After two days of losses I was really careful in finding my trades. I did have a bonehead trade in LVS right near the open. I can remember it clearly. I got 100 shares at 106.70 and sold at 106 losing $70 in the trade. I was thinking about how much I would make because LVS could easily make $2 moves. It is not easy to make $70 and I lost it in a less than a minute. I think trading the open requires a different strategy and I need to work on that. I am going to stick to making trades after 10am from now.
I really calmed down and took my time to scan through my charts for setups. I managed to find a couple and I had the discipline to let them run. I ended the day with $597.
This was my best trade of the day.
- 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.