Weinstein Trading and Fading

Quote from 1Reason:

So what am I doing about what happened?

1. closed out a large amount of my long holdings.
2. If the long holdings continue down I will close them out all the way
3. will be trading in smaller size until my capital is built back up so that a trade can not be a killer
4. no overnight holdings
5. strict time limits with signals
6. adjustment to entry that will let me pass on the marginal signals and only trade the best and proven signals I have developed.


I look forward to the next few weeks in building up my capital and surviving this crazy market.

Thanks again.

Bob
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Bob-

I would also suggest that you go back and re-read your posts and daily notes from the beginning of the year, and try and get back to that "mindset". Unfortunately, because your account took such a big hit, you're gona simply have to "start all over from scratch".

Figuratively, take a deep breath, and forget about trying to recoup those losses and try and get yourself back to the mindset you were in during the beginning of the year and imagine yourself starting back over from scratch.

Those losses are in the past, so leave them there. The best traders have poor memory.

You are definitely on the right track by dropping your position size. I would suggest you go back to the sizes you were trading when your account was at the level it is today. Good luck.
 
Big piece of humble pie was served up to me today. Had a second helping.

Started out trading 100 share lots. Not only is it altering to trade small but knowing that at 400 shares you actually get enough of a rebate to make the trade free.

oh well, today was about protecting capital and trading as well as I can. No messing around was the call of the day.

Turned into one of the very best of the best days for me to be trading. Surely would have been a record day had I been trading today a week ago. Reinforces my desire to ensure I am ready for the next time by protecting my capital

didn't have time to record the signals as i was running as fast as i could.
here we go:

WFSL + 359
WFC + 44
STT + 3009
RICK + 109 (swing trade closed out)
RF + 300
MTB + 107
JOSB + 504
GNW + 225 (messed up that one, should have done better)
CTX + 65
BPOP + 326
BPFH + 824
ASBC + 157

my screeners where lit up like Xmas trees all day today.

+ 6103 for the day
- 12700 for the week
- 36556 for the month

38361 shares
871,380 shares / mth
 

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Quote from monti1a:

Bob-

I would also suggest that you go back and re-read your posts and daily notes from the beginning of the year, and try and get back to that "mindset". Unfortunately, because your account took such a big hit, you're gona simply have to "start all over from scratch".

Figuratively, take a deep breath, and forget about trying to recoup those losses and try and get yourself back to the mindset you were in during the beginning of the year and imagine yourself starting back over from scratch.

Those losses are in the past, so leave them there. The best traders have poor memory.

You are definitely on the right track by dropping your position size. I would suggest you go back to the sizes you were trading when your account was at the level it is today. Good luck.
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Hello monti1a,

You and I are on the same page. I could not agree with you more and I thank you for being willing to share your thoughts.

It was a bit hard yesterday and I will admit the desire to just give it up showed itself. As I walked from my truck into my office this morning I had my usual pep talk and tried to remember why I made the money I did make. I also committed myself to staying small so that I could last a drawdown (Which did happen once today).

I also made a commitment to only take the very best of it and not worry about losing a winner but rather only get in when the setup was right.

Just about every loss I have had is a result of venturing away from my trading plan and/or signals(which have been highly back tested) and while a better market environment would have been less punishing I plan to stick to the guns and grind it out.

Thanks again

Bob
 
Quote from saliva:

As a student of market timing, I can certainly relate to your devotion and dedication to finding those elusive market tops and bottoms. Since I have no idea what your system actually uses to find these inflection points, I will only share what I know that have worked time and again in my short but fruitful life as a trader.

First, reversals don't just happen in random. They occur at very specific price levels, which are better known as support and resistance. However, it's worth noting that support/resistance shouldn't be seen in isolation. Second, draw a trendline and see if it converges with either support or resistance. Third, note that price level alone doesn't mean anything. For example, what's the big deal about ES trading near the previous support or resistance level? What should really matter in my opinion is how and how fast it got there. There is an important difference when ES is meandering near its previous support for the last 30 minutes and when ES is testing its previous resistance after shooting up more than 10 points within the last 10 minutes. All three components can be neatly summed up in what I call "payment" or P.M.T (short for Price, Momentum, and Time). These three ingredients are vital to achieving a successful trading career in my otherwise not so humble opinion.

Just my worthless 2-cents.
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Hello saliva,

Thanks for reading my journal and taking the time to make a post. There is no way that I would say its worth only two cents much less worthless : o )

I do agree in your PMT and use all three in finding my entries. I also use other factors with those three when I am trading well and it appears that when I don't I have to endure losses.

I am going to follow the rules build it up a bit and then start to add more size. Its simply too embarrassing to post my results in a public forum to not follow the rules that make money.

Thanks again

Bob
 
I knew it was going to be a crazy day when I woke up and checked the news. I had no idea how crazy it was gonna be.

Yesterday I spent time trying to screen my screener for the very best trades as it was giving sooooo many signals. That was just foreplay for what today was like. the pop up alerts happened so fast that I could not even come close to typing them in as fast as they came.

To make matters worse the ones that I was able to type in and check where mostly on the short ban list.

I did the best job I could and typed and checked and typed and checked. I was able to find some that I could trade and I set my limits (again in small size) and went to the next one.

In the end the banned list was so inclusive that the raining of money was peaking before I was able to find enough stocks to trade.

What I was able to find did make a lot of money so I guess at the end of the day it matters how much you get to keep.

almost everthing was made within the first hour. After the crazyness ended and the market came back to understand that the govt doesnt set the price the market does I scalped to make a few bucks. this included the scalping of QQQQ.

RHI + 20
scalped

QQQQ + 66
scalped

EWBC + 2385
S:6b+

AN + 7013 (new record I think)
S:6b+

BPOP + 268
S:6b

CSE + 103
S:6b

+ 9857 for the day (second best day for me)
- 2843 for the week
- 26699 for the month

41200 shares
912,258 shares / mth
 

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Quote from 1Reason:

I knew it was going to be a crazy day when I woke up and checked the news. I had no idea how crazy it was gonna be.

Yesterday I spent time trying to screen my screener for the very best trades as it was giving sooooo many signals. That was just foreplay for what today was like. the pop up alerts happened so fast that I could not even come close to typing them in as fast as they came.

To make matters worse the ones that I was able to type in and check where mostly on the short ban list.

I did the best job I could and typed and checked and typed and checked. I was able to find some that I could trade and I set my limits (again in small size) and went to the next one.

In the end the banned list was so inclusive that the raining of money was peaking before I was able to find enough stocks to trade.

What I was able to find did make a lot of money so I guess at the end of the day it matters how much you get to keep.

almost everthing was made within the first hour. After the crazyness ended and the market came back to understand that the govt doesnt set the price the market does I scalped to make a few bucks. this included the scalping of QQQQ.

RHI + 20
scalped

QQQQ + 66
scalped

EWBC + 2385
S:6b+

AN + 7013 (new record I think)
S:6b+

BPOP + 268
S:6b

CSE + 103
S:6b

+ 9857 for the day (second best day for me)
- 2843 for the week
- 26699 for the month

41200 shares
912,258 shares / mth
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You are back in business!!!! Good job.
 
Quote from monti1a:

You are back in business!!!! Good job.
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Hello monti1a,

Thank you very much. Just one day but I do plan to keep only trading the very best of trades.

I doubt the crazyness is going to go away soon (hope not anyway) so hopefully I will be able to find top notch trades
 
After more than one delay Sydney did put down the fosters long enough to get the market open.

Its up about 292 points as of this post and I just shorted the SPI (they havent stopped that yet)

Something does appear wrong. The ES is down 14.50 points and the SPI is up this much means something is priced wrong.

My bet is that the ES is closer to whats to happen and that the large move up in the SPI during the open is short covering.

I guess I will find out soon enough. I traded it twice so far.

First entry was short 5082 and I covered at 5075 as the packer game means my boys want me to watch it.

Sat and watched a couple of downs and couldn't take it any longer, I really felt that the SPI is going to fall.

So I went short again at 5089
 
Started out as a good day including a very nice gain with GG. At one point up about 1400. Still working on the scale of trades to maximize profit with a lower level of buying power.

Ended up giving it back with GG.

QQQQ + 33

AEM + 286

GG - 2685

- 2365 for the day / week
- 29064 for the month

62082 shares
974340 shares / mth
 

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GG treated me a bit better today. My goal in the carry over from yesterday was a $1 per share. I actually did a bit better than that. + 5779

I then went on to scalp it most of the day.

I also scalped QQQQ a couple of times and then moved to only GG + 11

TPX was interesting. its on the SHO list so I sold some naked calls and then was able to watch it fall off the cliff from about 15.50 to 13.50 in about 25 mins. That was fun. + 785

IGT + 167
scalped and S:h6

+ 6744 for the day
+ 4379 for the week
- 22320 for the month

60118 shares
1,034,458 shares / mth (monthly record & over mil )
 

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