I made most of my gains in two trades. I bought CMI when it was breaking out of resistance. I also bought BLK when it took out the high of the 2nd bar. Both trades gave me some nice gains. Holding the CMI trade was tough. It looked like the stock would go to 120, the top of the range but there was a voice in my mind telling me that the stock would reverse and I gave into it. I did the same thing for BLK. My mind came up with a reason for me to get out. The stock was rising on declining volume. Let's see if I can continue finding good trades next week.
- 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.