Wednesday, October 03, 2007

Daily Summary


Things were working great today. I was in the right trades at the right time. I started off with a nice win in HUM for $146. Then I made some money in MF. I got 600 shares when it broke 30 and was out around 30.28. Starting out with good trades definitely helped me to trade better and I added gains steadily till the end of the day.


Bill W. said...

Nice job today. I've been coming here for a couple of months now and it's great to see you progressing. Seeing you have down days and getting rightback on the horse has really helped me build confidence in my own trading. My biggest issue is still deciding what stocks to trade. How many stocks would you say you monitor for trading setups in a given day?

OBAT said...

I think that is my biggest issue too. I have a basket of around 100 stocks that I sort by highest gainers and losers. During the day I look through them to find stocks to trade. I also do a daily run down on stocks making new highs or are consolidating near highs to find probable setups. Each day I have a list of around 15-30 stocks from the new highs scan and I think I have more than I can handle.

I am beginning to study volume and narrow range bars in the daily charts to improve my stock selection. There are many blogs that have provided me with insights. Check out Wall Street Warrior, highchartpatterns, trader bubs, momojuicing, pinoy trader and see how they play breakouts.

Reese said...

OBAT, nice to see you doing so well past few days. Thanks for the run down of how you pull your watch list together.

Bill W. said...

Thanks for the insight OBAT.

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.