I forgot what I told myself yesterday. To wait patiently for an opportunity. I was churning the whole day and had numerous $50 losers on 200 share positions. Seems like every time I get into a trade I was wrong. I kept losing money trying to pick bottoms and tops. I noticed that I am scalping again and I traded tons of shares today. That usually means I am not sure of my trades. There were some nice moves today but by the time the moves occur I am in a fearful hole and was scared at the thought of losing some more.
- 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.