Thursday, January 25, 2007

Better today

I caught two decent trades today.

I went into STJ on the break of the third bar high. Bought 200 shares at 40.91 and 100 at 40.92.

I sold 100@41.89 + 97.67
100 @41.82 + 90.67
and got stopped out on my last 100 at 41.55 on the 7th bar. +63.67

I also caught a trade in CVD. Bought 100 at 58.57, 200 at 58.58.
Sold 100@58.98 + 40.33
Sold 100@59 +42.33
Sold 100@59.56 +98.33

I got out too soon. I have to continue to improve my trade management skills. I got to let go of my scalping mindset.

When I was trading I noticed my scalping mindset creeping back. I took a lot of trades that were not part of my plan. I was anticipating moves and trying to catch reversals without waiting for a confirmation(green bar, hammer, etc.) My losing trades added up to $206.

Overall, I think my trading improved. I made $350 today. Time will tell if I can keep this consistency going.

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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.