Thursday, August 16, 2007

Daily Summary


Today was an awesome day for day traders. Shorts made money during the sell off and longs made money when the market reversed. I am happy to make money but I see that I can do much better. I saw the head and shoulders reversal pattern but hesitated to go long for some reason. When I finally went in I took some scalps with small size even though I feel very strongly that the stock was going up. If I can continue to put up positive days I think my confidence will grow and I will make some great trades.

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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.