Monday, November 06, 2006
Found two good movers
I had some nice profits on two stocks(CXW, MCY) this morning. They both announced earnings today and gapped up. I was watching these two stocks after they opened. I went long when they showed strength. CXW was a little tough. It spiked up to 47.50 and retraced all the way back to 47.00. When I saw it stall at 47.50, I went market and was filled at 47.30 . I had a nice entry in MCY but got out way too soon. Total for the day -- $670.
- 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.