I was overly anxious to make some money today. I found myself looking at different stocks and chasing entries. I was down around $125 and a trade came along.
I got into MTW at $65. The stock went up to 65.60. If I had taken profit I would have been almost flat. I told myself that I will let it ride this time. I got stopped out and I ended up with 18 bucks. After that I did not catch anything and ended up losing a bit more.
Traded 10800 shares, -$137
- 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.