Wednesday, May 02, 2007

I thought I had a bad day


I was surprised at my pnl because I had a lot of losers today. I did not trade well in the morning. I was scrambling and flipping through charts looking for trades. I started of with a couple of losers and I was down over $150 in the first few minutes. It is good that I covered my pnl. If I saw I was down that much it would have a big influence on my trading. I would probably be trading scared or doing revenge trading. Another thing I did right is to keep my size at 200 shares. I had quite a few hits over 30 cents because I hesitated on my exits. I was tempted to check my pnl and see how I am doing. If I did I would probably have my excuse to stop for the day. It is good that I kept trading because later on I caught two small scalps which helped me make the bulk of my profits.

1 comment:

stocktube said...

haha ... that's one of the factor which affecting all traders/investors out there - emotion ...

it's the same with me, some bad trades will swing your concentration from other good trades away ...

i'll normally stop trading once i'm not in the mood ...


About Me

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.