Weinstein Trading and Fading

Quote from ytr30:

Do you ever use Bollinger Bands? I found them useful to determine oversold/overbought conditions. What indicators you find useful for your trading?
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Hello ytr30,

Thanks and i agree Bollinger Bands can be useful in trading.

I use several custom algorithms and scan a field of about 1200 stocks to find the setups that I trade.

some have higher confidence levels than others. I have been working on a gap up setup that has been causing me to have some losses lately but I am still working on it.

You may want to check out my blog for more info.

Best of trading to you.

RW
 
I woke up and checked the market and BKE my carry over from last week.

I was happy to see that BKE was trading much lower in pre market trading. I closed out half with the plan of booking those gains and waiting until the open to see how it does. BKE continued to fall after I covered.

BKE + 1352

NTY came up fast and did not allow for much time to get the trade on.

NTY B6, H, + 227

NTES GU, + 112

NFLX moved higher during the open. I shorted more call options and watched to see if it would become short term over bought.

NFLX DS, B6 + 196

Short NFLX Apl 50 calls @ .45 and .55 and .85 and .95

SNDA H, B6, +1640

Traded MR much of the afternoon, never really was able to get anything from it as it traded in a small range for much of the day.

MR H, B6, + 8

Traded BK most of the afternoon. covered some right after the closing bell but still short for a carry over.

BK H, B6+, + 1413

CETV B6+, H, + 61

+ 5014 Day
 

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Quote from Robert Weinstein:

Hello ytr30,

Thanks and i agree Bollinger Bands can be useful in trading.

I use several custom algorithms and scan a field of about 1200 stocks to find the setups that I trade.

some have higher confidence levels than others. I have been working on a gap up setup that has been causing me to have some losses lately but I am still working on it.

You may want to check out my blog for more info.

Best of trading to you.

RW
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RW,

You mentioned that you scan about 1200 stocks for your setups. Is this an intraday scan, or EOD? I've seen you mention Tradestation for scanning - is that what you are using? How long does TS take to scan 1200 stocks? Do you have any recommendations for stock scanners?

Sorry so many questions....
 
Robert curious how you're making money shorting stocks like bk when they ran most of the day? you must be scaling in as they run and taking huge pain befor eyou make money. you seem to mostly short flying stocks
 
Quote from bryans:

Hey Robert,

I was kind of interesting in learning how to trade. I saw your recommended books.

HOw much money are you workin with in this blog?

How difficlut is it to learn how to trade on your own?

I have a decent amount of capital to start with to do this. I t hink I'm smart enough to do it.

I wonder if it's a good thing to get into though or if I"m better off finding something else to do.

Any general tips?

Thanks
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Hello Bryans,

Thanks for your questions and I will try to answer them in the order they are asked.
HOw much money are you workin with in this blog? -
I currently have under 200K in liquidated value that I am trading with

How difficlut is it to learn how to trade on your own?-
I would say that its next to impossible but not impossible to learn on your own. Its a lot more expensive IMHO to try to learn how to trade by trading than it would be to find a firm that offers training. instructional materials including books, videos and mentors are a must. Most people WAY underestimate the amount of time and work that it will take to actually start to become permanently profitable(not just be able to make money in a month quarter as a one time thing etc...)

I have a decent amount of capital to start with to do this. I t hink I'm smart enough to do it. -
Thats good, you for sure need to be smart but this is not chess either where the smartest guy can always win. Its more like poker where you need other skill sets as the market is heavily influenced by emotion especially on a short term basis. You must in turn keep in check your own emotion.

I wonder if it's a good thing to get into though or if I"m better off finding something else to do? -
For most people its a losing deal that will cause sleepless nights, stress and loss of money. For those that make it they still have sleepless nights, stress but it can be highly profitable and rewarding as well.

Any general tips? -
Yes, go very very slow at first and forget about trying to make money but rather try to learn whats going on. Read, read, and read more from every book you can get your hand on. Many will rehash the same stuff over and over but you will still learn from reading them. Read ALL the books on my list of reading and NEVER risk enough to take you out of the game.

Best to you

RW
 
Quote from anita883:

excellent blogsite too,keep up the good work.
i read your main strategy is trying to find the end of trend's to enter a new trend early.
would n't this be called playing trend tops/bottoms ?
what is your risk management /money management rules ?
please explain
i usually use a 50 cent max stop loss per position. That is usually 200 $loss , with a 350 $ hard stop set in per position. usuall limit to 35 k per position , depending if it is in profits .maybe more . 1 k max loss per day , then shutdown.
good days- when reaching profit goal , i then trade light and shutdown after loosing 20 % of the days profits

I also use IB as my main trading brokerage.,,,, as well as Genesis laser prop account , schwab for charts,hi lo scanner.(old cybertrader platform)
see you in your chatroom
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Hello Anita,

Thank you for the kind words and I will try.

would n't this be called playing trend tops/bottoms ?

I think some would call it that. I try to find where the short term trend is going to change in my intra day trading

what is your risk management /money management rules ? I am highly selective in my entries and that is my primary risk management tool and then I scale into trades.

I use pretty wide stop losses and when they kick in its usually very expensive.

I use IB for execution and tradestation for scanning and charting. When I find a prop firm that offers a better rate than IB with options and no 'gotchas' I will probably move from IB.

Looking forward to seeing you in the chatroom !!

Best of trading to you

RW
 
I woke up to check pre-market and the overall market was higher.

This was also putting upside pressure on my two big shorts I carried over from last night. Then consumer numbers came out and the market made an about face and started heading south. Both MR and BK started to fall but not before I was able to short a little bit more of BK

BK + 2137

MR + 601

NFLX dropped in early trading and I put up some bids to cover the calls that I am short. Still short a few.

NFLX apl 30s + 158

GWW GU, DS + 1024

NTES was under pressure during the open and I covered some of the Apl 30 calls as well. Now out.

NTES APL 30 Call + 153

WYNN H, B6 + 1489

LAMR H, B6 + 33

CYH B6, H, + 1219

ESRX H, B6+, + 1552

+ 8369 Day
 

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Quote from mikea59:

RW,

You mentioned that you scan about 1200 stocks for your setups. Is this an intraday scan, or EOD? I've seen you mention Tradestation for scanning - is that what you are using? How long does TS take to scan 1200 stocks? Do you have any recommendations for stock scanners?

Sorry so many questions....
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Hello Mike,

I scan on an intraday basis.

Yes I use tradestation radar to scan. I have had a lot of issues with tradestation but if you want to scan that many stocks I can say that you can plan on spending a lot on the computer doing the scans.

I like tradestation and stockfinder. I also think that when ninja trader comes out with the new release NT7 it may blow the others away as NT6.5 is not bad.

Best of trading to you

RW
 
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