Friday, December 15, 2006

Chasing my losses

I had some stocks that I wanted to short today. I was early on most of my shorts and was down around $130. It took me a long time but I managed to come back and was up around $30 in the late afternoon. Then I took some careless trades and went negative again. I was only down around $20 but I want to end the day with a gain. I forced trades and churned away. Now I am down $80 for the day.

2 comments:

Flatwallet said...

What do you think is responsible for your roller coaster rider of making and loosing money? I ask this beacuse I'm stuck in the same rut for the past 6 weeks. Almost flatline. Listen to this http://www.woodiescciclub.com/Lectures/drbrett/drbrett-october2005.html . It may help you figure out some of your issues. It's made me realize why I'm in this rut. Now I just need to figure out how get out of it.

onebadtrade said...

Thanks for the link. I will check it out. For your question I have a pretty long answer after some reflection. Check out my new post.

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.