Thursday, February 22, 2007

Day spent trying to come back

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.


bp said...

I wish I was down 62 today... I think you problably did ok, all things considered. check my trades

Mark said...

Come into Glenn's chat room. It gives you more perspective, more trading ideas (but you still have to be very selective). I really enjoy it in the past 3 days.

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.