Weinstein Trading and Fading

NoDoji · Feb 5, 2010

Quote from Robert Weinstein:

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- 28344 Month

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LMAO! When I first saw this I thought, "Oh no, he had an overnight ARG short..."

TheAngryHermit · Feb 5, 2010

Damn, only -854? I was hoping for more than that.

caementarius · Feb 5, 2010

Quote from Robert Weinstein:

I should have taken stops today. What an awful day. I blew out much of my account and I am probably done at this point at least for a while.

- 27622
- 28344 Month

Have a good weekend everyone
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heh heh
good one!

FattBurger · Feb 5, 2010

Quote from Robert Weinstein:

I should have taken stops today. What an awful day. I blew out much of my account and I am probably done at this point at least for a while.

Well not so fast. I guess I did take my stops and in the end I took a loss but it was not too terrible. (hey its Friday and I can have a sense of humor too ....)

I just could not get a handle on UPL, sold at the bottom of the first move down only to buy it back up as it moved to the top where I completed the buying which just happened to be the top of the move. This went back and forth several times which resulted in losses racking up. The other trades today worked out ok less FCX.

UPL started out like I said as a short and then it turned into a long and then a short and back and forth. I did end up getting some of it back on the last large leg up. To top it off I even shorted near the EOD and was able to get a very small amount from that. While the total is pretty large it was 200 and 300 at a time. This stock simply had my number today and There was not much I could do about it. I did almost trade USO at one point as that was oversold as well but stayed with UPL. I would have guessed that they would have stayed closer together but it took until the end of day for the differences to merge. Someone with experience with pair trading might have done well with that trade. I donât know enough so I didnât consider it past the thought that it might have been a good trade. I will say for as bad as UPL was I did take stop losses while trading through the trade. This allowed me to stay with the trade while becoming smaller and smaller as it went against me. While this method normally ends as a loss it also keeps the trade from getting really nasty as well. â 1128

APD was was oversold I thought in light of the company breaking out the checkbook to buy other companies. Just a small size trade at the open of 100 shares that just about netted a dollar each share. + 98

ARG was overbought even in premarket. with an offer to buy of 60 and a hope of getting more when APD was getting hammered for its offer seemed like a good risk to reward. I shorted and it started to go my way and came back and I took the stop. It did end up falling for much of the day but at the time I put on a 100 share trade and kept a tight stop loss. when it when in the green I moved the stop to just better than green and sure enough it was hit before falling further. + 9

FCX was an ok trade that I made a few dollars in but went to the cookie jar to many times. I had a small gain but closed out half of the short in after hours for a loss which took the gain. I still have my bid in and perhaps it will get hit. If not I am ok holding what amounts to a very small gold short over the weekend. -2

LINE oversold long. + 64

MDVN overbought short. new method of qualifying that I need to come up with an official name for. For now I will call it MW signal. Its still new so I kept the shares light. Does show a lot of promise in backtesting. Its not a new signal in concept but new in my ability to scan for it. I expect to be making several of these trades per week + 102

TM puts. Still short the Feb 65 puts but I did put a bid in at .25 thinking it might get hit. I sold them for .76 so I thought for one day that would be worth walking away. The LOD was .25 but surprise surpise with IB my bid was not hit. I donât have a a factual basis for this but it sure feels like its rare to get hit first even when first to enter at a price point. I understand there are multiple venues of the marketplacebut since IB generally puts limit orders on CBOE from my experience which also happens to have much higher change of order fees it would seem that at least I would be getting hit more in relation to my timing of order entry. Looks like the options will be live until next week in which I would expect to close them out by the end of next week. The IV does not appear to have changed much although the price of TM sure did move nicely today. Looks like next time I better do a better job of calculating the relative IV for the move I expect. I think the biggest problem was waiting as long as I did to selll them. In the AM the IV was much higher as the stock was hitting new lows below the previous days low. The problem with that is like everyone else I donât really know when it will stop so I have to wait until near the close to calculate the expected result on the following day. It appears everyone else did tooâ¦â¦ true numbers for the are not good but I guess this is part of the business minus eighthundredfiftyfour for the day and minus 1576 month. The numbers below are just for fun for those crossing their fingers in being able to read my destruction everyday.

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- 28344 Month

Have a good weekend everyone
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Find one or two stocks, futures, ETFs and trade them only. I guess Trading in The Zone did not help you. I have read that book and the Disciplined trader. May I suggest The Principles Of Self Mastery by Napoleon Hill.

Robert I have been following the Dow Diamonds and the Dow mini futures contract for 7 years. Everyday just watching these two. I have done ok, not great but I'm still in business.

I think you need to step away from the markets for a while, tend to your family, get your mind off the markets. Then come back later. The markets will be here.

Ciao!

limitupmike2 · Feb 5, 2010

Sorry to hear about your losses robert, but .. i guess i told you sooo! my best call all year was my call about you blowing out this month!!!!!
well.. hello law school.. bah bye trading.. i hate to be the bearer of bad news but i would say this even if i was your friend...it is time to move on! trading should be over for you.

Quote from limitupmike2:

one day is not a habit or a routine! I am still waiting for Mr.BLOW UP.. robert Weinsteinberg to have a huge loss day that wipes all of his hard work for the month.. happens everytime like clock work..

no offense but i check your journal to remind me of what I used to do a long time ago.

Anyway .. i think you are above average with consistent small profits, but that never made anyone rich especially when you tend to give it all back to the casino by the end of the month.

I'M STILL WORRIED ABOUT YOU ROBERT W.

Careful our there.. the next big loss is lurking right aroudn the corner.. you know it's there ... now how are you going to stop it!!!

WHAT IS YOUR MAX DAILY LOSS? MAX TRADE LOSS?

if you have to think about this answer then you are not ready adn destined to blow out your profits.. again and again and again
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Full Tilt · Feb 5, 2010

Quote from limitupmike2:

Sorry to hear about your losses robert, but .. i guess i told you sooo! my best call all year was my call about you blowing out this month!!!!!
well.. hello law school.. bah bye trading.. i hate to be the bearer of bad news but i would say this even if i was your friend...it is time to move on! trading should be over for you.
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and..... cheese, once again, catches the slow-witted mouse.

Pension_Admin · Feb 5, 2010

Quote from limitupmike2:

Sorry to hear about your losses robert, but .. i guess i told you sooo! my best call all year was my call about you blowing out this month!!!!!
well.. hello law school.. bah bye trading.. i hate to be the bearer of bad news but i would say this even if i was your friend...it is time to move on! trading should be over for you.
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Errr, I think you just got head-faked by Robert.

Lesson of the story: You can't trust a lawyer! lol

Billybob543 · Feb 5, 2010

Quote from limitupmike2:

Sorry to hear about your losses robert, but .. i guess i told you sooo! my best call all year was my call about you blowing out this month!!!!!
well.. hello law school.. bah bye trading.. i hate to be the bearer of bad news but i would say this even if i was your friend...it is time to move on! trading should be over for you.
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I think that I will have to concur with limitupmike.

Robert, it's probably time for you to move on to something more positive for you besides trading. You may be letting life pass you by if you continue with this endeavour. It's OK to admit defeat and cut your losses. I quit trading last year and it was the best move I made to date, as a new world of business opportunities opened up before my eyes that I was not able to see.

Take the money that you have left and put it into a more achievable and proven enterprise.

Edit: Trading is like wasting your life away by playing video games.

NoDoji · Feb 5, 2010

Quote from Pension_Admin:

Errr, I think you just got head-faked by Robert.

Lesson of the story: You can't trust a lawyer! lol
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He sure did. Kind of reminds me of the old test for how well you follow directions:

http://www.kidcrosswords.com/kidreader/old_candy_factory/directions_test.htm

jnorty · Feb 5, 2010

But didn't robert still lose money today? The question was asked robert and you never answered. since you've really made little money the last 2 years how are you paying your bills? if you have 3 kids you must be spending 6-8k a month in exp's. so in 2 years you've laid out 170k in exp's and made little. you must have had some serious $ before entering this game.but actually your retunr is better than 95% of traders who lose money so to that i say congrads.