Tuesday, November 07, 2006

Thoughts on improving my trading

I had a nice trade in CRL today. I got 500 shares at 42.80. Added 100 shares at 43.10. Took some profits at 43.30 by selling 300 shares. Sold 100 at 43.70, 100 at 44.20 and 100 at 44.30. I was able to let my winners run longer today probably because I took partial profits. That relieved my fear of missing out on all my profits if the stock reverses and stops me out.

I was watching CRL too closely. The position was working and I had my stops but I continue to follow it tick by tick. There were two stocks on my list(FLR, EMR) which had explosive moves. Since I was preoccupied with my position I missed the two big movers.

  • Once I get into a position that is working I need to scan for new opportunities.
  • Give my winners some wiggle room and ride them with a trailing stop until the market takes me out.
I made around $570 today.

1 comment:

Cal said...

Good Trades, and it is a FANTASTIC idea to keep busy while a trade is in play with a stop of course. I was up $731 today, similar share sizes, good to read a fellow trader's progress.
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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.