Weinstein Trading and Fading
- Thread starter Robert Weinstein
- Start date
Firstly, let me say a big thanks to the people wearing the uniform so that I may sit here and trade without worrying. It was a good day but very frustrating as IB really dropped the ball.
After the market opened I tried to cover my TTM calls that I was short from yesterday and I clicked on the bids and waited and watched the prices move through my bids and nothing happened. I was so frustrated and upset with IB. I called them up and they said that some of the markets for the options were not open yet and that the only one was AMEX. In order to get executed I would have to direct my orders to AMEX and not use the so called âsmartâ routing. Seeing that Timber Hill is a very large market maker in options and that I can not use smart routing when some of the exchanges are closed really started me thinking about how much is going on behind IB. I starting thinking about how they route and if the software was shit or that they want a first kick at the can with orders before sending it to the markets. So I didnt start out the day happy with IB and I am also unsure what financial impact that made because I was partially hedged with stock but I would guess at least $100 was lost due to this problem. Plus I missed out on a trade with RINO that would have been profitable while dealing with IB on the phone. I am just not happy with them right now.
AREX B9 + 201 plus I reshorted for an overnight into the close
HLYS overbought / scalp + 283
NVDA after hours earnings play + 113
TTM (hedge in pre market to lock in some gains of the options) â 1423
TTM nov 32C + 100
TTM Nov 33C + 1945
TTM DEC 34C + 271
+ 1562
After the market opened I tried to cover my TTM calls that I was short from yesterday and I clicked on the bids and waited and watched the prices move through my bids and nothing happened. I was so frustrated and upset with IB. I called them up and they said that some of the markets for the options were not open yet and that the only one was AMEX. In order to get executed I would have to direct my orders to AMEX and not use the so called âsmartâ routing. Seeing that Timber Hill is a very large market maker in options and that I can not use smart routing when some of the exchanges are closed really started me thinking about how much is going on behind IB. I starting thinking about how they route and if the software was shit or that they want a first kick at the can with orders before sending it to the markets. So I didnt start out the day happy with IB and I am also unsure what financial impact that made because I was partially hedged with stock but I would guess at least $100 was lost due to this problem. Plus I missed out on a trade with RINO that would have been profitable while dealing with IB on the phone. I am just not happy with them right now.
AREX B9 + 201 plus I reshorted for an overnight into the close
HLYS overbought / scalp + 283
NVDA after hours earnings play + 113
TTM (hedge in pre market to lock in some gains of the options) â 1423
TTM nov 32C + 100
TTM Nov 33C + 1945
TTM DEC 34C + 271
+ 1562
Quote from NoDoji:
Glad LOGI turned out very well, nice!
I've been cheating badly on CL, having a flagrant affair with 6E. Looking at CL's chart today, seems it's a little "ticked off" about that
A little late but here is my Halloween pumpkin, notice the nose Nod,
http://www.facebook.com/photo.php?pid=1926029&l=8a6bc2032d&id=1214307782
I am currently with IB but have the paperword for Hold here and I am looking it over.
IB is .0035 +/- and Hold is offering a lot better plus more leverage. A little higher montly fixed cost for data fees and a lot of hoops to jump through like fingerprinting etc....
I agree about availability of shares to short are important. sometimes the most important. I have been hearing mixed things about Hold in terms of being able to short. Everything from IB is a lot better to Hold is better.
I am trying to figure that out right now.
Congrats on your day. Thats a big gain for one day. Now that you know how to do it we expect the same everyday : o )
Have a great weekend
Robert
IB is .0035 +/- and Hold is offering a lot better plus more leverage. A little higher montly fixed cost for data fees and a lot of hoops to jump through like fingerprinting etc....
I agree about availability of shares to short are important. sometimes the most important. I have been hearing mixed things about Hold in terms of being able to short. Everything from IB is a lot better to Hold is better.
I am trying to figure that out right now.
Congrats on your day. Thats a big gain for one day. Now that you know how to do it we expect the same everyday : o )
Have a great weekend
Robert
Quote from GG1972:
What broker are you with now if i may ask? Schwab is pretty good-although they dont offer .006/share commision that they once offered cybertrader clients. But execution and availability of shares to short would be my main concerns. Best day yesterday of my career up27% on entire account. Trade carefully I think OPEX has come early
Zzzzzzzzzzz what a slow Friday. Made a few pennies here and there but nothing big. The good part of such a sleepy day is that I was able to end the week flat and put another few points on the board for the week.
I had an overnight that I actually tried to get more short in after hours with offers but none where lifted. Its not based on a new or old signal but after as many hours of screen time I have noticed a strong pattern of when a stock is likely to open lower the next day. Working out the details to automate it has taken some time and will continue to do so. For now I guess I am glad to have one more tool to work with.
This ends a very good week and I received the paperwork for Hold Brothers on Friday. Looking at their software has led me to look for a programmer that can write up a depth of market book trader like IB has so I can continue to trade the way I am used to. The real questions I am faced with is if Hold will be able to supply the short shares as well or better (hoping for better) than IB. With Hold offering lower commissions and if their short supply is better it would appear that my ending gains should go up dramatically as I will not only save on execution cost but will be able to employ some trading that is currently not profitable due to execution costs. The mountain of paperwork is a bit daunting to say the least though.
AREX overnight without a code name yet + 159
A + 179
DECK â 28 (27.02 was commissions and taxâ¦..)
FO B9 some in pre market and some in after hours + 128
MSCC + 29
PDE + 22
SFY + 4
+ 495
I had an overnight that I actually tried to get more short in after hours with offers but none where lifted. Its not based on a new or old signal but after as many hours of screen time I have noticed a strong pattern of when a stock is likely to open lower the next day. Working out the details to automate it has taken some time and will continue to do so. For now I guess I am glad to have one more tool to work with.
This ends a very good week and I received the paperwork for Hold Brothers on Friday. Looking at their software has led me to look for a programmer that can write up a depth of market book trader like IB has so I can continue to trade the way I am used to. The real questions I am faced with is if Hold will be able to supply the short shares as well or better (hoping for better) than IB. With Hold offering lower commissions and if their short supply is better it would appear that my ending gains should go up dramatically as I will not only save on execution cost but will be able to employ some trading that is currently not profitable due to execution costs. The mountain of paperwork is a bit daunting to say the least though.
AREX overnight without a code name yet + 159
A + 179
DECK â 28 (27.02 was commissions and taxâ¦..)
FO B9 some in pre market and some in after hours + 128
MSCC + 29
PDE + 22
SFY + 4
+ 495
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For the most part it was a slow day. Only one ârealâ trade that made some nice coin.
TSLA went overbought and I was able to short a spike for a nice gain. Otherwise I did short some size with ISLN as it was being bought out for 33.85 and was trading above fair value. I thought I would end with a better gain with ISLN than I did. the deal with ISLN was closing very quickly though and I didnât see that until after I was short and calculated the expected gain. Normally I would have expected a pullback from the buyout price of at least 40 cents but this one is closing before the end of the year (or at least is scheduled to) so the fair value was much higher than normal.
COCO gave some tough love to me today. Moved higher and I closed out some of the shares with the plan to short some puts in its place. I became busy with ISLN and when I went back to COCO the price spiked higher so I decided to wait on the puts. Then at the close of the day I was closing out ISLN and didnât get a chance to short the puts I wanted to for a second time. I will look to short again during the open tomorrow provided the price hasnât gapped higher. ONP died after the earnings came out and it was horrible. I really wanted to short this dog but that would be going off the ranch and not following the rules so I took a pass. I did make a few pennies with my 200 share fade of the move down though. THOR was another fade that I missed my target by 2 cents and then stopped out just above my BE.
In the end I made a little bit but it really felt a lot more like a Friday than a Monday. Maybe not such a bad thing as I was tired today. F is interesting to watch and I think it might be setting up for a very nice short at some point if it keeps going. Especially if it moves higher into the GM IPO on Thursday.
COCO + 4
ISLN + 225
ONP + 55
THOR + 11
TSLA + 296
+ 593
TSLA went overbought and I was able to short a spike for a nice gain. Otherwise I did short some size with ISLN as it was being bought out for 33.85 and was trading above fair value. I thought I would end with a better gain with ISLN than I did. the deal with ISLN was closing very quickly though and I didnât see that until after I was short and calculated the expected gain. Normally I would have expected a pullback from the buyout price of at least 40 cents but this one is closing before the end of the year (or at least is scheduled to) so the fair value was much higher than normal.
COCO gave some tough love to me today. Moved higher and I closed out some of the shares with the plan to short some puts in its place. I became busy with ISLN and when I went back to COCO the price spiked higher so I decided to wait on the puts. Then at the close of the day I was closing out ISLN and didnât get a chance to short the puts I wanted to for a second time. I will look to short again during the open tomorrow provided the price hasnât gapped higher. ONP died after the earnings came out and it was horrible. I really wanted to short this dog but that would be going off the ranch and not following the rules so I took a pass. I did make a few pennies with my 200 share fade of the move down though. THOR was another fade that I missed my target by 2 cents and then stopped out just above my BE.
In the end I made a little bit but it really felt a lot more like a Friday than a Monday. Maybe not such a bad thing as I was tired today. F is interesting to watch and I think it might be setting up for a very nice short at some point if it keeps going. Especially if it moves higher into the GM IPO on Thursday.
COCO + 4
ISLN + 225
ONP + 55
THOR + 11
TSLA + 296
+ 593
And I thought yesterday was slow.
The market was moving but it didnât give me anything that I wanted to trade. I managed to get a trade done today shortly after the open but thats all I was able to really get done today in trading. I did manage to talk to Hold Brothers today some more and each time I am more impressed with them. Currently trying to figure out how to get some features programmed with their software so I will be able to trade on their platform.
URBN 10m bar double overbought signal + 338 (traded this more than once but the majority was done in the first signal, second time was not much of a signal and closed it out)
BAC after news scalp and then simply went back to holding off until something bigger comes along. + 3
Watching GM like everyone else. This should be interesting on Thursday. Also looking at adding a lot more COCO as the price moved back lower
+ 341
The market was moving but it didnât give me anything that I wanted to trade. I managed to get a trade done today shortly after the open but thats all I was able to really get done today in trading. I did manage to talk to Hold Brothers today some more and each time I am more impressed with them. Currently trying to figure out how to get some features programmed with their software so I will be able to trade on their platform.
URBN 10m bar double overbought signal + 338 (traded this more than once but the majority was done in the first signal, second time was not much of a signal and closed it out)
BAC after news scalp and then simply went back to holding off until something bigger comes along. + 3
Watching GM like everyone else. This should be interesting on Thursday. Also looking at adding a lot more COCO as the price moved back lower
+ 341
Great day today. To bad I wasnât here to see it.
I started out the day with LDSH trading it back and forth with a long bias. It seemed to trade below fair value for much of the day but the real money was made in the opening. I did add to it during the closing but that was just gravy.
While I was not happy that I missed out on a great IDT short trade due to my scanning software limitations I went from not being happy to really sweating out NTAP. First I went short which was not what I normally do but one did not need a bigger sign flashing neon that earnings were leaked and they would not be good. I took that ride for a smaller amount than maybe I should but again it is not my kind of trade. I then went long when my computer said in just as big of flashing neon âoversoldâ. Traded it back and forth when all came to a quick stop. At the same time I had a doctor appointment to go to so I needed to leave my orders and the trade. IB would not allow me to enter my closing trades during the halt (why they could not simply take the order and hold it until it opened back up is way beyond my understanding. Once again IB dropping the ball IMHO). I had most of the shares already with covering orders and in fact there was some orders that could have put me short had the stock really moved back to where it was trading earlier in the day. At the doctors office though I thought I was still needing to cover 200 shares so while waiting I entered into my phone the order and that was taken. Came back home with the thought that I may or may not be totally out but knowing I made some coin due to the total value of my account (I had outstanding orders with both LDSH and NTAP when I left but only some of the orders showed on the phone and it put me flat both stocks so I thought there was an error in reporting). Upon signing in and checking I was flat and banked a nice gain.
That was about all I could ask for. Now flat and looking forward to seeing how the market moves tomorrow with the GM IPO coming to a town near you.
LDSH + 501
NTAP + 1157
+ 1658
I started out the day with LDSH trading it back and forth with a long bias. It seemed to trade below fair value for much of the day but the real money was made in the opening. I did add to it during the closing but that was just gravy.
While I was not happy that I missed out on a great IDT short trade due to my scanning software limitations I went from not being happy to really sweating out NTAP. First I went short which was not what I normally do but one did not need a bigger sign flashing neon that earnings were leaked and they would not be good. I took that ride for a smaller amount than maybe I should but again it is not my kind of trade. I then went long when my computer said in just as big of flashing neon âoversoldâ. Traded it back and forth when all came to a quick stop. At the same time I had a doctor appointment to go to so I needed to leave my orders and the trade. IB would not allow me to enter my closing trades during the halt (why they could not simply take the order and hold it until it opened back up is way beyond my understanding. Once again IB dropping the ball IMHO). I had most of the shares already with covering orders and in fact there was some orders that could have put me short had the stock really moved back to where it was trading earlier in the day. At the doctors office though I thought I was still needing to cover 200 shares so while waiting I entered into my phone the order and that was taken. Came back home with the thought that I may or may not be totally out but knowing I made some coin due to the total value of my account (I had outstanding orders with both LDSH and NTAP when I left but only some of the orders showed on the phone and it put me flat both stocks so I thought there was an error in reporting). Upon signing in and checking I was flat and banked a nice gain.
That was about all I could ask for. Now flat and looking forward to seeing how the market moves tomorrow with the GM IPO coming to a town near you.
LDSH + 501
NTAP + 1157
+ 1658