Thursday, April 12, 2007
Finally some green
Today I enforced some discipline into my trading. I watched MW for most of the day. On my first trade I got 200 shares when it broke the trendline. There was some buying activity on the tape which confirms the breakout. I got out of 100 and made 49 cents. I was stopped out on the other half with 16 cents. The second trade I bought when it broke out of the consolidation on the 38% retracement of the move from daily low to high. This time I just scalped and got out with 40 bucks. As you can see the stock had a nice leg up and I scalped along the way.
- 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.