I agree, the afternoons have been where clear rallies have been taking place the past couple weeks. I wouldn't necessarily call these people smart, since according to news sources the latest afternoon rally was "short covering." Honestly unless they are really really good there wasn't much profit to be made shorting this week.
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Trader P/L 2005
- Thread starter Diamondtrim
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I find that most of the opportunities for big moves in individual stocks occur in the morning. I am looking for big moves, taking profit quickly 15-30 cents on half riding the rest. The problem is finding all these stocks before the open, study their charts, getting on board and monitoring the positions. Everything goes so fast in the first hour. I often feel overwhelmed like the deer in the headlights. That's why I need stops, so things like this GOOG trade don't happen again this time I just wasn't paying too much attention to it but with bigger positions I tend to freeze for a few seconds when it moves big against me . But entering stops takes time too. Do you guys making 200 trades/ day use stuff that enhance your concentration besides coffee? I don't even drink coffee. I am gonna have to get on it and energy bars too. I sometimes feel weak. This kind of trading consumes a lot of energy I think that 's the fear ans stress factor.
Quote from lescor:
If you want to call this gambling, then at least call me the HOUSE!
on second thought lescor...
you're the sheep that didn't get sheered...
uh, the trap that didn't get moused...
uh, the hose that did't get traded...uh the trader that didn't get hosed....
uh, the priest that didn't get Judas'ed....
uh, the winner who kept his profits...
for every few success stories, there are ever increasing real stories, and the trouble is the luck of the draw, where you surrended conscious thought to the OPG round.
Under normal trading circumstances we each take serious time deciding whether to buy/sell/short and what price and through which method (which ECN, which order type, smart order/limit order/ reload orders, etc.)
under the scenario of the OPG strategy, we surrender all that against hope that the outcome will (almost always) be favorable or the notion that somehow with over 10 or 15 executions (some of us come in with over 87 against an initial spread of 200+ stocks) that we can manage to control the damage of a negative outcome...
ever do research to see just how many of those (in this theoretical case of 87 executions against 200 initial stocks) are neutral profit/loss?
Let's define neutral as +/- $25 on 400 or more shares. Almost always, these methods generate serious commissions to the house and very little to the bottom line(s).
((just a few more common reality notes))
Quote from mnx:
ditto. down $52 right now...
"things are gonna change I can feel it..."
mnx
come on 7.....
double down....
take another spin....
'just a role of the dice....
here's a radical thought...
try concentrating on the "after opening prices" of the ETF's and scalp 4,000 shares for a $.20 move at least 2 or 3 times during that same day, as an alternative to the OPG (insanity)
now that makes, roughly $800 (4000 *.2) on each of 3 average trades, which should put you above the $2,000 mark for that day....
not sure how to do that, then talk to MarketVu and he's got some vendors that do, daily....
Kicking,
I am a futures trader but I have used the Volume Oscillator indicator on TS sucessfully for some 5 years.
Here is how I use it and it may be a great way of knowing which stock to trade.
On a 60 minute bar, set the speed at 1 and 2. You want the fastest moving thing you can get.
Now scan for stocks who in the hour BEFORE opening have upwards action on this indicator.
You have to find your own threshold. But in the SP futures we know if it is going to be a volitile open. Now weather to the upside or downside that is tough to figure but I imagine coupled with positive or negative news you should be fine.
just a thought
I am a futures trader but I have used the Volume Oscillator indicator on TS sucessfully for some 5 years.
Here is how I use it and it may be a great way of knowing which stock to trade.
On a 60 minute bar, set the speed at 1 and 2. You want the fastest moving thing you can get.
Now scan for stocks who in the hour BEFORE opening have upwards action on this indicator.
You have to find your own threshold. But in the SP futures we know if it is going to be a volitile open. Now weather to the upside or downside that is tough to figure but I imagine coupled with positive or negative news you should be fine.
just a thought
Quote from MR.NBBO:
Things finished out at the top, 2 nice days in a row here.
+9k at ib, second account dropped back ta +475. so about 9.5k today.
Lots of action last 2 days.
Outstanding!
but....
what others on this site have done in their postings was to show the full or customized p/l screen that actually showed either open or closed positions and the actual stock.
it just occurred to me that some of the most tightly held secrets for pairs traders was "which" pairs they were trading...I certainly hope that doesn't make you shy away from your postings, but it would be nice to see which positions won you so well and which were neutral to flat....thanks
Quote from protrader-2K5:
Kicking,
I am a futures trader but I have used the Volume Oscillator indicator on TS sucessfully for some 5 years.
Here is how I use it and it may be a great way of knowing which stock to trade.
On a 60 minute bar, set the speed at 1 and 2. You want the fastest moving thing you can get.
Now scan for stocks who in the hour BEFORE opening have upwards action on this indicator.
You have to find your own threshold. But in the SP futures we know if it is going to be a volitile open. Now weather to the upside or downside that is tough to figure but I imagine coupled with positive or negative news you should be fine.
just a thought
whether, not weather (you know degrees and sunny/rainy, etc.)
could you post an attachment of a chart that illustrates this?
Quote from limitdown:
on second thought lescor...
you're the sheep that didn't get sheered...
uh, the trap that didn't get moused...
uh, the hose that did't get traded...uh the trader that didn't get hosed....
uh, the priest that didn't get Judas'ed....
uh, the winner who kept his profits...
for every few success stories, there are ever increasing real stories, and the trouble is the luck of the draw, where you surrended conscious thought to the OPG round.
Under normal trading circumstances we each take serious time deciding whether to buy/sell/short and what price and through which method (which ECN, which order type, smart order/limit order/ reload orders, etc.)
under the scenario of the OPG strategy, we surrender all that against hope that the outcome will (almost always) be favorable or the notion that somehow with over 10 or 15 executions (some of us come in with over 87 against an initial spread of 200+ stocks) that we can manage to control the damage of a negative outcome...
ever do research to see just how many of those (in this theoretical case of 87 executions against 200 initial stocks) are neutral profit/loss?
Let's define neutral as +/- $25 on 400 or more shares. Almost always, these methods generate serious commissions to the house and very little to the bottom line(s).
((just a few more common reality notes))
I know Lescor can/will defend himself, but I can attest to the fact that he has put more hours into tweaking OPG than anyone else is willing. He has put in the time, and is being rewarded. The reason I haven't traded OPG in a couple years is because I haven't been willing to put in the time so I knew results would be meager (similar to most of the OPG thread guys). IMO Corey does have a house edge, it's far from luck.
Quote from limitdown:
on second thought lescor...
blah, blah, blah....
So it sounds like you are saying that the opening order strategy is one with a negative edge, that anyone who's made money with it has done so only because their luck hasn't run out yet.
I've traded this strategy consistently for over 3 years now. I have done over 5,000 trades, every one of them traded manually and duly recorded after the fact. It is a specialized strategy that requires time and effort to get consistent results with. It is not suitable to everyone's style or personality. The potential for large losses is always there. The risk cannot always be pre-defined.
For you to make the assertions that you do, it makes me wonder if you are even a profitable trader at all. You seem to lack a grasp of some basic trading fundamentals. You make assumptions that show gross ignorance on your part. Your "common reality" is only common to losers. I know several extremely consistent, profitable traders and the thing that sets them apart is their mindset. Your disbelief and your apparent campaign to save opening order traders, and prop traders in general, from their eventual and certain demise shows that you lack that winning mindset.
Here's my monthly net p/l and cumulative profits since day one trading opening orders. These charts show oo's only and not my other trading. Draw your own conclusions.
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