Wednesday, January 24, 2007
Did better today
Today I was patient and was able to find a good trade in ABC. I got 300 shares at an average price of 50.55. Sold 100 at 51.65. Then I got stopped out of the rest at 51.36 and 51.32. I was a bit greedy on my 200 shares. The stock went up to around 52.18 and sold of sharply. After that I had a 40 cent move on 300 shares APD which turned into a loss of 11 cents because I wanted to let it ride. I did not really catch anything after that, just churned and gave away some profits. I ended the day up $200.
- 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.