am i to assume you like trading news stocks.... it's been my experience they hurt more than help on average... please enlighten us....
Yeah, really it's a crap shoot, sometimes big win and other times big whack. SO, best thing to do is to see if you are in good luck streak or bad luck streak... and bet accordingly. Did you have experience to work in the floor Chiguy?
On a serious note, I saw guys in my office made real good money SHORTING MRK and PFE before the market opens and then covered and in fact went long right after open. I made some money on the long side frm the OPG but the real meat is from shorting preopen and place OPG order to cover shorts. I dont know how the hell he got this ideas...
sounds like he or hwoever is playing the news and watching nyse indications... there are times when regionals have weak hands bid or offers that are what one would call "ripe for the picking"...i have done this myself on occasion... got to be fast and willing to get eaten on occasion...
Just my personal way of trading the opens but I read the news on all my stocks, and look at premarket trading activity on them to get an idea on what the bias is in them. I cancel out any orders with earnings news and adjust my orders for upgrade/downgrade news and premarket trading prices either by widening my envelope or lowering my share quantity or a combination of both. I also traded PFE yesterday and saw it as a gift from the gods. Based on premarket activity it looked like it was going to trade up, I even adjusted my short order up, when filled on the long side I was licking my chops . Today it was C, not nearly as good as PFE yesterday but lowered my share quantity based on news and also lowered my buy price to 5 cents beneath where the last few trades were in premarket action. Filled long and placed my sell order to where it was trading at premarket, made a quick nickel on it before it turned south. If I hadn't of watched premarket on it I am sure I would have lost money on it. If you were to cancel out news stocks on a daily basis you'd be left with very little to trade. This is a numbers game but it is also an art. The art is in reading the news and reacting accordingly.
3 fills / 2 short / 1 long - 278.00 -.8 / + .7 % sloppy morning ...no feel should have stayed in bed...
Anyone realising that opening orders are dead yet? I mean when you advertise a strategy on an open forum in a market with declining volatility and volume, and then hope it will last... Well the outcome is given. ORM
Pretty slow week, and as (even) the talking heads have been saying..."there is no one in NYC, much less the NYSE this week." Boot campers averages are 76% win over loss, moving their share sizes up...they're looking forward to a better return after Labor Day. Since there are now fewer than 4,000 professional traders, who can use capital to even attempt opening orders, the performance has remained pretty consistent over the last couple of years. Still 30% or more of all the trader profits (at our Firm) are derived from various levels of the same strategy. I'm particularly impressed with the automated worksheets that have been utilized over the last few months, some simple "trailing stops" etc., and a couple of extremely complex FIX connected rapid fire closings. I'm always open to hearing what others are doing that show consistent profits, but haven't seen anything positive posted on ET in a while (as far as replacement workable techniques). Anyway, my pairs alerts are going off, gotta take care of some business. All the best... Don