Opening Orders - 2008

OK, "old and slow" me today, only two fills...few bucks up only.

Bootcampers doing really well. Yesterday 9 winners, 1 small loss, a couple no fills. Average over 14 cents each. Today, a bit smaller, 6/3/3 only about 5 cents net up.

Back to my auto program on Monday..


Don
 
Sorry all this has been covered but need to ask again.

I have approximately 30 stocks on my list, all high volume names. I am enveloping based on FV. I am using no stop, basically stopping manually, crutching or trading out of losers but I have a 25c stop in my head (adjustments for some stocks +/- 25c). For retracements I use 6c for 50% of he position and 25c for the second 50% (some adjustments based on stocks). I have, at times, used a hard 25c stop as well.

My question is am I at least on the right track here? Should I reasonably expect to make money using this (as I get better and continue to adjust)?

Am I on the right path?

What should an opens trader need as a win rate, win% vs loss % to be successful.

I bet many beginners get shaken out with the "up one day, down two, up 3, down 3" swings. Is this expected?

Any help for a newbie is greatly appreciated!
 
Quote from VinMan:

Sorry all this has been covered but need to ask again.

I have approximately 30 stocks on my list, all high volume names. I am enveloping based on FV. I am using no stop, basically stopping manually, crutching or trading out of losers but I have a 25c stop in my head (adjustments for some stocks +/- 25c). For retracements I use 6c for 50% of he position and 25c for the second 50% (some adjustments based on stocks). I have, at times, used a hard 25c stop as well.

My question is am I at least on the right track here? Should I reasonably expect to make money using this (as I get better and continue to adjust)?

Am I on the right path?

What should an opens trader need as a win rate, win% vs loss % to be successful.

I bet many beginners get shaken out with the "up one day, down two, up 3, down 3" swings. Is this expected?

Any help for a newbie is greatly appreciated!
More...

One major change we've made over the last couple of years (due primarily to the higher volatility) is that we will place only buys (or sells) when the market is opening down considerably (or up considerably for sell short orders). This way we don't end up buying a weak stock, slightly up from precious closing price (when the general market is opening way up), expecting a pull back. If we're opening up "some" (5-8 S&P points), then we use a narrow sell envelope and a much wider buy envelope to ensure that our bid is well below previous closing price.

The retracement numbers are very similar to what I use.

New traders tend to run 70/30 win loss ratio, and it goes up from there (in general of course).

I like "up one day, down the next" - bigger gaps or nice.

This strategy is every day, day in and day out, consistency is what we're looking for.

All the best,

Don
 
3 fills, 2 longs, 1 short, 2 winners, 1 loser. Flat net.
Missed BBY as retailers. Had the insight to cut it at a loss fast and then it went up. Got some good exits on the two others.
 
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