Thursday, December 14, 2006
Not out of the woods yet
Today I made over $200 in my first few trades on small 200-300 share positions. Then I got aggressive. My timing was way off and I got flogged on a 1000 share position in MHP which wiped out most of my gains. After the hit I became a wimp again.
I got in at the break of 69.00 and when it did not follow through I got out right away. Then the stock held and started moving up. I put on a market order and was filled at 69.15. I also saw stock offered at 68.08 on an ECN so I hit that too giving me a total of 1000 shares. The stock did not follow through. Unlike the first time when I got out quickly, I held on to the loser until it broke 69.00. I lost $179 in the trade.
There seemed to be so many great breakouts today and I am sure a lot of traders made good money. My goal is just to be positive daily so I can get my rhythm back. I made $100 today so I am happy.
- 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.