Woody Allen ("Play It Again, Sam") describing how he fought off two thugs : "I hit one in the knee with my chin and the other in the fist with my nose."
More woulda.... coulda... shoulda.... At the last minute, I took off all my shorts because I didn't want to be short in a rocketing up market. Well... I should have remembered why we do this..... to be on the same side as the specialist. The specialist doesn't want to be caught short in a rocketing up market EITHER. So my short envelope was at 1.5%, and I would have been filled on: TXN EMR HI WYE AXP BVF ABT (would have had to grit my teeth a bit on this one, but it eventually came through) PFE You all can go back and look at how these did from the NYSE openings. The specialist opened these at prices that almost gauranteed they would fall from the open. Of course it helped that the general market sold off from the open. I did get one long, ALD, and got .22 out of it.
dont feel bad tony.i did the same thing.i think it was kind of stupid for them to open the nasdaq so long before the nyse.it threw us off and made it too confusing.
HA!! Now THAT is funny. You're a real cut up, Uptik. Even been short 7000 shares of stock and have the futures ripping higher right in your face, but experience tells you you should hold on? Nah, no psychological element there. It's just the exit you've got to worry about, piece of cake right? The opening orders are pure trading. I mean you are thrown a bunch of positions and it's game on right now and you've got to trade your way out of the situation. And pure trading is in lage part psychological. But I'm sure you knew that. For today I cut the share size in half because I felt out of whack starting late and all the memorial stuff I was watching made me not really feel like trading. Plus I was expecting a very light volume session and was worried about the liquidity on exits. I quickly had 11 fills, 5 longs and 6 shorts, when I canceled all my still open orders. That was more than enough exposure for me. Got lucky and bailed on the longs near the top and held a few shorts for the sell off, but still got out to soon. DD, HD, CAT,BAC and LEH were the decent winners. S was the only bad losers. Made .39 overall.
Uh , Corey, yeah , thats why I said "except for the exit". Getting in the stock has no psychological element. You enter the orders...and getting filled is not up to you. You're just in. Of course thats when you're trading...and you should be on the side of the thief(specialist)....so be careful about having the futures ripping against you. As for myself, if I get a fill I already have my mental stop....and thats it....no matter what the futures are doing.
Hey, all in good fun, I know what you're saying. What I meant was that the exit is the key to making money. All the fair value, beta, envelopes, etc makes up a small part of the whole strategy, even though it's what everyone focuses on. That's why 10 guys could do all their calculations differently, use different numbers, look at the emini, the big contract, cnbc, etc and they can all do equally well with it if they are good traders. Or you could get 10 guys and have them all use the exact same calculations, get the same fills on the same stocks everyday and you'd have a very wide range of overall results. It's going to depend on how good they manage their positions, in short, how good they are at trading. And to be a good trader, you've got to have the right mental make up. Don't know if I'm really making my point here, or just blabbering. The opening orders are just trading, plain and simple. And trading is 90% mental.
Almost canceled my orders at the last minute but did not and had five fills. Trading today was scary for me, just seemed like it would be easy to take a big loss.
Depending on your services, you may (should) be watching (listening) to the December contracts today. FV = 1.75 approx. You can use September 1 more day (they expire next week) if you like, if so, then use about .10 for FV. We're going to hear about Bush's plan for Irag today...so we may have cautious trading until then. I'm using a full 1.0 envelope this morning. Back to you in a bit... Don
I got filled on TXN, made about $100 (5 cents)...I'm a little conservative this morning (students watching for the class). Back to you tomorrow.... Don
Got 1 fill long.. HI. Action was no good so I tried to bail using NYSE+ ... AT THE POSTED BID. (I think it may have been a 1 X something bid) Well you know the rest..... thief specialist held the order for dang near a minute, then dropped the bid right away from me by .20. Got out losing .30. But HI continued on down so I was pleased to get out anywhere. I hope that specialist chokes on my lousy 100 shares. What good is NYSE+ if it only works when you don't need it? I luv this game...