The Opening Orders Thread

Quote from SethArb:

correct me if I am wrong but this kind of trading is done
for the most part by traders using automated strategies
on the open for dozens or hundreds of stocks
that route their orders to the specialist on the NYSE
for the opening print , hoping he puts the "print"
far enough "out there" from the prior days close to
cause a nice "fade" for the traders in which to cover?

how does a trader manage to follow dozens or hundreds of positions at once in wild market conditions ?
More...

Actually, I start my new people off with about 10 stocks, hoping to be filled on 2 or 3, entering manually, exiting manually. Then we move to entering 20 or so automatically, exiting manually. From there, the sky is the limit - full automation if desired.

The "big hitter" mentioned above enters automatically, exits manually - has hired help to assist him, has really paid off for him.

Don
 
Quote from SethArb:

correct me if I am wrong but this kind of trading is done
for the most part by traders using automated strategies
on the open for dozens or hundreds of stocks
that route their orders to the specialist on the NYSE
for the opening print , hoping he puts the "print"
far enough "out there" from the prior days close to
cause a nice "fade" for the traders in which to cover?

how does a trader manage to follow dozens or hundreds of positions at once in wild market conditions ?
More...


On days like Friday, you can accomplish a heck of a lot just by parking limit orders out there. The swings were so big, there's a good chance you were going to get filled. Good hot keys or a little "semi-automation" as i like to call it goes a long way. You're certainly not tapereading!

Then I used my blotter to identify the really good and really bad performers and start dealing with them. just flashing through charts and making snap decisions. On Friday, if it was a good performer I was just closing it out. There was no reason to screw around when you're up that much.

At one point I just hit the market out 25% of everything button without regard to the price. Slippage was terrible as you'd expect, but I call it the "gift horse" rule and 100K profit certainly qualified for it. I told myself 'quit screwing around, and just book it!" Again, this is for days like Friday which were FAR from normal. I rarely market out if I have the time to give each stock the individual attention it deserves. Like Corey said, we were playing at the portfolio level Friday.

Edit - Don, your big hitter used to post here didn't he?
 
Quote from Shreddog:

On days like Friday, you can accomplish a heck of a lot just by parking limit orders out there. The swings were so big, there's a good chance you were going to get filled. Good hot keys or a little "semi-automation" as i like to call it goes a long way. You're certainly not tapereading!

Then I used my blotter to identify the really good and really bad performers and start dealing with them. just flashing through charts and making snap decisions. On Friday, if it was a good performer I was just closing it out. There was no reason to screw around when you're up that much.

At one point I just hit the market out 25% of everything button without regard to the price. Slippage was terrible as you'd expect, but I call it the "gift horse" rule and 100K profit certainly qualified for it. I told myself 'quit screwing around, and just book it!" Again, this is for days like Friday which were FAR from normal. I rarely market out if I have the time to give each stock the individual attention it deserves. Like Corey said, we were playing at the portfolio level Friday.

Edit - Don, your big hitter used to post here didn't he?
More...

Not sure if he posted here, if so, I was unaware... a couple of guys in the same office have.

I certainly agree with the "book it" LOL. I do say, however, that when you say you weren't "tape reading" that you really were, and doing a good job of it...reading the market, seeing the good performers and closing out...just more of an "all encompassing" type of tape reading, that I advocate.

Good job to everyone.....I think we'll see some more extra good days for some time to come...uncertainty is good for openings IMO.

Don:)
 
Quote from sucre_estave:

Back from vacation. Did I miss anything? :D

Geez. If you want to make something happen, just go on vacation.

No fills today.
More...

Vacation? How can you call it a vacation when you're not trading, LOL.

Didn't miss much (yeah, right, LOL).

Back to "normal" today - $250 approx.

Don
 
Quote from Don Bright:

Well, hmmm - being the big "weinie" that I am, I made a whopping $200.

We do have a new record, absolutely amazing. $250,000+ from one of our guys, eclipsing his record from a few days ago of $130K or so.

Don

edit: Now he's up $350K, I thought he was out, almost flat now, LOL I'll give you a final number when he's completely out
More...

Just to give both sides, what is the record for a one day loss with an OPG strategy?
 
Quote from AnonBT:

Just to give both sides, what is the record for a one day loss with an OPG strategy?
More...

He has lost around $35,000-$40,000, maybe 3 or 4 times over the years....I can't find anything worse than that since 2000.

Don
 
Also, can some please explain more on how they determine what size envelope to use?

Does the envelope vary on a stock to stock basis as well as daily?

What is a good envelope level to start with?
 
You must log in or register to reply here.
Back
Top