I had a mini blow up today. I should have stopped when I was down $300, or $500 but I kept trying to come back. I was in a state of desperation so it is wiser to stop trading I guess. Let me see how the day started. I traded before there was an established range, put on my trades before 10am. So when the reversal time comes along I got crushed in all my longs. I also picked today to try holding my stocks till I get stopped out. I had a lot of chances to get out with small losses but I stood firm and I eventually got stopped out for large losses. If I have waited I would probably caught some nice shorts off the 10am reversal time. Then came the bounce and I kept trying to go long again in a couple of stocks but ended up losing some more. I did some crazy things and put on 500-1000 share positions. Those ended up hurting me a lot.
- 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.