Thursday, February 08, 2007

Good day but greed got to me

I got 200 shares at 74.35. Stock rallies to 75.98 giving me 1.63 but I was very greedy. I drew a fib extension from the previous days low to the break out level and got a target of 76.50 at the 138.2 extension. Stock hit a brick wall at 76 and I stubbornly held on. I finally got out at 74.90. Then I pissed my profits away trying to play a bounce on the stock. I ended up making a measly 2 dollars before commissions.

Other than this I caught some decent moves. I made $700 today.
Posted by at
Labels: ,

1 comment:

Anonymous said...

Ouch........been there,done that !

7:47 PM

Post a Comment

Subscribe to: Post Comments (Atom)

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.