my friend who just "left" Bright Trading in Las Vegas said the same thing, more and more of the traders their were doing less and less size on the OO strategy as it just "wasn't" profitable...in fact quit a few were loosing a lot on the OO. I've monitered this strategy for over 1 1/2 years and I have to agree with pasternak, it seems to be a diminishing return as more and more trader attempt to utilize it......I DO NOT trade it though as it hasn't enough "edge" for me...in fact I do not trade equities at all any longer, I feel the edge their is gone, I just trade futures...no specialist to fight with, little slippage and great liquidity.... simple... J-
From what i gather some Bright offices, or maybe just one office, now have noone that still trades the open orders. Other people are trading very small size, hoping the strategy comes back and then they will increase share size. I heard that some traders on bad mornings have lost about a quarter of their equity or more in one morning when a couple 2,000+ share positions went againist them fast and they were slow to get out. Some Bright traders used to place 300+ open orders every morning and now they just do a few. I am sure, at least as sure as i can be, that the OO still work well for Don. From the people that i have talked to at the online expo and thru message board PM say that Don is a very good and experience trader and also good at tape reading. I keep hoping that as many stop trading the open only orders the profits will come back. With the markets everything goes in cycles.
egusc, I think you have framed the issue better than I did, I "just" got of the phone with my friend who was at Bright and read him your post he said that was exactly what was happening when he was their. Don is an OO specialist, probably one of the best at this specific skill, that doesn't mean everyone else can excel at it...and it looks like many don't. J-
Very simple.....continue to do it if it works for you....don't if it doesn't....that way we "thin out the herd a bit" and that makes it easier for those who continue. I am in La Jolla today, and my manager there said yesterday at lunch that he was getting dis-interested in the OO a few months back, but now does 250 per day, and it is one of his main sources of income. Anyone else have suggestions as to strategies that consistently work well.?? I'm all ears..... Don
A "9 to 5 Job?"......what in the heck is that......if you can describe your job, it probably won't exist in a few years (per Bob Bright, the smarter brother!!).....Whether you choose to trade or not is not as important as choosing to work for yourself,,,,,,,IMHO. Don
Only made $560 today....and, yes, for those who can't do it, please don't.....it makes it much easier for the rest of us
good article i ponied up the 4.95 to buy it... although AT isnt as good as TASC b/c it doesnt have don's column w/ his mug plastered on it.. lol.