Friday, March 20, 2009

SOLD FAZ 32. 83

trade taking too long. not a good sign. tiny loss. options exp today so it will likely to be a very trciky day. better to lay low today.

14 comments:

fizzy faz said...

dude you are impatient :)
not that that's a bad thing.

still holding on to mines bought at $27, tho i'm using it as a hedge against a small long in FITB.

Anonymous said...

I hope ur not teaching ur students trading faz the way u do. because it is super risky.

Stewie said...

fizzy fazz and anon:
i am impatient with day trades that don't work right away, yes. i always seek protecttion of capital first while hunting down trades that work. taking tiny losses(down $140 on this trade)until i find the winners. that's for day trades(check out previous FAZ day trades I made over the past week). swing trades i tend to be much more patient with looser stops which is what i will be focusing on with my service. Also, FAZ is not a stock you wanna get on the wrong side of which why i only use 250 shrs with close stops. nothing risky about that. options exp today and it is historically a very tricky day to trade so this is not a day i prefer to be gung ho. today looks to be like a choppy day which another reason why i tend cut all trades out and sit tight. no need to trade everyday friends. taking tiny losses until you find the strong winners is the basic fundamentals behind good trading.
good luck fellas.

Anonymous said...

today is only choppy and narrow because everyone is waiting for the speeches at noon..... then its gona open up.

Anonymous said...

Stewie.. I appreciate the day trades will they be part of the email service or just swing trading?

thanks,
Pat

Stewie said...

Hi pat:
i will do both. i am working on a huge post that i will publish this weekend and it will outline everything you need to expect for the alerts service. I will give day trading and swing trading ideas with charts and reasons behind the trades: it is your discrection to follow it or not. I will also include premrkt watchlists and stocks that i deem very likely to be in play. I will also give constant anaylsis what i think the mrkt is seting up to do. If you have been following my blog for the past 10 days or so, then this is what this service will be doing. it should be compatible for most traders imo. look for my post this weekend and it will give you a good idea of what i am trying to accomplish.

fizfaz said...

stewie, not meant to be a criticism, just an observation.

and i agree...FAZ w/o stoplosses or as a hedge is where it gets risky.

sold @ 33.72 by mistake (put limit instead of stop @ 30), but not complaining.

the bull's got a couple breaths left.

Stewie said...

fizzy: i welcome all observations. thanks brother. nice trade with fazzy. I just don't think the bulls are quite done yet.

LOYAL9 said...

Hi,all
I was the biggest sucker to buy FAZ at 59 just a couple days ago and I still have it.What a looser I am that's why I will need a service from you Stewie.Every day I did not want to believe that it goes lower and lower some days I did not even check it.It destroyed almost my account.I did not put stop loss because I knew that is very volatile.

Stewie said...

LOYAL 9: MAN, you are killing me with this story. a lot of people lock themselves into believing that because we are in a bear mrkt that it's ok to BUY skf, FAZ and stay short and lose your discipline because eventually stocks will plummet. this is not good trading, if it worked in the past, it's because you got lucky. who would have ever thought that C, AIG and FRE FNM and these worthless shit paper would triple in a week? no one saw it coming, that's why you must always prepare for the worse possible scenario and always seek good entries and stay close of the exit door. this is why i am especially impatient with trades that don't work right away.
let me ask you Loyal9: when you bot FAZ what did the stock do within 1 hour after you bot it?

LOYAL9 said...

Hello
I remember that more than an hour it went up just a little (less than $1)and since then it is down.Scottrade wanted more money I did not have and I was forced to sell at $40 to meet the margin requirements.I know that you will say.Believe or not I was listening many time at your interview where you just sad that if the stock is not working in your favor right away GET OUT. With FAZ and SKF I was many time stopped out and I was just hopping it will go back.
I am destroyed mentally also because I sold FAS (bought it at $3.30 )just to buy FAZ.I will sign on soon you will give us more info about your alert services and I will paper trade until I recuperate psychically
Thanks again
Loyal9.

Blue said...

Not only do these ETFs decay (because they are based on daily returns, not cumulative) they also have distributions. There's a rumor going around that Proshares is going to do an early distribution. Stewie can tell you what happened to him last year long EEV overnight and got caught holding the day of the distribution (which they keep secret until it happens). $23 point gap down I think it was.

Stewie said...

that was ugly. i remember that day. I was up over 40K on the month and feeling great and i recall holding 800 EEv overnight and then BAMM!! next thing i see is i was down i think about 25K if i recall it right. very unlucky.

Blue said...

At least the sacrifice was only some profits of which you had plenty. I think that was the end of your over night holds for a while.

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