I did my research and found some weak stocks to short. The REITs look weak so I put a couple of stocks on my watchlist. I had VNO, PLD, BXP, GGP, TCO, and SPG. They all came down nicely but I lost money.
I did not have focus in the morning. Prior to my REIT shorts I got hit with a couple of losers in some impulsive trades. When I took my shorts in some of the REITs I was nervous and my conviction was shaky. After I got stopped out I watched those stocks tank. The market being range bound most of the day did not help my trading either.
Near the end of the day I got lucky and caught a couple scalps on the long side which helped me recover. I was down around $200 at one point.
- 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.