The Opening Orders Thread

3 small long wins, 1 short loser, -85

Two of the longs were tiny test positions, not enough to offset the full-sized loser, so today I am a full-sized loser.
 
hey guys - great journal. When you get into a position at market open do you follow strict rules of where to exit the position or is it more of a discretionary exit based on experience and feel?

thanks
 
Quote from quin8670:

hey guys - great journal. When you get into a position at market open do you follow strict rules of where to exit the position or is it more of a discretionary exit based on experience and feel?

thanks
More...

The "getting in" is the easier part, the getting out is pretty much an individual thing. As an example, I have my program set to place a profitable target sale or purchase price about 6 cents from the opening price ...for Only half of my shares. I then "work the order" via tape reading, market conditions, etc.

Don
 
Quote from Don Bright:

The "getting in" is the easier part, the getting out is pretty much an individual thing. As an example, I have my program set to place a profitable target sale or purchase price about 6 cents from the opening price ...for Only half of my shares. I then "work the order" via tape reading, market conditions, etc.

Don
More...

Do you use on offer/bid to get out or do you hit/grab the first Offer/Bid above the .06?

Im thinking waiting for an offer/bid to come in would be the way to go...would not want to show hand or let specialist lean or front run your resting orders
 
Quote from quin8670:

hey guys - great journal. When you get into a position at market open do you follow strict rules of where to exit the position or is it more of a discretionary exit based on experience and feel?

thanks
More...

I agree with Don; if you talk to 10 different people, they probably have 10 different styles. You have to set your own rules based on your comfort level and experience. Once you are filled, you're on your own. Some people will sit through a 50 cent shakeout and maybe average down, others will get out "no questions asked" when a certain mental stop is hit.

Experience in trading each individual stock will also help you determine what is a normal move off the open, and how much you can reasonably expect out of any given fill. Just start with 100 shares and keep amping it up once you prove you can profit with that stock.
 
Quote from sucre_estave:



Experience in trading each individual stock will also help you determine what is a normal move off the open, and how much you can reasonably expect out of any given fill. Just start with 100 shares and keep amping it up once you prove you can profit with that stock.
More...

Excellent points!!

Don
 
Quote from 123456789:

Do you use on offer/bid to get out or do you hit/grab the first Offer/Bid above the .06?

Im thinking waiting for an offer/bid to come in would be the way to go...would not want to show hand or let specialist lean or front run your resting orders
More...

We focus on highly liquid stocks for the most part. 2,000 - 4,000 shares in, take out half, maybe hit 500 at a time after that, again depending on style, individual stock's personality, and overall market conditions.

Don
 
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