Weinstein Trading and Fading

I went to bed last night with high hopes for today as the SnP was about even and the Nas was up in late night trading.

Those hopes where erased pretty quickly when I woke up and saw that both were down by a large amount. Oh well off to work I go.

I get to my office and logged into the chat and started to scan the market for trades. At first I really didn’t see much and with low expectations I was pleased to see EAT moving into overbought territory in the opening minutes. I faded the move up and was able to make a respectable gain for the market being down so much.

EAT DS, + 675

I went on to scalp for some volume and small gains.

TXT DS, + 502

FNFG DS, + 356

LNC DS, + 317

ICE was up strong today but with it being an $80+ stock I stayed very small in size.

ICE DS, + 151

LVS pricing came close to pricing in total collapse in the company not long ago but I held on as I feel that the company is solid enough to weather the storm. The Penn casino comes online soon and I expect to have more news on the Singapore casino hitting the wire between now and the third week of Jun. I expect that unless LVS totally goes into a tailspin that the darkest days are behind.

I sold 10 Jun LVS puts @ .40

+ 2002 Day
 

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Looking forward to a good day of trading as I see the market is trading higher in premarket.

I look through the stocks in my scanner and I see a few gapping up nicely. The day turned south with my BBBY trade.

I shorted PFG during the open and it worked out well.

PFG GU, + 105

BBBY is a trade that I traded from the start of the day to the end. I traded it back and forth and was too aggressive during the opening as I thought the stock would break and not keep going as far as it did. I was able to bring my cost basis up by scalping it during the day but not as much as I would have liked. Still short some BBBY

BBBY GU, - 7632

LNC GU, + 751

ROK H, + 403

SNDA H + 963

VMW I only had 60 shares lifted from my ask. the HOD was two cents more so I guess that’s the price I pay for using Island and not ARCA today.

VMW H, + 19

- 5388 Day
 
What do you mean " I only had 60 shares lifted from my ask". Could you explain what do you mean by "lifted". Do you enter llimit orders or stop limit orders?

Thank you in advance.
 
Hello mr. weinstein

was really unlucky that did not see your journal for a long time. but no problem as i have found it going through it.

all i have to say is that your journal is truly inspirational for people like me who are still learning to walk in the field of trading. the way you keep yourself calm even after losses and able to trade as fresh as ever is something that has touched me.

good trading

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

What do you mean " I only had 60 shares lifted from my ask". Could you explain what do you mean by "lifted". Do you enter llimit orders or stop limit orders?

Thank you in advance.
More...

I normally enter in limit orders.

An example of what I mean (I don't recall that exact execution) I put a limit order in to sell 200 shares of XYZ at 10.05

Someone bought 60 of the shares I have offered which is also known as an 'odd lot'

I normally dont put limits on my orders that they have to be in full lots so this happens to me quite a bit. I don't really like it as it causes me to adjust often and I have to pay a commission on it.

I hope that answers your question and feel free to ask anything else you may want to know.

Best to you

RW
 
woke up early today to see how premarket in BBBY was doing.

I was pleased to see that it was down but at the same time I expected it to be down more. I would not have been surprised to see a dollar or more loss from the close yesterday. I was trading during very early morning about 40-50 cents lower.

I did manage to trade BBBY back and forth a while but when it gave me the chance to get out without getting hurt bad I took it. My cost basis was right near the 31 mark and I wanted to ensure that I would not allow the LOD to fade into history while I was still holding short. BBBY sure did take a byte out of the weekly gains but I guess if thats the worst thing that happened this week than all is not bad.

As the market was up so strongly I was given some trading opportunities and I traded several stocks. Overall it was a good day and no real big surprises as the day went along.

BBBY - 701

FNF B6, + 585

ALV H, + 399

CI B6, + 781

JWN B6, H, + 566

HAR H, + 15

BGC B6, + 411

NAV B6 H, + 123

HXM H, + 134

MTB H, + 1115

FRT H, B6, + 367

BKE B6, + 107

CERN DS, +11

LTM B,DS, + 75

NFLX Went into overbought territory again and I shorted more call options. I moved the strike price up one notch and sold the APL 50s for 20 cents each.

+ 3999 Day

+ 4603 Week
 

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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
 
Quote from Mephistophilis:

Hello mr. weinstein

was really unlucky that did not see your journal for a long time. but no problem as i have found it going through it.

all i have to say is that your journal is truly inspirational for people like me who are still learning to walk in the field of trading. the way you keep yourself calm even after losses and able to trade as fresh as ever is something that has touched me.

good trading

Mephistophilis
More...

Hello Mephistophillis,

Thanks for the kind words. Glad you found it now.

I enjoy writing here on ET and on my blog and I feel it helps to make better traders for everyone.

Best to you

RW
 
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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