I guess I was blinded by the long side again. The markets just kept pushing upwards until around 12:40pm and reversed all its gains. The past two days have been similar. Market goes up and sells off in the end of the day. Many stocks have failed breakouts and are looking tired. I will need to focus more on the short side.
I made the mistake of trying to pick a reversal before I see one on the chart and ended giving up some gains.
- 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.