Tuesday, February 27, 2007
Stunned with wide eyed amazement describes my day. I stood aside most of the day. I was up 276 on my first trade but later on I made two major mistakes. I tried to go long POT twice and I was lucky that I only lost 185 during the afternoon slide from those bottom fishing plays. When it bounced I made a 100 back, so I ended my day with $171. I got to reflect and figure out how to play days like these even though it may happen only a few times a year.
- 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.