Monday, October 01, 2007

Daily Summary


I am exhausted today. My pnl was swinging all over the place and I went into gambling mode. I started off slowly but soon I lost over $500. I managed a great recovery and was down only around 80 bucks bucks at my high, but then in rapid succession I took some bad hits combined with some key stroke errors.


Glenn said...

Been there, all last week

Bubs said...

One thing I learned is that whenever you are in a hole and try to dig yourself out nothing good happens. Just have to wait and take the next trade as if you are flat on the day. I stopped looking at my P&L after every trade and it has helped a ton. I also have a 3 strikes and I'm out rule to help me from revenge trading.

OBAT said...

Thanks for the advice.

I haven't had a day like this for awhile. I wonder why I have semi blowup days like this. I actually put on a 3000 share trade in JEC and was lucky that the trade did not lose money. I guess need some solid rules that determine when I stop for the day and the discipline to stick to those rules.

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.