Thursday, January 11, 2007

Froze as the market rallied

I spent an hour coming up with a watchlist of longs for the day. The market opened and shot straight up. I froze and did not enter because I did not want to chase. Many of my stocks have already moved over 50 cents. I almost gave in to temptation. My finger was about to push the buy button when a voice in my mind told me to stop and have patience. Maybe I could have made money but that would build a bad habit. I found a trade in RHD. Other than that I did not catch anything else. I had two 200 share trades which cost me over $100 again because I did not cut my loss. I am up $155 for the day.
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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.