Monday, April 09, 2007

Down $137

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

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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.