opening strategies are becoming less effective. The exp. trader may do well with a fine-tuned approach but he won't reveal to you "all" the details on how to make $. EVEN IF SOMEONE GIVES YOU A MAP - YOU WILL HAVE EXTREME DIFFICULTY IN WINNING THE RACE WITH MORE AND MORE SEASONED COMPETITORS.
One fill today, short, took 35 cents on half of position, 10 cents on the ohter half, average of 22 cents or so. (my cover on the first half was the low of the day )
Two drug stocks, took 20 cent losses... BTW, this is still a very "high probability" play...the above poster is correct in assuming we need to "fine tune" our exits a bit (but we always need to adapt to market conditions with any technique). Don
I spend an incredibly amount of time working on this strategy. I am always tweaking my spreadsheet and reviewing all my trades, trying to look at it from as many angles as possible. I'm at the point now where I think I could make a living off just opening orders. Of course the environment can change and the strategy can loose it's effectiveness, and that's why I continue to trade all day, working on different ideas so I'm not a one-trick pony. Many people try this style and can't make money with it consistently, eventhough it has a positive expectancy. If you are in this position, I would try looking into things deeper, including whether it is a good match for your personality. It just might not be a good fit for you. If you fire up your computer 5 minutes before the open, do some openings and move on without giving it a second thought, I think you are probably not going to do as well as you could. Today I had 5 wins on 5 fills, net 45 cents. 4 of them were shorts and I left A LOT of money on the table.
You're right, some people can't make money if you pay them to breathe. We are all part of a very select group of successful traders, and we have to just keep that in mind...most either will not, or simply cannot, make money trading. What bothers me though, is that some traders will lose a ton trying some esoteric strategy or "system" - but if they lose a few buck learning how to do this correctly, they blame the strategy....oh well, keep up the good work!! Don
I placed a 1.2 (buy) and a .8 (sell) this morning, filled on 6, profits on all of them. About $2200. TXN did not go anywhere for what seemed like forever, so I sold it with a nickel profit, 1 minut before it moved my way .75 cents.....oh well, "could a been a contender"..... Don
don when you have a morning where some stocks are indicating more than 1.2 down do you still use that or scratch those stocks?