Quote from trader#21:
Do update on your thoughts about it, whenever possible
21,
Thanks and I will be right in the start of May
Best
Robert
Weinstein Trading and Fading
- Thread starter Robert Weinstein
- Start date
21,
Thanks and I will be right in the start of May
Best
Robert
Hi Yobo,
Well thanks. Good to have any skills.
It is interesting you use the term train wreck. I am sure many would agree. I started full time trading in april 08 and since that date I am actually in the green but I surely could have made a lot more doing something else during that time.
I do actually have a blog and it makes a very small amount in ad dollars from google but not enough to really matter.
I am not stopping trading and I will continue to put my results on my blog and I may even continue putting them here. In May when school is over and my schedule allows for more time I will be back on ET in full force again. probably with a lot more sleep in me as well.
thanks
Robert
As I brought up in the last few posts I am going to suspend my responding to posts. ET is awesome and I learn a lot and get so many ideas that I find it a very valuable resource.
I am however trading full time, taking over a full time load of college and have three young boys at home that would like to see their dad for more than a few hours a week.
I gave up the PnL posting thinking that would save me at least an hour a week and it probably did. I estimate that if I give up posting on ET I will free up at least five hours a week and I plan on spending that time with my sons while they still want to spend time with me.
I will be back in May when school is done(or maybe sooner) and I would guess I may disappear again in the fall at the start of school.
If anyone is really interested in following my progress (and I don't at least copy and paste my results) I have a blog and with a PM or two to different people I am sure anyone can figure it out. I am not going to spam it here though.
Have a great spring and make some big bucks
Robert
I am however trading full time, taking over a full time load of college and have three young boys at home that would like to see their dad for more than a few hours a week.
I gave up the PnL posting thinking that would save me at least an hour a week and it probably did. I estimate that if I give up posting on ET I will free up at least five hours a week and I plan on spending that time with my sons while they still want to spend time with me.
I will be back in May when school is done(or maybe sooner) and I would guess I may disappear again in the fall at the start of school.
If anyone is really interested in following my progress (and I don't at least copy and paste my results) I have a blog and with a PM or two to different people I am sure anyone can figure it out. I am not going to spam it here though.
Have a great spring and make some big bucks
Robert
Best of luck , Bob!
As time will allow I will post my results
Not much for signals today
I received a signal RGC that did not fully complete for a full short and was getting near the close so I covered it and called it good + 8
ANF is a gapup +1 which is an ok signal. The last one I traded was HAR and that had similar price action. I expect it to retrace in the open and or to continue down through the day.
+8
Not much for signals today
I received a signal RGC that did not fully complete for a full short and was getting near the close so I covered it and called it good + 8
ANF is a gapup +1 which is an ok signal. The last one I traded was HAR and that had similar price action. I expect it to retrace in the open and or to continue down through the day.
+8
No shares available
AIG gave a sell signal but IB didnât have shares to short. Interesting thing is that TS did have them but that was not an option as the account is not large enough to use as effective fading.
Knowing how large the trading in AIG is I thought I would take a look at the options to see what type of volume there was and how close of a beta I could find. As it turns out the 30 and 31 march calls had a very tight beta and also had a small spread allowing for the options to be an appropriate substitute for shorting. One thing I hate about options though is how the markets still give the market makers a huge (illegal in my opinion) advantage in that both side of the market can not be engaged in at the same time with the same account. This means that I can not make a market and trade into a position as easily as I can with a stock. The action was heavy enough though that I saw this as a very small relative hindrance. Also by being able to use the 30s and the 31s at the same time I could effectively trade both sides of the market as they both had the same characteristics. I ended up trading both but stayed small with a total of 3 contracts (2 and 1) as it was obvious that news was about to be released (no news had been released at the time of the trades)
+ 42
+ 97
ANF fell as expected but not as much as I would have liked. I did trade it both ways but not aggressively. I ended up putting in orders near my BE and above 43 as I left to go to the Doc. I thought I would be able to take some time in the waiting room to manage the trades but as it turns out I needed to go into the basement level and I had no phone coverage. Upon getting out I checked the trades and found all my bids hit except one at 42.7x. At the time there was about 10 or less minutes left in the day and the NBBO was 43.02-3 with my cost of about 43.18 I decided to close out the last 100 shares and adjusted the order to bid it at 43.02 which was hit. Not the worlds greatest trade as I was right back where I was in premarket today (although now at a higher basis) + 59
+199
AIG gave a sell signal but IB didnât have shares to short. Interesting thing is that TS did have them but that was not an option as the account is not large enough to use as effective fading.
Knowing how large the trading in AIG is I thought I would take a look at the options to see what type of volume there was and how close of a beta I could find. As it turns out the 30 and 31 march calls had a very tight beta and also had a small spread allowing for the options to be an appropriate substitute for shorting. One thing I hate about options though is how the markets still give the market makers a huge (illegal in my opinion) advantage in that both side of the market can not be engaged in at the same time with the same account. This means that I can not make a market and trade into a position as easily as I can with a stock. The action was heavy enough though that I saw this as a very small relative hindrance. Also by being able to use the 30s and the 31s at the same time I could effectively trade both sides of the market as they both had the same characteristics. I ended up trading both but stayed small with a total of 3 contracts (2 and 1) as it was obvious that news was about to be released (no news had been released at the time of the trades)
+ 42
+ 97
ANF fell as expected but not as much as I would have liked. I did trade it both ways but not aggressively. I ended up putting in orders near my BE and above 43 as I left to go to the Doc. I thought I would be able to take some time in the waiting room to manage the trades but as it turns out I needed to go into the basement level and I had no phone coverage. Upon getting out I checked the trades and found all my bids hit except one at 42.7x. At the time there was about 10 or less minutes left in the day and the NBBO was 43.02-3 with my cost of about 43.18 I decided to close out the last 100 shares and adjusted the order to bid it at 43.02 which was hit. Not the worlds greatest trade as I was right back where I was in premarket today (although now at a higher basis) + 59
+199
Quote from NoDoji:
Why even bother shorting AIG. Unlike most things, it seems to run up twice as fast as it falls. So when you notice it's been consolidating for a while in a narrow range on low volume, just put a buy stop above the high the range
Wishing I would have done that yesterday at around 1 p.m. perfect set-up and it rocketed up, I'll keep a closer eye on it now keeping that in mind, I like to trade it off the pivots but it's like a wild bull ride sometimes, it goes crazy for no apparent reason.
Pretty good day of trading.
Great results but I think I could have done a better job of trading. Some trades that didnât need to be taken where ITMN PSYS. ROVI could have been taken at a higher price when I shorted it. They all worked out well especially ROVI but I can improve by raising the selective entries.
ITMN was little more than a scalp and the risk v reward was not as good as it should have been. PSYS was during the close and again a scalp but I would have been just as well off passing on it.
ROVI gave conflicting entry prices as well as missed a couple of scalps by a penny so I was not able to build up my basis price as much as I would have liked. I guess my feel for the stock was correct as it looked way overdone but I didnât stick around long enough to really get a lot of the downward move. I became very focused on the 10min 9MA that it was bouncing on and felt that it might find support there and carry back higher. As it was near but not target I took the gain and covered but my exits rules donât have it as a factor like a round number might. ROVI was a B8 short. + 412
RSH was a great short both times I shorted it and I probably should have become much more aggressive with it the second time as it really was extended. + 244
HRBN gave a great gapup signal that I executed perfectly even if I did get stopped out of some of the shares before making target with the rest. + 152
ITMN + 20
PSYS + 17
+ 847
Great results but I think I could have done a better job of trading. Some trades that didnât need to be taken where ITMN PSYS. ROVI could have been taken at a higher price when I shorted it. They all worked out well especially ROVI but I can improve by raising the selective entries.
ITMN was little more than a scalp and the risk v reward was not as good as it should have been. PSYS was during the close and again a scalp but I would have been just as well off passing on it.
ROVI gave conflicting entry prices as well as missed a couple of scalps by a penny so I was not able to build up my basis price as much as I would have liked. I guess my feel for the stock was correct as it looked way overdone but I didnât stick around long enough to really get a lot of the downward move. I became very focused on the 10min 9MA that it was bouncing on and felt that it might find support there and carry back higher. As it was near but not target I took the gain and covered but my exits rules donât have it as a factor like a round number might. ROVI was a B8 short. + 412
RSH was a great short both times I shorted it and I probably should have become much more aggressive with it the second time as it really was extended. + 244
HRBN gave a great gapup signal that I executed perfectly even if I did get stopped out of some of the shares before making target with the rest. + 152
ITMN + 20
PSYS + 17
+ 847