well Don, as Reagan once said, "there you go again. Thanks once again for sidestepping a critical issue (unwind strategies- shakeouts, stubborness, and biting the bullet) and avoiding answering a tough question. Like a true politician (or is it car salesman as some poster used to refer to you?) you apparently speak only to what you choose to speak to. You know, it would be OK to just say "I don't know". We'd still respect you.
If you really think that I haven't answered all of those questions, please do a keyword search for the last six threads: 1. Unwind strategies = Read "slingshots" and tape reading. The slingshots vary based on stock price, volatility, and market conditions on a daily basis...I try to lead by example with the "boot campers." 2. Shakeouts = Read every post I have ever written about shakeouts (encapsulated for you: Since we are trading the same stocks day in and day out, we learn to expect "shakeouts" (GE is a perfect example on the downside openings), and always keep the sector/group next to the individual stocks for the tapereading aspect). 3. Stubborn: I teach all my traders a very simple psychological crutch..."get out, if you simply FEEL that you can get back in at a better price" this overcomes the mental block of " oh, I can't cover here, this is the top/bottom" etc. 4. "Biting the Bullet" should not be a factor. We are only looking for small chunks here, and with such a high probability entry, the bigger losses are pretty rare...and I use the same exit strategy applied in numbe 3 above. And, finally...Yes, $100K/year with a GROSS of a dime on 5,000 shares "Before Commissions" at BT. $500 x 20=$10,000 x 12 = $120,000 less commissions of approx $20,000 = $100,000 (roughly). It really isn't necessary to resort to playground tactics when asking questions....are to think that you can "get my goat" - My ego and self-esteem are firmly in place, and I actually enjoy sharing with those who seek help from me. When questions are asked in a respectful manner, I will do my best to answer them...some may disagree with my answers, but so be it...all I can do is respond based on my factual database of information. In our current classes, 25 cent losses are highly unlikely due to a different set of stock picking criteria...and I'm sure you understand why I don't share everything on a public board... simply not good business...we share a lot, but like to keep our competive edge. All the best.... Radio show today (no used cars for sale, sorry).. http://www.stocktrading.com/radioshow.shtml Free TASC subscription time again....just call in... Don
Lots of people attack Don constantly. I don't trade through Bright but I do trade openings and I appreciate Don's input and help. Heck, he doesn't have to post on a public message board to help people. He doesn't gain anything by helping me become a better trader. Last week made money everyday and so far 11 out of 14 days that I have traded this month. For those that don't think the strategy works I say good luck to you but unless you are trading the strategy don't bash it. Only those that are in the trenches everyday know if the strategy works or not. Thanks DON...
Quick and good, just the way I like them 3 for 4 winners. +$620. Coulda made more in IBM, but no complaints here. Don
Hi Don how come you have IBM on your list ? I thought IBM was the most "efficient" stocks of them all, because of the options....? Oliver
Some posters seem to get very defensive over anything perceived as criticism of this strategy or Don himself. Why the thin skin? I, for one never said this strategy doesn't work. I was made aware of these journals while developing my own automated trading platform for openings (I'd used variations of this strategy, on a small scale, for years as a complement to other trading). I started reading the threads out of curiosity and to perhaps learn some new twists. I think is great Don takes the time to answer question and provide assistance. That I question whether he does it purely for altruistic reasons is merely my own opinion; I have no axe to grind (as say OPTIONAL777, wherever you are). I simply feel and occasionally wish to point out that Don, from time to time, makes contradictory comments about points of theory and strategy and often, also in my opinion, avoids giving straight-foward answers to the more difficult questions. If anyone thinks this represents an attack I'm puzzled you feel this way. Peace
Glad you're listening....but...."IBM = Good on openings....Bad for trading during the day"....The options guys can't do as much about the opening play... Don
Just want to made another case of OPG. It has been working for me. It is just that there are times when this strategy not working and there are times when it is working extremely well (10 fills today: 1 loser only). Interestingly, usually if it happens consecutively. Also, I am not sure this is a good idea to teach a beginner. The swing could be big and basically you are finished by 09:35-09:40. If I am down on OPG using a big share size (e.g. 2000), I would feel very miserable if my normal trding size during the day is only 200 - 400 shares. It means that it's beyond my normal trding capacity to make back the losses and I need to wait for another trading day for OPG again and hopefully can make back the losses. I don't understand why Don would urge his bootcamper to trade 2000 shares plus considering the above factor. And why Don himself only trade 2000 shares? Could you explain this Don?I think with TXN with average daily volume over 10 millions shares, you can trade 5000 or more shares easily Thanks danjos