Another losing day on OO.....they have been tough this month, heck even this year. Historically, August has not been a good month for the opg strategy, so perhaps its time to take a break and focus resources elsewhere. As Kenny says, "you got to know when to hold em', no when to fold em', no when to walk away....." Just thinking out loud here.....good trading to all!
Oh no, mschey getting discouraged on OPG is not a good sign. Who's next? Lescor? It has been a struggle this year, but there hasn't been a lot of enthusiasm for the US markets outside of the early part of the first quarter, and even that was tempered.
I too am just "break-even" using the regular scalp type oo strategy. ALL of my profits have come over the past two months using a "bail on half and try to let the other half ride" strategy. Without these "trailing" profits, this strategy would have been a big time waister and commission generator. I still question whether the small profits that I do have are worth the time when considering the risk. I do believe, however, that once we get some direction and momentum going, the "letting the other half ride" will bear some fruit.
So far, and I may be wrong about this..... It appears that taking half off the table gives you more profitability than "letting it all ride". There have been numerous times where I get .20 on 500 and the other 500 becomes break-even. If that happens 3 times then I have $300.00. It would take 1 run of .30 to get to that point using the "let it all ride". At this point in time, a .30 profit is not common enough, using a break-even stop or end of day exit, to "let it all ride". I do believe that once we start to hit a market where some of the issues that I follow are "trending", I will get more out of "letting it all ride" or doubling my size, so that in effect i am "letting it all ride" (.20 on 1,000 and 1,000 riding). Cash, Maybe you could add some thoughts as to what is working in this market. Thanks
I can add some insight as to what is working.....everything else I am doing. Pairs, Overnights, Automation, grey and black box strategies...mean reversion and breakout. I am making "MAD Money" with those, and that's where I am concentrating my efforts. As to the other question, I have a list of regular stocks, I have always experimented with new stocks....part of the constant R&D that is required to stay on top your game.