Wednesday, January 31, 2007

Confident start turned into fear and confusion

After couple days of gains I was a little over confident. I was not selective and got hit with a couple losers in the morning. I found myself down around $230. I still got some wind on my back and quickly took some trades which worked out. I was sitting on a paper gain of $300. I felt really greedy and decided to let it ride. I watched my gains drop back down to around $120. Then fear kicks in and I took my profits because I did not want to give it back. That was a big mistake because one of my stocks, HAE kept going up. After taking profits I was still down $110.

Later on during the day I went into two bad trades which cost me $158. My internet connection also dies during this time. I had a stop on HRS and was stopped out. I got out of MTW when my connection came back.

I lost $270 today.

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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.