I started out with a $55 gain but I was careless. I forgot that I had a buy stop order for RCL. It got triggered while I was reading some blogs. When I found out that I was in the stock I was already down over $50. I can't help but laugh at myself. I am so desperate to get a positive day and this happens.
Even though I am down I felt more I had more control today. I had more patience and I am beginning to notice some setups again. I just got to muster up some conviction to take the trades.
Here are three stocks I need to study. These stocks broke out and offered quick moves in the morning. I need to learn how to trade these moves.
IPS 15 minute chart
The smaller time frames gives you a clearer picture. Here is a 1 minute chart of IPS. Looks easy in hindsight. I wonder how long it would take me to recognize the trade in real time.
- 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.