Opening Orders - 2008

[mdl060374]

Quote from VinMan:

How many shares, on average, must one trade to make a living from opens? Or is opens to be used as one of a few strategies?

Depends on the stock, and it depends on what you call a "living."

Lescor (I think going from memory here) made a killing on this strategy.

But everyone does it differently.. People have different levels of stops, and envelopes, and play different stocks.

When I tried it, I found you would have a few good weeks , but have one bad day or 2 and give nearly all of it all back....


On the days where it backfired, it hurt.....

 

[total_keops]

Quote from mdl060374:



On the days where it backfired, it hurt.....

It does. There is not a big gap between winning and losing. But I think there is something to do.

 

[mdl060374]

For me, my best days were when I got a few fills..

Anytime you get filled on alot of orders, I basically found out, odds are you were going to get screwed....

 

[total_keops]

Quote from VinMan:

How many shares, on average, must one trade to make a living from opens? Or is opens to be used as one of a few strategies?

If you take an average of 5 cents per share, 5 fills per day it makes 25 cents. 25 cents on 100 shares each = 25$, 250$ on 1000 shares.
0.05 average per share is a good number so you may do the numbers with 0.02 as pessimistic. To make yourself a realistic average you can scan through the previous posts. I made that when I started. My numbers from the past month are not average, they are above average I think. Lescor has a post where he has his numbers from past years;
http://www.elitetrader.com/vb/showthread.php?s=&postid=938946&highlight=annual#post938946
"Commission paid $60,435" lol
You can also try to get more fills on less shares/trade.

 

[total_keops]

Quote from mdl060374:

For me, my best days were when I got a few fills..

Anytime you get filled on alot of orders, I basically found out, odds are you were going to get screwed....

Not so for me. Maybe I trade differently when I have 3-4 closed trades and am green on the P/L. A sucker is a sucker for me, it just gets averaged down when I have many fills.

 

[total_keops]

No fills, only 4 stocks.

 

[Don Bright]

2 Fills, +$250.


Don

 

[total_keops]

Who's playing this morning, who's not?
I dont know yet.
Good day for your student's Don, lol.

 

[eastside]

Going in small.

The sell imbals are not that big (yet) and T was actually a buy imbal up till a couple minutes ago. WMT and LOW now a buy imbal.

Good luck to all.

 

[eastside]

No buy imbals on my list now & sell imbals steadily growing.
Good luck to all