Friday, January 19, 2007
Bucked the Friday losing streak
I had big losses the last two weeks and they both fell on a Friday. I would work hard to put up some gains and give most of it back on Friday. I made money today and it feels good end the week with some gains. I started off with a good trade in CXW. The stock flew from the open. I made around $180 on a 200 share position. I wish I had more shares but these days I am sticking with small size until I can consistently net over $100 daily. I also need to build confidence and conviction on trading my setups. As the day progress I caught some gains here and there and had minimal losses. I ended the day with $330.
- 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.