Thursday, January 04, 2007

Stop or go

I am up $350 today. I think I got lucky because I took a trade that I normally would not take. I shorted 300 shares of POT near the open at 144.54. I covered 100 at 144.50 because I felt a little uneasy. POT is a stock that you don't want to be wrong in. The stock had a quick drop. I covered 100 shares at 144.05 and the other at 144.13 for a nice gain. I see a lot more volatility this month but I am still trading like a wimp. Even with a nice start I was unable to bring myself to take more trades. I felt fearful of trading my profits away. I guess I am happy to have a nice day after a long slump. I need more decent positive days to regain my courage.

1 comment:

Cal said...

why are you trading that stock, you should have been in on the action in RIMM, Bidu, and Goog today, you would've tripled that Profit. Keep your eyes peeled there are opps popping up all over the place, you have to stay alert. Who would have thought we would have closed green today on the indexes? Not I! But I'm banking on it! Cheers.

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.