Weinstein Trading and Fading

[Robert Weinstein]

Hey NoDoji,

Thanks, good day from start to finish with maybe LXK giving me some stress. It really should not have as it was all setup to hold overnight but I just didn't want to see a great day disappear. Maybe a case of the PnL helping me make "choices"....urgggg


With the stops...That was so frustrating today and it seems to happen almost as often as its doesn't. plus the fills are sometimes really bad when it does work. Seems to be a real weak link in IB trading.


Lastly Har, it took out a little more than half not almost all. it was bad enough don't make it worse!!! LOL......
I actually traded HAR after that during the same day and made a some (VERY small amount relatively but a few thousand) back. I made a comment about how I did trade well that day OTHER than the HAR mess and JEG in the chat made a post about how dumb my comment was so I would not hear the end of it.... rightfully so : o )

Did Mr. Nod get the ATM machine going? if so is it kicking out $20 bills or $100 bills yet?

Here's to a great day tomorrow

Robert

Quote from NoDoji:

I need to figure out IB stops, too. In the past couple weeks I had a trade stop out without price so much as moving near it in booktrader; then the next day I think it was, same stock, I had price go right past my stop and keep going. A lot of good that does for risk mgmt! I can understand when there's a wider spread the trigger process may be different, but the 2 trades with this conflicting STP handling had no spread whatsoever.

Nice day, by the way!

Oh and for limitupmike: Were you aware that Robert doubled his trading account in a few months last year before HAR, which was a fraudulent scam, took away nearly that entire gain in a few minutes, resulting in a $118K loss? I'd been shorting HAR the day before as well, so I saw it in premarket the next morning when it literally jumped over $12 a share in a couple minutes on a false rumor.

 

[Robert Weinstein]

Hi Saliva,

Do you do a lot of knife catching? I don't find as much success with that but I focus on the short side as I have a natural bias so I don't try to fight that too much.

YES I totally agree about having the Qs and SPY charts up. I started doing that again about a month ago and I have found that trying to stay with the overall market trend seems to make the hair fall out slower : o )

If your fading as your main method you may want to join us sometime in the chat. send me a PM and I will give you the details if I have not already done so. About half the room does fading so its a great group for ideas, news etc....

Best to you

Robert

Quote from saliva:

Robert,

You and I pretty much share a similar system. We try to fade monster rallies and catch falling knives. Sometimes, they work like a charm; other times, we get butchered.

Having said that, one thing I notice missing from your system is the general trend of the underlying index. If you're trading CSCO, for example, it's worth noting the current trend for the Nasdaq. I'm sure this isn't a eye-popping discovery but I thought it's worth noting since I tend to overlook this factor quite often.

 

[Robert Weinstein]

Hi Love Trading,

Yes, I could not agree more. I have one monitor that has the SPY and or the Qs charts up depending on what I am trading or looking at trading.

Thanks for your post and best to your trading

Robert

Quote from Love Trading:

One of the best advices so far, Robert. Please take note.

One of the key advantages of trading stocks instead of other instruments is that you can use market breath (index future, ticks, AD,etc) as relative strength filters.

 

[jnbadger]

Hi Robert.

One quick q (way off the current convo).

I was looking through your posts from Monday, and I didn't see anything about LEAP. Does something like that show up on your radar, or was it too late in the day?

That little bastard smoked me for 1300 bucks due to having a standing order out there before the news.

Great thread.

 

[~~~]

Quote from Robert Weinstein:

I would guess Mike is a good guy and would not say the same things face to face. maybe that is good and maybe its better that we can type away. I am not sure.

I do know that I would not allow my sons to say some of the things I have read here but that I may have said worse when I was younger. Being married to my wonderful wife for the last 12+ years has taught me a lot along with losing my hair and not looking/feeling so young anymore.....LOL

Best to you

Robert [/B]

Hi B

s here.... i read once in a blue moon to see how you are doing ... this forum is q. interesting ... some posted target $200 to 2 Million... $400 to 5m etc...reading some of the posts here can be fun n good laugh... however,,, i find that's some good traders here ... like lescor, hello, big hog and neke (neke should work in a big firm doing full-time trading instead of trading behind his boss...he can make at least half a million including bonus if he's able to work in a big firm)

I think Mike is a good guy ... sometime the person who is honest and brave enough to tell us what's wrong with us ... is the person who slapped us to wake-up and take a good look within ourself and we can benefit from his wake-up call...

When I started trading more that 20+ ago ... my guru/teacher is the top-gun ... the real elite trader ... oh boy ... he's so... so good at pointing out the smallest mistake we made ... he expected 99.9% from us.... we failed him ... few of of us only 98.9% ... he is still the best ...

He told us from day one ....only about 10% can make big $ and less than 5% super rich because of trading... 90% losing $ eventually in the market.... he said we are raw diamonds and only the ones who can endure fire...heat ...can become sparklintg diamond... everyday we~ the chosen trainees were in a pressure-cooker... if we didn't produced good result ...seeya bye~~~ good luck and best to u ... the training is just amazing and superb ... We are so thankful because of him we became good warrior not only in trading but in life too.

Life is too short to made enemy and yes make love not war ... John & Yoko are the best!

B... i think u have to decide what u want to be a good lawyer or a good trader? 20 years later you are going back to school to become a lawyer??
If ...to get a law degree to enchance your knowlege it's ok but to have a good career ...hmmmm...my lawyer now is in his early 30+ and he's the senior partner in the firm... i am very interested in architecture but i will not go back to school to get an achitect degree ...

I am multi-tasking but i have great assistants to help me to hit all my targets ... that's only 24hr in a day ... if alone without help ... i can't do much! You are a good husband a good father and trying to become a good trader and good lawyer ... then you are really a superman ... but in the real world ... sorry! ... superman only can survive in the cartoon and movie.

Wish you well ~~~

 

[Brianharvey]

good luck dude.
I used to read your journal over on another trading forum.
Everyone knows how practically everyone loses money daytrading and so when you were posting big positive days everyday last year everyone (including myself) just assumed you were full of it! not sure i can mention the site, but its a British one, and the Brits tend to be even more skeptical of someone claiming to be successful!
That's probably why you got no reponses on that particular forum on your journal!

However, openely admitting to your recent losses proves to me that you were not lying. I know that you'll turn the corner again soon and start killing it again.

Im new to trading and the more people I see who are able to consistently profit from daytrading, the more hope it gives me that the few who are successful aren't just the same 5% who you would find could make a living playing roulette due to the variance of luck.

 

[NoDoji]

Quote from Robert Weinstein:

Hey NoDoji,

Thanks, good day from start to finish with maybe LXK giving me some stress. It really should not have as it was all setup to hold overnight but I just didn't want to see a great day disappear. Maybe a case of the PnL helping me make "choices"....urgggg

Did Mr. Nod get the ATM machine going? if so is it kicking out $20 bills or $100 bills yet?

Here's to a great day tomorrow

Robert

Goldman Sachs just raised LXK from "conviction sell" to "sell", so you were actually ahead of the game, selling it yesterday but not having the conviction to hold overnight

Mr NoD started the ATM yesterday morning and it did what it was supposed to do - not trade. Turns out he had a minimum account level programmed in and the live account he was using didn't meet the minimum so it never traded. Looks like today or tomorrow will be the test.

A word of warning regarding using IB's demo account to test automated trading. Our system does many of its trades in the first 20-30 minutes and IB sim has big problems with fills during the first 15 mins or so. An awful lot of trades that triggered during testing never filled, so we had to manually review everything day after day to see what "woulda" happened.

 

[DblArrow]

Quote from NoDoji:

I need to figure out IB stops, too. In the past couple weeks I had a trade stop out without price so much as moving near it in booktrader; then the next day I think it was, same stock, I had price go right past my stop and keep going. A lot of good that does for risk mgmt! I can understand when there's a wider spread the trigger process may be different, but the 2 trades with this conflicting STP handling had no spread whatsoever.

As you know IB data is not all inclusive - it is simply a snap shot in time. I have had so many stops hit (futures) with out price showing in either the book or charts that finally calling them - they send out a copy of the time and sales for the time in question and it shows trades executed at the proper price. How price could run through without being filled is a bit of a mystery howerver.

 

[Robert Weinstein]

Hi JN,

I took a look and I see what you mean.

I would not have traded that anymore (reminds me of AIG and some others). The price was low relative IMHO to the MAs and especially the 200MA which was falling and way above so if anything LEAP was oversold for me.

Also I have found in the last hour the selection of fading a trend must be very extreme as prices that are hitting HOD with one hour to go generally (for stocks I am watching) continue higher into the last hour.

While it would be great to say I would have gone long I don't think I would have traded it either way.

I hope this is of some help

Best to you JN

Robert

Quote from jnbadger:

Hi Robert.

One quick q (way off the current convo).

I was looking through your posts from Monday, and I didn't see anything about LEAP. Does something like that show up on your radar, or was it too late in the day?

That little bastard smoked me for 1300 bucks due to having a standing order out there before the news.

Great thread.

 

[Robert Weinstein]

Hi S,

Thanks and interesting post.

I am not planning on changing from a trader to lawyer. Its something I always wanted to do and I have the opportunity to do so. Also as you pointed out the failure rate is high in this business and at the very least its good to have a plan 'B' when you have a family.

So far going back to school has been a two way street with trading. It takes a lot of time but I have learned some things that have been very helpful that I would not have learned otherwise. I have no regrets for going back to school and thankful that I have a family that supports me and the ability to do so.
Best to you

Robert

Quote from ~~~:

Hi B

s here.... i read once in a blue moon to see how you are doing ... this forum is q. interesting ... some posted target $200 to 2 Million... $400 to 5m etc...reading some of the posts here can be fun n good laugh... however,,, i find that's some good traders here ... like lescor, hello, big hog and neke (neke should work in a big firm doing full-time trading instead of trading behind his boss...he can make at least half a million including bonus if he's able to work in a big firm)

I think Mike is a good guy ... sometime the person who is honest and brave enough to tell us what's wrong with us ... is the person who slapped us to wake-up and take a good look within ourself and we can benefit from his wake-up call...

When I started trading more that 20+ ago ... my guru/teacher is the top-gun ... the real elite trader ... oh boy ... he's so... so good at pointing out the smallest mistake we made ... he expected 99.9% from us.... we failed him ... few of of us only 98.9% ... he is still the best ...

He told us from day one ....only about 10% can make big $ and less than 5% super rich because of trading... 90% losing $ eventually in the market.... he said we are raw diamonds and only the ones who can endure fire...heat ...can become sparklintg diamond... everyday we~ the chosen trainees were in a pressure-cooker... if we didn't produced good result ...seeya bye~~~ good luck and best to u ... the training is just amazing and superb ... We are so thankful because of him we became good warrior not only in trading but in life too.

Life is too short to made enemy and yes make love not war ... John & Yoko are the best!

B... i think u have to decide what u want to be a good lawyer or a good trader? 20 years later you are going back to school to become a lawyer??
If ...to get a law degree to enchance your knowlege it's ok but to have a good career ...hmmmm...my lawyer now is in his early 30+ and he's the senior partner in the firm... i am very interested in architecture but i will not go back to school to get an achitect degree ...

I am multi-tasking but i have great assistants to help me to hit all my targets ... that's only 24hr in a day ... if alone without help ... i can't do much! You are a good husband a good father and trying to become a good trader and good lawyer ... then you are really a superman ... but in the real world ... sorry! ... superman only can survive in the cartoon and movie.

Wish you well ~~~