Monday, January 29, 2007

Today was a bit tricky

The market was pretty choppy today and when it looked like it was going to break out at 1pm it sold off. Then it chopped around the last two hours.

I wasn't very selective today and that cost me some money. One of the trades I took was CMI on the break of the 3rd bar. I had 200 shares at 128.51 and was stopped out at 128.03, 128.02 with a $97 loss. I should be a bit more selective because the second bar closed red with a topping tail.

I did manage to catch a nice trade in UA which helped keep my day positive. I ended the day with $190.

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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.