Friday, April 27, 2007
Early struggle, grinded my way back to green
This stock gave me a tough time.
I had a good list of stocks today and many of them had the kind of moves like the ones I took advantage yesterday. CMI, MFW, MTD, HIG, and a couple others. J.C. call them runners. I did not catch any runners today. I had a series of losers instead. I lost -48, -52, -31, -38, -52. I made it back with a few trades and then I got hit again for -156 on a 600 share trade. I was holding on to my losers a bit longer than I usually do resulting in some 20 cent plus losses. I was getting a bit frustrated because of all the runners I missed out on after I saw some of the charts. I know this feeling well. Many losing days start out this way. What helped me out was some wise words from Miss Trade. If you don't feel right don't trade, walk away and come back in an hour. I really slowed down after that.
I managed to make a good comeback today and I am surprised at what I made. Since the start of the week I have closed my pnl window so I don't know how much I am actually up or down. I only look at my pnl when I decide to end my day. I kept plugging away making some here and there. I also rode some trades with Dinosaur Trader. He had a hot hand 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.