Friday, January 12, 2007
This is not trading
I had a frustrating trading experience today. I started of with a loss of $160. I was able to bring it back down to -$35. I just kept losing a little here and there and ended up with a $275 loss. On my last trade I lost $50. I basically gambled with a 1000 share trade. What ticks me off even more was right after I got out the stock goes up 20 cents. That tells me I have to stop trading for the day. My loss today wipes out two days of gains. I probably made all the mistakes you can think of which includes revenge trading, fearful trading, trading without a plan etc.
- 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.