Weinstein Trading and Fading

I did a large amount of my trading in afterhours

I closed out the rest of FINL with a small loss as I covered as it moved lower. I did short a small amount on the opening pop higher but did not want to go to far out. All in all a good ending to a bad mistake. – 165
CYD was a long looking for the move higher into the close. I took two tries at it during the day getting stopped out the first time and with about five minutes to go I closed it out so I would not have to carry it over. Right about the time my order closed out it started to move higher and then broke 18 (I was long at about 17.95) + 17
ELY news + 8
spoos futs, the SPY broke to the upside and I tried to go along for the ride but it was choppy for about an hour and closed it out. +7
OXM was my ‘big’ trade of the day. I only traded a few shares but traded it twice. It reported pretty good earnings but the street didn’t like the forward guidence and it sold off. I faded the sell off and made a little on the first and what I thought would be the only trade with it. Someone decided they no longer wanted to own OXM and they had size to sell. It moved the price from 21.75 to under 20 in about five minutes or less. I bought on the way down and actually bought at 19.79 which up to now is the low in afterhours with a very quick bounce higher and I covered for the majority of the gain. + 284

+ 152

 

Good job Robert,

Even without increasing size, you probably make more money per day than most of the trolls here on ET. Keep up the good work. I think anytime you can make more than $ 100 per day, is better day than having to go work for someone else.

 

Looks like overtime pays time-and-a-half for traders, too.

Thank you for that; now I don't feel like the only one who managed to take nothing more than beer money off spoos.

 

Hey Robert,

How frequently do you "go along for the ride"? Lately, my timing has been terrible. It seems that I fade when I should trend, and I trend when I should fade... aarghhh!!!! I wonder if I should be a pure trendist or a pure fader...

 

From a fairly inexperienced trader, I find that sticking to one side greatly improves clarity.......and it has improved my trades...when the stock goes against my original idea, i simply ignore it.

 

Hi Wizard,

wow you guys really have a lot to say to each other.

This is not meant to take anything away from anyone else or any other chat room but if you like your welcome to stop in the chat I am in everyday and see if its a good fit.

Shoot me a PM if you don't have the webaddress and want to stop by.

I love being in a chat room as it is the best news service I know of and the price is right..free

It has been a pretty good month and its nice to be in my groove again. Feeling busy with everything but getting a lot done.

Best

Robert

 

LOL I didnt think of it that way but as always you put a great spin on things

what happened??? looked like it was going to take off. Scalping paradise today that is for sure

 

Hi Jones,

Not often as I normally fade. I wasn't out looking for this trade. This trade found me. During fades and backtesting I noticed the pattern of the second move higher in a strong stock is usually the one that 'sticks' and when it does it will often continue higher into the close with the close being at or near the HOD. FILN is a good example of how I found out about this and why I started scaling out of FILN at a loss through the day and didnt add size to the short until the close and then again during the pop up higher in the open. (although FILN didnt really have what I would consider the 'second move' it just stayed with the first move. Of course that also meant the odds based on backtesting favored staying with it as it usually retraces.

I do feel your pain and been there so many times. I would humbly suggest picking one or the other and get as good as you can and forget the other until your so good at one that the reason your doing the other is because it is obvious you should not do the other.

In trading I think IMHO specialists get paid a lot more then generalists. Find something that works and try to make it work better and become a total master at it. Once you feel your 'professional grade' at one setup, then move on if you want and build another. On the other hand I am unsure that I am qualified to be giving out advice as I have made every mistake in the book and even invented a few new ones.

Best

Robert

 

Hi Bart,

I sure would agree that being very good at one thing is much better than average at many in this business.

Best to you and lets close out strong this quarter

Robert

 

Thanks Robert,

I have sent you a pm. Hopefully, we will both have another profitable day on Tue.