I agree, Lesco, forget the Open Book on the opening, use it for enveloping the "air pockets"....during the day. Tony...Let's get those fires out ... Don
Good morning for bootcampers... Of the 6 active this morning: 4 Had fills. 1 was 3 for 3 100% 2 were 2 for 2 100% 1 was 1 for 1 100% Shares from 1,000 to 2,000 today.... Net of around $1,000 Not bad.... "Makes a daddy proud!" Don
lescor: taking into account what the tape is telling you, do you ever double up or add anything to your opening position when you're "wrong for 15 cents or more".
Good thoughts all... Be it hereby resolved...... No More Whining.. I know how the market is, and what it often does. Deal with it or get out of the game.. No OO again, still not confident about my power stability. But they haven't had any more big problems since losing the big feeder line Sunday. After the open, BBY +.09 on 2 tries. I have been struggling lately, so I ended up taking a quick .11 on my good trade, leaving a like amount on the table. That is what happens when you are not on top of the game. WB -.01 FBF .00 Plenty of humidity along the coast this morning. Fog mixed with the smoke. What a mess. Hope we get a breeze in here today and clear this out.
Has anyone every had the following situation occur in their opening only orders trading. I sent an order to short 600 LMT on the opening at 46.01 and it opened at 46.60, but I did not get the fill. Well I didn't realize I was supposed to be filled until 10:30 (with LMT trading at 46.18 at the time). I called up Ready thinking there was no way I would get the fill, and the guy even said that you are not guaranteed a short on the open-something about you get put at the end of the line when you go short. Well, to my surprise they gave the fill to me (I will never badmouth a specialist again) assumming he must of taken the loss because I covered imediately at 46.24.
The only time I haven't had a short filled was when it opened a penny above me. Anything wider than that I have gotten.
We usually have a couple events a week similar to this. After we check to see that the order was placed properly and timely (2 minutes before the opening bell), we get the fill. We tell our traders that if they are entitled to a fill (and are "darn sure") to trade accordingly. If the stock opened 59 cents higher than your OPG limit, and you wer on time, then we can "assume" a fill. The people at Redi are pretty good a getting an answer promptly from the floor. Glad you made some money!! Don
Don; I'll ask you the same question I posed to Lescor (he's yet to respond) regarding a comment he made to TonySanDiego yesterday; you can check back to see exactly what was said. Do you ever, if your opening position in a stock initially goes against you, double up or add to the position in any way? Thanks.
------------------------------------ Just my 2 cents, Doubling down on a losing position is a sure fire way to lose more. A strategy that I do employ from time to time though is to add to winning positions and place a stop where I will still make money if it turns against me. No openings this morning, Had ISP problems. They blamed the solar flare when I called to complain. I'll give them the benefit of the doubt but I'm still pissed because it looked like a great morning.
No, I teach our people to get past that "adding to a loser" thinking by doing this: I show them that "adding to a loser" is the single biggest cause of failure. Instead of adding to the loser, cover your trade, and then you can get back in at a much better price, thus avoiding the bigger trap. In addition, I try a different approach to help get past the fear of "covering at the top/bottom"...and the "it can't go any lower/higher" Simply, "get out, if you think you can get back in at a better price".....This seems to take a few weeks in boot camp to get through (via many real examples)...but it does eventually get through. Don