Monday, November 20, 2006

Starting the week with some profits

Today was a light trading day for me. I made around $240. There was one trade that was notable.

I was long STJ at around 36.74. The stock went up to 37.50 and made a quick reversal. I got out at 37.00. 37.50 is the 200 day moving average and it sure acted as a strong resistance. I was a little greedy on the trade. I had 500 shares and did take any profits when it traded up to resistance. I ended up making only 125 on the trade.

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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.