Don's openings Part 3

MRK specialist ripped me off. I put out cover (at market) of my long. He held for nearly 1 minute before gapping down about 40 cents. Nine is a few too many fills for me, so I was scrambling.

At least net loss was only $54 plus commissions.

Bright Remote

 

The MRK guy is pretty tough....I sometimes think I continue to trade it out of spite (not a good thing!). Although I did manage to make .30 cents this morning (not enough to cover Citi however).

Good Luck!!

Don

 

this morning. Finally covered long at low of day.

Bright Remote

 

don't feel bad. i lost on 9 out of 10 longs. i had tight 5-10 cent stops. slippage?. well, 60 cents, 35 cents, 20, cents, 20 cents. nice. for the second time in two weeks, this strategy alone has set record 1 day losses for me. who knows, i could get fired this month.

 

got 1 fill BBY.+1.72. went with wide envelope 1-2 points.

 

Good opening, 4 for 5, about $3,000 (I'm still holding BMY).

Widened my envelope to 1.5 on the buy side this monrning ( a little gunshy from yesterday).....

Expected a big "bounce"....got a "little bounce'.....tough to not expect some sort of bounce here...but need to stick to the basics...and not "trade" opinions.

Don

 

don, would you mind saying which stocks you made money in? just trying to get a feel for how much pain you are willing to take with this.

 

Very little pain. AOL, MWD, VIA.B C. (holding BMY).
I never saw a big sell off after the opening. I "coulda" made much more, but I try to keep the openings seperate from regular trading.....(BMY could be a "hold" in the trading sense, since it is paying 5% div yield at these prices......always know your stocks, all you can about them...makes trading so much easier)....

Don

 

Wow...I can't give details, sorry.....but we have one trader making well over 6 figures this morning on the opening strategy...this beats our old record by about 30,000 or so.....Filled on over a hundred stocks.....

You know who you are ....good job!!

Don

 

Never, never, never, use stops on the openings....only "profit taking orders" in case of "slingshots".....You will be shaken out virtually daily.

(don't mean to sound like I'm "raggin" on you, but this is fundemental). You need to keep an eye on the overall market, and not allow yourself to be taken advantage of by using stops.

(This is tough for some people to undertand, but we rarely, if ever, use stop orders...except for "entering" trades).

Don