Tuesday, January 09, 2007

Struggle continues

I have been struggling. I noticed that I have formed some bad habits. I got into a 200 share position in POT today at around 10:05 am. The market had a bounce so I bought 100 shares of POT at 136.35 for a quick bounce. When the stock went down instead, I should have gotten out. I added another 100 shares with a market order got filled at 136.43. The stock went down and I held on hoping for it to come back. I finally got out at 135.89 and lost $100 on the trade. I will keep my size small until I better at cutting my losers.

I ended my day up $65. I am happy to be positive.

1 comment:

Trader-X said...

Admitting problem areas is the first step. Write down your rules, and force yourself to stick to them.

Best of luck.

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.