Friday, October 20, 2006

I felt like a deer in the headlights

I was stalking VFC for a long position. I want to be in as soon as it hits 76.50 and start taking out the 15k offer. When it did I went long 800 shares. Stock trades up to 76.63 and stalled. If the stock was strong it would have shot straight up. I got a feeling that something was wrong but I did nothing. Then the bid spread down to 76.30 76.50 1x1. I went market and got out of 500 shares at 76.30. I kept the other 300 shares because I thought the drop was just a shake out. The stock kept going down. I got out of the rest at 75.90.

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About Me

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.