We explain how shakeouts generally occur, and to be aware of your "children" (stocks) and their behavior right after the opening. We usually use "slingshots" to capture profits. By trading the same stocks every day, we get a pretty good handle on who does "shakeouts" (GE), and who doesn't (TGT). I think we agree that nothing else but sheer "time in the saddle" will work to develop a good trader. We just do our best to speed up the learning curve. (And to be specific...yes, we do rely on our tape reading skills, the "all encompassing" comination of bid/offer/size/fundamentals/RS (to market and group)/and our own learned "feel" for the individual stock). Don
Yeah, no kidding....this looks like some sort of "doomsday".....harkens back to the old nuclear bomb tests here in the desert ....(wow, does that bring back memories)... Don
There was no way I was going to call if LMT was above the opening price-I just got lucky in that when I finally looked at my spreadsheet I noticed that there was a sell next to LMT, but I did not get the fill. Anyway, when I looked to see where LMT was trading, it was 48 cents below its opening so I got on the phone pronto. Then as I was waiting to here back, I was sitting in agony as LMT started to creep back up. I thought about buying it anyway to lock in the profit, but I didn't because the Redi guy didn't seem to think I would get the fill. I also checked the time my opening order was sent and it was at 9:27:43. Don-I didn't know the opening orders have to be in by 9:28 to get the short, why is that?
They don't HAVE TO be in before 9:28, but if they aren't you're not guaranteed a fill. I've been stepped over twice, both times in T, and both times my order was in after 9:28. I send early now as a result.
ive always been impressed with REDI's diligence in regards to this... but as don said be "dam sure"... dont call if you are bitching a bout a penny here or 30 secs tehre.. but if its a legit bee, youd be surprised.. follow up, i had one where they called me way after close to tell me iwas right and give me a fill..
6 fills, 3 winners, 2 losers, 1 break even. +.70 Wish I would have rode my shorts out a little longer but profits are profits. Don, Do you have your people adjust the size of their envelopes when the futures change is large?
Somewhat....we go from .2 (at zero differential), to .6 or so when there is a 10 point differential ....and if you have really volatile stocks in your group, up to .8 or so... Bootcampers did "ok"....One forget the Opening Order "Prime Directive"....Take stocks off of list for the day on EARNINGS day....xom (shoulda made 8 cents, lost much more instead)...1 minor error (too big of a slingshot), 1 major error...Earnings day!! Don
While it is good to have fresh air here, this breeze is playing havoc up in the hills. I just hope they get a handle on it while we still have some trees left. Just learning that the Navy had some heavy lift helicopters the wanted to use Sunday as the fire burned Scripps Ranch. The CDF bureaucrats said no way. So, 300+ houses burned that possibly could have been saved. All because some politicos were bought off by the private fire fighting contractors. (not bought off at the moment, they had had rules put in place to prevent outside help)
October ended up being a decent month considering how poor August and September were for me. I ended up with an about avaerage monthly profit, but had reduced my share size by about 20%. I'm going back to full size next week. Here's some stats from my own trading for those interested. I didn't miss any days in October (23 trading days). 109 longs 121 shorts 131 wins 27 scratches, 65% win rate. average fill rate 7.2% Average # orders sent each day 139 (a little lower than normal because of earnings season) Size of avearge morning gap relative to fair value .42% (august and september were much lower than normal on this stat)