Wednesday, April 11, 2007

Down $160

I saw what I am doing wrong but I kept doing the same thing. I was impatient in the morning and rushed into some trades and lost money. I dug a little hole for myself. When I do get into a good trade I am scared and took quick profits. A little later I get chopped up again. Opportunities come if I just had the patience to wait for nice clear low risk setups. First, I need to define what kind of setups that I would trade. Then I got to work on my discipline. Without a clear plan I am lost.

shares 14600
down $160

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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.