Wednesday, July 18, 2007

4400 shares
+9



I had a bias on the short side today when I saw the futures down over 6pts. I found 2 nice shorts and which moved down nicely. I tried to let them ride and ended up giving up most of my profits. Looking at the charts now I see that both stocks had a sizable down move already so I should taken my profits.

Then I started losing on a bunch of short positions - 59 cents on NMX, 32 cents on CKH, 20 cents on MFW, 17 cents, on STJ. I was down over $150 at one point.

I made a comeback on a 100 share long in BLK. It wasn't easy to hold on after having so many stop outs. I actually went in and out a few times and lost some money before I decided to stick to my position and let it ride. I got in at 171.74 and got out at 173.22 for 1.48.
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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.