I lost money in the morning trying to pick a bottom to go long in CRM. Then I got stopped out numerous times when I tried to short VNO, BXP, PLD, and TEX. I kept coming up with reasons that the market would drop while I was holding my shorts. When the market was moving up I saw down ticks on every resistance level as a possible turning point.
I also broke my rule of not checking my pnl before the close. I saw I was down $300. I got into desperation mode near the end of the day. I basically gambled with 600 shares trades. I hoped and prayed that I would catch something. This is one of the worse situations to be in as a trader. The result was another $170 in losses. I hope I learned something from this. It was a good lashing.
I was stuck in a view that the market would drop and missed out on easy setups.
- 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.