I started of well and was up around $140 on my first two trades. I took a long in HUM and DST. Then I gave all my gains away and $130 more trying to pick retracements. Managed to catch a 20 cents move with 500 shares in ITW and some small scalps which helped me crawl back from my loss. Perhaps I should implement a new rule to only trade breakouts and stay away from entering trades when prices are trapped in ranges.
- 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.