I made $675 today. Today I did not take impulsive trades off the open. I patiently looked through my trade ideas filter to find stocks that had potential. Then I waited for the tape to give me support and confirmation.
I learned a big lesson yesterday. I do not have to watch every stock on my list. I was a bit overwhelmed yesterday. I was frantically flipping through my list of 10+ stocks and jumping into positions without confirmation. It is better for me to narrow my stocks down to a few potential movers and focus on watching the tape and the chart for opportunities.
- 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.