Hilarious white rap, catchy too. One of the few Spotify Global Top 50 tracks (at the moment) that I like:
Stan Gluzman on Earning the Right to Size Up
Enjoyed this interview with Stan Gluzman, who is a professional day trader. He revealed exactly how he determines the amount of money he risks day to day and how it changes over time:
“I'm tracking a lot of stuff with my P&L. The most important metric is average green day. I want a ‘bad day’ to equal one average green day. If I'm losing two or three average green days on a bad day, then my week is messed up, I'm not in the right mindset. But if it's one average green day, I don't give a hoot, I'll make it back tomorrow.
I'm tracking a 22-day moving average of my average green day, and I'm setting my daily lockout, my daily max loss, to that number. Let's say it's $1000, so I have $1,000 to risk for the day, I'll risk a third of it on a trade. I can take three trades and be wrong and that'll be my day, but that’s probably not going to happen.
The better I trade, the more the moving average moves up, then my 1R over time goes from $1,000 to $1,200 to $2,000 to ... $10,000, etc. That's how you earn the right to size up.”
Stock Du Jour, Wed. May 20, 2020, PHUN
Phunware (PHUN) … 163,000 trades … $428MM volume … did not play, too many halts and stopped watching it … borrow was $194 / 10K … shoulda kept watching because it did give a good spot in afternoon, can’t catch ‘em all when you’re a point and clicker.
Did play NNDM 9.72 cent borrow, pre-open offering (EFFECT yday 17:00) … also played CCCL, 6.93 cent borrow in a dollar stock
CIDM latecomer … 190,000 trades, $120MM volume .. EOD offering.
Spotify Global Top 50 Selections -- May 14, 2020
New this week:
2 Stuck with U (with Justin Bieber) Ariana Grande [not bad, these two are money in the bank]
4 GOOBA 6ix9ine [white rap?]
37 Say So (feat. Nicki Minaj) Doja Cat [I like Nicki Minaj, but this is an easy listening track]
45 Fame Apache 207 [German rap?]
47 PA' ROMPERLA Bad Bunny [Spanish hip hop?]
48 BYE ME FUI Bad Bunny [Spanish hip hop?]
Stock Du Jour, Tue. May 19, 2020, NNDM
Nano Dimension (NNDM) was the HTB (hard-to-borrow) du jour, doing 639,000 trades and $1.93BB in volume. I paid 4.14 cents per share ($414 per 10,000) for the borrow. I went a bit on tilt in this thing, alas. I shorted it pre-open and during the opening range and stopped out quickly both times. Then I got long it at 1.37, yes, you read that right, LONG it at 1.37, then I said, no, I’m uncomfortable long this, let me sell it for a four cent loss, which I did. I think that’s when things went off the rails.
I shorted it TEN more times (including once after hours). I did not revenge size anything. My bet size was consistent throughout, which was good, “planned” losses. But I kept on trying to pick a turn, and I didn’t lose every time, just three-quarters of the time (ha!), but I was clearly tilted, I knew better, I knew I was irrationally fighting it. Without tilting, I would have taken two losses on this thing, max. Be clear: I cut my losses, I don’t “add,” I don’t martingale, I simply stop out with a hard stop. But then I get back in. Bad.
I am CERTAIN that people blew up in this, just like every other runner. In fact it hit $6.13 after hours! This one murdered people, and of course they paid a hefty borrow fee for the privilege.
PIXY was also in play, doing 158,000 trades and $334MM in volume. It gave me a good spot to short and I didn’t take any partial profits and closed it end of day even though my target was $8 (no way to swing it when the brookie charges 7x overnight). The only bad part was the brookie didn’t have borrow, then they later did and I got some at a mere 16 cents per share, I’m joking about “mere,” but it really was mere compared with the 60 !!! cent borrow I found when I went back for another slug of shares. True, I was targeting $8 so it sort of made sense at $13+, but still, sticker shock!
ACB was also in play, just faded from the get-go, total no-brainer, I missed it completely. YCBD, something which did me dirty yesterday, just faded all day today, total Day Two collapse, I missed it completely.
So it was a world-class shitty day, a single day loss that I haven’t seen since last December (when I also fought something with abandon). But I’ll reflect on things, play smaller tomorrow, and just get back on the horse, that’s all we can do, assuming we have money left.
Spotify Global Top 50 Selections -- May 7, 2020
New tracks appearing on the Spotify Global Top 50 … none of them appeals to me … too ghetto and/or too profane:
22 Be Kind (with Halsey) Marshmello
23 Chicago Freestyle (feat. Giveon) Drake
46 D4L Future
49 Demons (feat. Fivio Foreign & Sosa Geek) Drake
12 Pain 1993 (with Playboi Carti) Drake
45 Play Date Melanie Martinez
13 Savage Remix (feat. Beyoncé) Megan Thee Stallion
Stock Du Jour, Mon. May 18, 2020, SRNE
Sorrento Therapeutics (SRNE) again was the stock du jour, doing 238,000 trades and $1.75BB in volume. Having learned my lesson last week about IB’s erratic borrow (and it was indeed erratic again today), I went straight to the brookie and borrowed shares at 4.73 cents ($473 per 10,000), I later went back for more and they were 4.57 cents. The stock tested hourly support pre-open and made a push into the RTH open which gave me a good spot to get short. I was targeting the SSR trigger level (6.08) and kept in mind Dave Mabe’s pleas never to take partial profits or “trail” a stop, and down down down it went to the SSR trigger level, whereupon it reversed (as they all do) and went into the RTH close around 6.50. I wasn’t entirely a good boy since I was greedily eyeing a larger time frame level to get out, but I did cover most of it at SSR trigger and into the close.
Big win, serious coin, sick coin, brah. Banked. Nailed it. You know how much I hate all those terms, and when I repeat them it’s tongue in cheek. Study all the key points on the bar/candlestick/Heiken Ashi/ whatever you use arbitrary time slice linear chart, then study the Bookmap during those key times. Notice anything? I’ll keep posting these until you do, don’t worry.
Movies Watched -- The Lost Weekend (1945)
101 minute running time … Shmuel Vildr movie … Ray Milland plays a degenerate alcoholic … this movie won all kinds of awards and wide praise (at the time), but I wasn’t that interested in it … John Farr wrote that it’s about “a man so hysterically self-destructive that he sacrifices his dignity — and others' goodwill — to keep himself in a state of perpetual stupor,“ which is true, but it doesn’t mean it made a good movie. The typically hysterical score from Miklós Rózsa didn’t help things. Not a recommended movie, not on my Top 500 list.
Hock shop closed for Yom Kippur
Stock Du Jour, Fri. May 15, 2020, SRNE
Sorrento Therapeutics (SRNE) was the stock du jour, doing 1.26 MILLION trades and $3.6BB in volume … it was an erratic borrow at IB (more on this below) so I eventually paid the brookie 4.6 cents a share ($460 per 10,000) to have reliable shares available … it gave a good spot in the morning, breaking down out of a coil (I shorted 4.81 at IB) but then caught support at 4.35ish and rallied, jamming me out for a full 1R loss, which I anticipated, but didn’t tighten the stop, which is fine. It then ran to $9, ya know doubling in a little over an hour. I then went to re-short it at $8 but IB had no borrow — took the loss earlier then had no way to make it back … FML … that’s when I went to the bookie and paid up and got short $7.99.
ACB was also in play (249,000 trades) and the same things happened to me there… short at IB, jammed out, go to re-short, no borrow, go to the brookie, pay 5.4 cents a share, and short 11.50 … super frustrating. So I had large realized losses at IB and no way to “make it back” … of course I made good money with the brookie, but that’s not the point. The unreliability of the borrow making a re-short impossible in the same account is super shitty, and makes me swear off trading short with IB again (until the next time).
Lastly I played TTPH (26,300 trades), shorting 2.27 (paid 1.94 cents for the borrow) and planned to cover 1.95 … bragged about imminent cover on TWTR which caused the stock to reverse 10% and jam me out for a semi-scratch.
GNUS did 80,600 trades and jammed out the weak shorts then dropped straight to the larger time frame targets, gotta love it … I was not involved but could have been … woulda been fine because I woulda re-shorted, unless I were playing at IB, in which case there’d be no borrow when I needed it and I’d be stuck with a large, unreplace-able loss.
BLIN also in play with 112,000 trades, no spot for me and I was busy with SRNE TTPH ACB, can’t catch ‘em all. Very good week with the brookie, absolutely terrible week at IB.
Movies Watched -- Notorious (1946)
101 minute running time ... Hitchcock movie ... Cary Grant, whom I always find kind of boring, pretty but dull, and Claude Rains playing George Soros, but this picture is all about Ingrid Bergman ... she was so amazing, had so much star power, the natural beauty, the European-accented English, reminds me of Audrey Hepburn in that way ... it's kind of a dumb story, but there are some interesting Hitchcockian shots (camera trickery) … of course it's a must-see just for Ingrid Bergman alone, she makes it a green-go, this is a Top 500 movie. John Farr thinks it may be Hitchcock’s greatest film.
She looked like the ragged end of nowhere.