Weinstein Trading and Fading

I'm trading a $50K account. Until quite recently I rarely had winning days over $500, so it doesn't make sense for me to allow losing days over $500. If I average all my losing days since implementing this rule it comes to around $170. I only had one $500 losing day. When my average stop on a trade results in a loss of $40-$100 it takes a pretty bad day for me to tally up that much red. That's a signal that I'm out of sync with the market and it's time to quit.

 

I have to agree with everyone who says to scrap the fading strong moves. I lost a bunch of money my first year fighting the market. Last year was better, but still only break even. Starting the end of last year I started trading with the trend "only"...entering with stops in the direction the market is flowing. I'm now profitable. I'm not a "nodoji", but I am profitable. When people are buying, so should you.

Another thing, maybe stop posting to this journal and the p/l thread. Don't get me wrong, I enjoy reading your journal...(well, not so much lately). I think it's just added pressure that a trader doesn't need.

Anywho, good luck, Bob.

 

Traded out of the rest of SWM

SWM I closed out most of SWM in premarket trading when it was up about $3 a share. It fell back down between the time I left my house and arrived at my office so I closed the remaining shares at a loss but as a whole I was able to capture a small piece of the loss with SWM yesterday. + 876

HAR missed my target this morning when it moved lower by about 30 cents. I covered some and then added again into the close for a carryover until Tuesday. – 152

I didn’t do any other trading today. I spent my time doing homework and working on automation of trades with Ninja.

+ 724

 

Robert...

Sorry about the nasty... This week I was quite unhappy I was to serve
jury duty. I was excused one day and had my worst trading day this year.
The point is time off actually can save one money. Absolutely nothing is
lost not trading for a week. Very hard to do BUT a man is as strong as the
things he can do without. Remember Livermore on the Wall Street fool.
Taking time off is simply smart.

 

Robert,

Great to see you still going at it as I feared you were throwing in the towel from your post yesterday. As always, you just get right back up on that MPD riddled, kicking, biting, bucking yet nurturing horse we do so love
Hope your tests went/will go well and have a relaxing, focused weekend!!

 

Ha, I thought you'd stopped too. Not quit but taking a break. Glad to see you're still at it

 

Hello Myshkin,

Thanks, I am not sure that I would call it still going at it but I have not closed the account either.

Best to you

Robert

 

Thanks, Mostly just doing prep work again with backtesting and working on my game. Not much for trading as my journal entry today will show.

Thanks

Robert

 

Slow day today. Not much in terms of any viable signals I wanted to trade.

The ones that I did get I passed on.
I closed out of some of C for a small gain but as I don’t have many shares it is actually not bad. I am still going to hold some C and I will add on any serious dips under current conditions. + 25

I bought and sold HAR in very small amounts and ended up a net a less amount short. I covered some in afterhours even though today’s action suggests to me that the stock is more likely to retrace downward. The SP500 has not been of help in the last two days being short and another strong day tomorrow with the SP500 and HAR will have a hard time bucking the trend like it did today. – 276

- 250

 

Hey Robert,

$ 250.00 is fine since you made $ 750 the prior day. Look to work on your money management. If your normal profit is around $ 1,000 and you mostly have winning days, your max loss should not be more than $ 3,000 or something like that. See if you can run some reports on your profit and loss days and your win%. The goal is not to get stubborn and say today you are not going to take a loss on a trade because sometimes that is the day, you end up taking a big loss. I had 2 trades today both short, 1 win and 1 loss, and ended up losing just $ 35 for the day. I don't think I did anything really wrong today except for not waking up earlier when there were better trades. Friday, I made around $ 100 being long 1 trade. I am also working on not over trading.