I had a bad start. After three trades I was down $175. The first trade was an impulse trade(not part of the plan) on WFR. I tried to play a breakout again and lost $50. I have not had any success in those kind of plays so I should probably observe or paper trade those until I get a feel for them. The second trade I took was on FCN. The stock was stuck in a range and it cost me $36. Then I had a 200 share trade on TSL on the break of the 2nd 30 minute bar at 44.99. The stock had a quick 50 cent pop. I held on thinking it would go higher. My winner turned into a loser when it sold off. I got out at an average of 44.625 and lost 73 on the trade. The stock was at a major resistance area.
I did not trade too well after that. I got some winners but took profits too soon. I manged to recover some of my losses. I ended the day down 62.00.
- 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.