Tuesday, April 24, 2007
I had a big list of stocks to trade today. I am looking at stocks that reported earnings. I got going by making some small wins in AL and GRP. The biggest trade I had today was a nice scalp in MHP. I am glad I did not hold on for big gains. If I did I would have gotten stopped out. KCI was also nice to me. I had two scalps which gave me around $160. The stock moved up much further though. The rest of my gains were around 20-50 bucks. With scalping I take a lot of small losers between 2-10 bucks.
- 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.