Hey Don, I just wanted to apologize if I sounded like an ass on my last post - I'm not trying to give you a hard time, and I think it's great that you spend so much time helping other people learn how to trade opens. I personally think that it's a poor strategy that usually makes money, but when it doesn't, things can get ugly and illiquid pretty fast. Again, apologies, but just giving my .02
Newsflash! All kinds of trading strategies work, but not all traders can make money using all kinds of strategies. Scalping works, swing trading works, enveloping works, trading news works. There are traders making money using every one of those strategies. Just because you can't make money with one style doesn't mean that other traders can't do it. It probably means you are trading a style that is not compatible with your personality and your beliefs about the markets. Or you just suck as a trader. Opening orders work. I've made money with them every month since I learned how to trade. I make money almost every week with them. I rarely have blowout days. BUT, OPENING ORDERS ARE NOT FOR EVERYBODY. It takes a lot of work and a set of trading skills that not everyone posseses. I could start a thread called "Scalping doesn't work and only idiots would even try it", but who would look like the idiot? By the way, I got creamed today in FNM and WYE, went 1 for 5, and had my biggest loss in many weeks. But you know what? It doesn't even phase me because I know results like that are part of the system. If you think opening orders are a ticket to easy money, you've either never traded or have rocks in your head.
An extremely zero day today. ESV short... -.02 RDC short... +.02 Some days it just don't pay to get out of bed..
I apprciate your cogent analysis of the Opening Order strategy, although I personally belive it has been a harder strategy <lately> to work efficiantly. But for some people (re: Bob Bright) the OO strategy is one they are VERY good at, he's one of them. Good trading all..... mrktwiz
Why would anyone sell a strategy or advertise a strategy if it really worked. If it really worked and if your were not selling it to boost trading and commissions, we would never hear about this. I read these threads with skepticism in what is really behind the point of these strategies. We all know if we had the golden goose we wouldn't invite each other over for goose dinner because we just owe it to each other. I've followed this strategy and all I see is the consistency of loss. Inmate451 p.s. I recommend the dart and wallstreet journal pinned to a wall to enhance profitability of this strategy. I would flip a coin but I can't afford to lose the quarter after fridays openings.
...sorry I meant to say "Don Bright", (re: specialist at the Opening Order strategy and execution) I do not know if his brother Bob does opening orders, although I have heard he is an excellant trader himself..... good trading all.... mrktwiz
Inmate, Do you have to sneak out to the prison library (thereby avoiding bungrider) in order to use the computer to provide such cogent analyses, or are you in a minumum security facility due to some excessive selling of downticks ?
Note: You cannot sell and the buy bullets after you are filled. While enticing to only pay for needed bullets on stock filled, you may find yourself confined to a 10X10 trading room with access to call the floor from only a payphone once a week. Being monitored by and going by the rules like so many of the trading firms do and you will live long and free. inmate451