There were many opportunities today. I happen to be in a few but I messed up the trades. I got into the trades but I was worried that my stops would be hit so I got out of them prematurely. Then the stocks rockets away without me. I need to stick to my stop and let the trade work instead of second guessing my entry.
Here is one of the trades . I got into AXE on the break of the 4th bar. The stock had nice spike but traded all the way back down. I saw my 45 cent profit evaporate and my winner turned into a loss. I got out on the 6th bar right near the low of the bar with a $63 loss. The stock had an awesome move and I was left out.
I had a nice gain of $650 today but it could have been much better if I stuck to my stops.
- 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.