iBankCoin

I blog full-time at the venerable iBankCoin. Check us out for the best trading and blogging in the financial blogosphere.

ETF Trading System

It has been a long time since I have updated this blog.

It was on this blog that I began to explore development of mechancial systems to trade stocks. Therefore, in the interest of coming full-circle, I want to link to a new system I've developed.

This system trades ETFs only, of the double long and double short variety.

The system has earned a whopping 71.6% this year.

Read about the system here: A New ETF Trading System

Year-End Contest

I'm sponsoring a year-end contest. Check it out here: Year-End Contest: Guess the Close

Bullish ADP Employment Report

Read it here.

ADP Employment Report

Seriously, do yourself a favor and at least scan the first page. The bulls really have something to sink their teeth into.

I am still waiting to see resistance pushed through before considering long positions again.

My New Blog

In case I did not make it obvious enough previously, let me highlight my new blog, which I hope you'll check out over at i Bank Coin.

While I have not updated Trade While Working recently, I have not forgotten this blog. While it is not likely that I'll continue posting a lot of charts here, as that would be double duty, I will continue to post about my trading psychology, some testing of strategies, and what I am trading.

As what I believe is a sellable bounce has progressed, I have bought 6 Jan. expiry puts on the Qs and 2 on the SPY. I also rode AAPL long for over 10 points, but sold it Friday.

Other than that, over the past 2 weeks I've been an observer for the most part, and that has been very rejuvenating for my trading. I'm feeling my confidence return, and I've been able to work on some new strategies and get re-focused. I've accepted the reality that this year will likely be my first to not have double-digit gains. In fact, it would be nice to just do better than break even. Regardless of what I wanted to achieve this year, if I had not taken a break from trading, I would probably be looking at a negative return year over year. I'm not going to revenge trade through the last month of the year, trying to undo 11 months of mistakes.

Closed Out My Puts and Shorts

Today, around 3:20, I realized that the market had an incredibly strong bid developing. I thought to myself that the bulls would probably press the shorts into the close, and that if they were successful, it might set up for some follow-through tomorrow. On Monday I had purchased some SPY and DIA puts, so I closed those out, in addition to my QQQQ puts. I had already covered my EMN and GES shorts this morning.

I also shorted TUP and JOYG when the market reversed. When it reversed again I covered those shorts, ending up with a small profit.

So that leaves me completely in cash except for MVIS.

I am still bearish, but it seems that the bulls are still not ready to capitulate. I want to wait for a bounce and then decide what the next step should be.

My trading over the last couple of days has been more calm and patient, but I am still trading too much. MY GES and EMN shorts are some of the first decent profits I've made in weeks, so maybe things are turning around for me.

iBankCoin.com Down?

Was it a revolt of the peanuts?

Did Danny and Woodshedder join the ranks of the writer's strike?

Did Fly attempt to fire Bilderburg, only to have the rich dude offer him a MRSA laden caviar cracker?

Did an errant laser beam bounce back and effectively destroy the one known as Fly?

The internets want to know...