Monday, November 27, 2006
A trend day
I did not trade much today. The market was in a downtrend the whole day and I am a little weak in the short side. I had a good entry in PCP. I was in early but I was also out early. I remember telling myself that today would be a trend day, let it ride, PCP had a lot of room to fall. In the end I did not listen to my intuitive observation. Maybe if I set a stop and walk away I would still be in the trade.
I made some money so I am not bitter about getting out too soon. I know that if I exercise patience and discipline I can find great trades everyday. I am up $395 for the day.
- 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.