I made some money for the day but my day was plagued with some mistakes that have been repeated many times over. I tried to anticipate a short on IFF way too soon. Sometimes it works but for most of the time this is a losing strategy for me. The lesson can be summarized by this phrase - Trade what you see not what you think.
- 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.