Thursday, August 02, 2007

Daily Summary


I caught a good trade in JCG during the 10:00 am reversal time. I found the stock when I flipped through my watchlist yesterday. I noticed that it closed weak yesterday even though the market closed strong. In the morning the market was moving up but this stock could not make new highs so I took a short when the market started selling off. After the nice win I got a little excited and lost $80 right away. I realized that and regained my patience. I caught scalps in OII and TGI later which boosted my gains. Being selective helps because it decreases my chances in getting into bad trades where I would watch like a deer in the head lights as the stock rips against me.

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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.