Weinstein Trading and Fading

Hello Geez,

LOL, I can officially say you beat me lots of days !!

I am also sure that you will beat me lots more and that would be great. (well great in the days that I also make gains.....LOL)

This current market in the last few months has been so strong upwards. Great for my style of trading.

Best to you

Robert

 

Today started out fast and ended pretty good as well.

CTRP which is a company I like and have used during trips to china gapped up big today. I was able to trade it for about nine minutes today. Not my biggest gain but one of my best on a per minute basis….LOL

CTRP DS,GU, + 3431

WINN moved up to over 32% higher and went over 15 a key price during the last hour of the day. It appeared to be the last blow off of the day and I stepped in and shorted very near the HOD. It played with my ave price a bit before finding the way back down but was pretty smooth all around. Thanks Jake for calling this one out.

WINN DS, + 512

POT DS, + 473

+ 4417 Day / Week
- 23189 Month

18K shares

 

Robert,

I have been following your journal for quite some time and you are one of the most focused, professional traders out there. Congrats on your focus, discipline, hard work, and results.

I have been investing for many years and have focused most of my time on longer term investments and swing trades. I am ready to move into the world of daytrading and have spent about 5 months studying and reading many approaches and tactics.(There seems to be endless ways to build a rabbit trap as you say). I have read most of the books on your list and many others.

I cannot seem to get very comfortable getting a setup of two I am comfortable starting with. Even though I backtest and I believe in starting out with small trades, I lack some confidence to move forward with this part of my system. Could you provide some insight that may make me more confident moving forward. I feel somewhat stuck where I am.

Thanks again and keep up the great work.

Wolf

 

Change in trading today. I made two longs today

Pretty much the most long trades I made this year.

I did have one short today with CME and at 275 a share its save to say that I kept my size small.

MGM, wow down 30% at the time I am writting this. The wire I listen to gave an update with SnP and it appeared SnP was saying good things about MGM. It appeared to me that the sell off reached its full panic stage and so I stepped up to see if I could get ‘lucky at the casino’ and did ok. I scalped it as much as traded it and kept my size small as well.

MGM + 129

DPS + 3

CME + 543

+ 676 Day
+ 5093 Week
- 22513 Month

~ 5500 Shares

 

Hello Riskymove,


Thank you for taking the time and effort to provide your opinion, suggestion, and for sharing your experience.

Thanks also for your kind words. Over the years of trading the losses haven't become any easier to take but actually dealing with a loss has become easier. I think this comes from now knowing that a loss doesn't spell the end of my trading or that I will not get it back. I have learned to understand that I can get it back and that trading is a numbers game.

Best of trading to you

Respectfully,

Robert Weinstein

 

Even with the market moving up nicely it was more or less a slow day

I did have one really nice trade though that makes the whole day.

GIL gave me a very nice short signal and while I entered in a little early it worked out just as expected. At the HOD it was up over 30% for the day and it didnt even gap part of that. Not sure if its a record day trade for me but I think it is (I don’t keep track) and either way I am happy with it.

GIL B6+, + 4930

AMSC DS, + 249

+ 5180 Day
+ 10273 Week
- 17333 Month

~ 41K shares

 

Awesome trade, Bob! But I don't think it's a record. My memory is only semi-photographic, but I believe you had a $6000+ day trade on TIF or TRA or one of those "T" stocks last fall

 

For an options expiration day it sure wasn’t very busy at least for me.

I sold some HIG 17.50 calls when it appeared to me that the premium was higher than what I thought it should be at. That thought turned out to be valid as the premium melted away after the first hour of trading.
HIG May 17.50 Calls + 193

RHT was the only stock that I traded and it came close to closing out at a nice gain but then moved back higher and as it did I shorted more. It closed at my BE area but I am carrying over to Monday unless my bids get hit in after hours trading which I have seen happen from time to time. I did scalp RHT once or twice on the way up for a small gain.

RHT B6, + 9

I also sold some BYD puts a few weeks ago that expired today. the 2.50s that even at the time I sold them were out of the money a ways but I felt bullish about BYD in that I did not think it was going to go BK when they offered to buy a Coast Casino property. It was a small trade but it all adds up.

BYD May 2.5 P, + 193

+ 395 Day
+ 10668 Week
- 16938 Month
~ 4800 Shares

 

Hello Wolf,

Thanks very much for reading my journal and for taking the time to make a post. Especially thanks for your kind words.

Its a good question that we are all faced with. Finding new ways to maximize our return for the effort we put in. I know I look for different time frames to trade in and currently been going out a week or two but staying very small in doing so.

One thing to consider when changing your time frame is to ask if its worth it. If your going to be sweating bullets and missing out on other trades due to the time devoted to new time frames it may not be worth while.

Your personality may be best suited to trade in the time frame your currently in and a focus there for new setups may provide a better return on your time and effort

On the other side of the coin its no surprise that the reason why so many fail is that they refuse to leave their comfort zone. Letting losers ride and cutting winners short is a classic example of doing what feels right is wrong.

If you feel that the backtesting and your other research shows you have a profitable method/setups along with your exits than you could micro size the trades to the point that your comfortable with. If your like me and pay a per share charge then maybe 25 shares or 50 shares would be a size you could trade and stick to your plan with. There are no rules (for the most part) that says you have to trade a minimum of 100 shares.

Another way is to just wait for low priced stocks to fit your criteria so that your outlay is small compared to your overall capital.

Remember that you don't want to get to caught up in any one trade, good or bad. The idea is to let the odds work in your favor from an edge that you develop and to stay small enough that the risk to ruin doesn't have much of a chance to get you.

I hope that I provided some help and please let me know your progress and/or choices with daytrading.

Respectfully,

Robert

 

*************

1) no trades, 2) two longs, 3) high priced stock

That's three uncharacteristic actions in one week.

This can mean only one thing: Mr. R.W. is pregnant