There was one memorable trade yesterday. I lost 6 cents on 500 shares and 25 cents on the other 500 shares. I usually risk 1-10 cents on a trade so if I get hit for over 10 cents there is something wrong with my entry.
EL had a nice little dummy setup a little later which yielded a 1.00 profit. I did not think it would do much because I saw 10k offers in the NYSE open book at 42.50, 42.60, 42.70, 42.80.... I am also a little fearful because I lost money on the stock earlier.
- I have been trading for 5 years. It took close to a year before I became profitable. I find that I am improving gradually each year. My method of choice is scalping. My edge lies in tape reading NYSE stocks and staying on the side of the specialist. That is the method I learned when I started. As I build up my capital I will try new styles and trade new markets. In late 2006 my trading hit a rough patch after the introduction of the NYSE Hybrid system. For most of 2007, I have been on a search for new strategies that would help me adapt to the market.