Thursday, November 09, 2006

Could have been better

I had a few trades that would have been great winners if I had let it ride. How can I develop the habit of riding winners? I already know the answer.

  1. Have a strategy
  2. Determine the risk and reward for the trade
  3. Set stop
  4. Let the trade work out
All I need to do is practice this rigorously in each trade I take until it becomes ingrained in my trading.

I managed to make $300 today. It was not easy. I was up $200, went down to $120, went up to $340, went back down to $180 and I finally got back up to $300.

1 comment:

Dan Beisiegel said...

I just wanted to complement you on the great job you are doing with this blog. Best of luck in the future.


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.