSE (NYX) is planning to unveil a series of proposed new rules Friday in an effort to turn around its falling market share. The changes by the NYSE Euronext unit would further overhaul the role that "specialist" traders play. The NYSE is essentially proposing to end the hybrid model and replace it with new rules that give the specialists less privileges, but more freedoms, in the way they trade. Specialists would be called "designated market makers" under the new rules, and would no longer be able to have their computer algorithms receive electronic orders before their display publicly. "The current system doesn't work very well," says Lawrence Leibowitz, head of U.S. markets
at NYSE. "This positions the specialist to actually add value in the market again." The proposed changes require SEC approval, but Mr. Leibowitz hopes they can be completed by the end of September. The move is an acknowledgment that many customers prefer speedy trading without the presence of an intermediary, and that the intermediaries could trade more effectively if they were able to pick their spots more carefully. In return for giving up some of their privileges, specialist firms will gain more freedom to trade derivatives such as stock options and to bring in technology and trading experts from different parts of their firms.
Don
NYX NYSE plans to revise specialist-trader rules - WSJ (57.68 )
The Wall Street Journal reports the NYSE (NYX) is planning to unveil a series of proposed new rules Friday in an effort to turn around its falling market share. The changes by the NYSE Euronext unit would further overhaul the role that "specialist" traders play. The NYSE is essentially proposing to end the hybrid model and replace it with new rules that give the specialists less privileges, but more freedoms, in the way they trade. Specialists would be called "designated market makers" under the new rules, and would no longer be able to have their computer algorithms receive electronic orders before their display publicly. "The current system doesn't work very well," says Lawrence Leibowitz, head of U.S. markets
at NYSE. "This positions the specialist to actually add value in the market again." The proposed changes require SEC approval, but Mr. Leibowitz hopes they can be completed by the end of September. The move is an acknowledgment that many customers prefer speedy trading without the presence of an intermediary, and that the intermediaries could trade more effectively if they were able to pick their spots more carefully. In return for giving up some of their privileges, specialist firms will gain more freedom to trade derivatives such as stock options and to bring in technology and trading experts from different parts of their firms.
Don
Quote from bespoke:
The guys who are making good money using variations of this strategy are not posting their P&L everyday. I believe that if you do it exactly the way Don teaches there isn't that much money in it anymore. But it's a good place to start and you can tinker it from there.
LOL, let me comment on this...I have never met anyone who does it "exactly like Don teaches it" LOL.
I teach the basics, and I teach very advanced methodologies to those who want to get more immersed into this. The basics still work, the homework each morning is a must, and the many variables involved change from month to month it seems.
For example, I don't like "news" stocks, so I haven't done banks or brokers for quite a while. Same with oil stocks. For new people I keep with the very basic, simple, repeatable stocks and methods. Consistency is the key, not giant profits initially.
Anyway, I hope you all do well, however you apply this strategy.
Don