My pink convicts breed every 2-3 weeks but, unfortunately, they always end up eating the fry by the end of the week. As soon as the batch of fry have gone, the female begins spawning again and her tummy goes orangey-red.
I was just like you, very excited, when I saw their very first batch of fry (which was the largest they've produced and survived the longest at 2 weeks). But as the weeks have gone on it's such a common occurrence now that I've just got used to it. I don't particularly want to rear the fry so have not attempted to remove them into a fry net - but I have read that you should leave the fry with the parents for the first few days anyway. It's usually only after the 3rd/4th day that they begin eating them (the male is a worse culprit for this).
They are excellent at fending off other fish, though - they protect those fry very well to begin with. So much so that any other fish in your tank might suffer stress from being bullied and chased constantly by the convicts.
Before you decide to rear the whole batch of fry, ask yourself what you will do with them once they grow. They are not that easy to rehome due to the fact that they are such easy breeders and supply exceeds demand. Not many LFS will take them off your hands so you would need to check with your own LFS if they would be prepared to take some from you.
If not, you might want to rescue just a few and leave the rest with the parents to let nature take its course. Remember that you will have this same scenario every few weeks - you could easily become over-run with convict fry if you intend rearing them all!
Regards - Athena