Monday, May 14, 2007



I got hit $120 on my first trade. After DE opened I was watching it. There was a large 70k offer sitting there at 120. When the offer was getting taken out I grabbed 400 shares. I did not feel comfortable with this trade because it took too long for it to take out the offer and it looked too easy. When it couldn't break through the stock drops quickly and I took a hit. After that I did not find any trades. It was death by many small cuts as took a bunch of $10-30 hits.

I know trades before 10am are usually more risky. On a day like today I really got to be really selective and pick my spots. I will wait 30 minutes after the open before I put on a trade this week.

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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.