My brother and I are "going on the road" to Seattle on July 13th, and San Diego on July 20th for our "Beyond the Snake Oil" Seminar and trader training. This 1 day workshop is only $299 and gives you much more than you would expect in a short period of time. Please check the website and call us to reserve a spot!! Free Subscription to Stocks and Commodities magazine to all who attend! See you there, Don http://www.stocktrading.com/html/be..._snake_oil.html
Don, can you elaborate on what you mean by a little "work"? Isn't the entry pretty much automated with this strategy? IE there is nothing to change once the calculation is done (on preset parameters) then you either get the fill or you don't. DO you mean you had to "work" the exit? If so, were any of the 4 winners against you while in the trade and if so, how much in relation to what you took out of (the) trade(s). Thanks.
I had a rough day on Monday also. I had my best day ever when the 3 Witches were here [a Friday], but Monday took it all away for some reason, darn Mark
The "little work" applies to the exits. The opening is the easiest part....the getting out is the tough part. TXN I used the Slingshot strategy (which worked on a .99 print) for example. I only ride the losers based on "shake outs" and overall market conditions, and again that takes some training and experience.....many newer traders get screwed during this period. Every day cannot be a "slam dunk"...though many are!! Don
Sorry that you're having a tough time. We spend quite a bit of time on the exit strategies at our advanced classes, and even then it takes some time. Remember we are shooting for 70% -80% success with these openings, and I hope you are doing at least that well. Don
thanks Don I've been to the regular seminar, and it opened my eyes I just need to take the series7 [missed the deadline] Mark
I'm not trying to "hold anything back" ...and I'm glad you'll be joining us soon. The advanced (1 day) classes with my brother and I go into depth about some of the exit strategies for the opening (gotta keep something to give our people an edge, right?). Hope you get past your test, and to see you soon in Vegas!! Don
I lost some money on Monday too, and it's clear to me that the reason why was because of the number of large imbalances at the close on Friday, which was the end of the quarter. For example, I was long NKE but couldn't figure out why because on the chart, it looked like the thing had gapped up. When I looked at things more closely later, I saw that NKE's final print on friday was a full dollar higher than where it had been trading minutes before the bell. I had two other stocks there were in the same boat. When there is an order imbalance to close the stock, the specialist can gap it anywhere he wants, which is going to give you an out of whack closing price when calculating your fair value. I had been going through intra-day charts of all my stocks to try to catch these, but stopped because it was time consuming. But not doing it cost my $250 on Monday, so now my daily routine is 20-30 minutes longer. Nobody said it was easy.
We get by that because if a stock is "marked up" on the MOC (as you described on Friday), but is going to open lower on Monday, then there is a published "pre market indication"....that is what we look at just before sending off the opening orders. This is only relevant, for the most part, on Triple witch and window dressing days. Don' t want to see anyone doing any extra work if I can help it!! Don