Wednesday, November 29, 2006

Repelled again at $300

I was up $300 again today and I wanted to make more. I had some small losers which brought me down to $260. Then I lost a bit more and was up only $240. It seems like I was stuck in the $240-260 range for hours. I would make some profits and give it back and repeat the cycle. It was frustrating. Then PXP lured me in. I was late and I chased. It cost me $75. I am going to stop trading now with my $175 gain. I feel anger creeping into my mind.
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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.