Monday, July 09, 2007

Daily Summary


I was at the wrong side in most of my trades. At 11:30 am I was down around $130 because I got squeezed in MLM. I shorted 200 shares at 160.45 and watched the stock drop to 159.85. It quickly bounced back up to my entry point. I was a little upset for not taking my profits so instead of scratching the trade I held on. I desperately wanted to make something happen. I was asking for some pain when I went short 800 shares in FDX and got squeezed for a loss of $188. I gave up four days of gains which I made last week because of little lapse in my discipline. Lesson learned. Tomorrow is a new day.

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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.