Thursday, May 24, 2007

Less shares, more profits


I caught a trade in PCR early in the day. I wanted to wait for a setup in the 15 min but I could not pass up the setup on 5 min chart. That trade accounted for most of my gains today. I think the first trade is an important trade for me. If I am selective I can pick something nice and which would help me start my day.

There were a lot of opportunities in the short side. I have to work on improving my shorting because I still feel uneasy putting on a short. I pretty much sat around looking for an opportunity to go long, but chose not too because the market was very weak.

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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.