Tuesday, August 21, 2007

Daily Summary

13000 shares
-375

On a choppy day like this I should be very selective on my entries. Every time it looked like something was going to break I jump in with a market order and the spread hurt me when the stocks simply bounce back. I was also slow in cutting my losers. Instead of losing 10-20 cents my hesitation doubled my losses. I am going to be more cautious the next few days.
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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.