Tuesday, April 03, 2007
Continue with the scalps
I traded the shorter time frames again today. I had a nice scalp in BG using the 1 min chart. After I got out I looked at other things because I thought the move was done. BG had many scalping opportunities later on. I need to put up some more wins to gain back my confidence. I think even if I have a plan to trade longer time frames a lack of confidence would mess up my trading. So, I am using shorter time frames and going for smaller moves. I made $180 today.
- 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.