Monday, February 12, 2007

Small loss

I did not start trading until noon. I took two trades and lost on both. I was not feeling confident so I just stopped trading. I am down $59. Sometimes it is better to accept a small loss than try to make it back. I experienced many days when small losses piled up into big losers because I wanted to break even.
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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.