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.
- 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.