Tuesday, November 14, 2006

Why didn't I see the moves?

I had a tough day. I started out losing money and was down $200 by 10am. I manage to come back and got back into the green. Then after a string of losing trades I find myself down $250 again. I manage to trim the loss a little so I am down around $175 today.

I saw so many great moves but I was not in on the moves. I noticed that my mind was set on how the market would trade today. I thought the market was weak after it made a complete morning reversal so I had little faith in the long side. I found myself missing many long setups and asking myself why I did not see them.

I forgot that trading is a probability game. Instead of having a biased direction I should be looking for low risk entries that offer a decent reward.
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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.