Thursday, October 19, 2006

I tried to pick a top and got burned

GHL reported earnings today and it missed estimates. The stock was hammered with a large gap down. It had a great move up. I lost money in this stock. I did not look at the big picture.

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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.