Thursday, February 15, 2007

Losses messed up my game

I tried trading AXR for the first time and he was rough on me. I lost $165 on a 200 share trade. I also had a few other stop outs after that, so even though I did not look at my PnL, in my mind I estimated that I was down over $200. With the loss in my mind I got out of my trade in LTM early. If I were to trail my stop I could have made a lot more and recovered my losses. I was down $50 after getting out of LTM. I got hit again on two trades and was down $144. I made a comeback when I caught POT and TAP near the end of the day. I am up $138 for the day.

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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.