Thursday, October 04, 2007

Daily Summary


I started of with a nice set of winners. Took $105 in BID(short), 26 in MHS(long), 10 in EXM(short), 17 in GNK(short), 90 in YGE(short), 147 in MHS(short), 39 in SYK(long). After that I went churned a little and decided to stop. I only had small 100-200 share positions in those trades. It would have been nice if I got more aggressive. Most of the trades happened before 10am and I am a little weary of getting too aggressive without established ranges. One of my weaknesses in trading is my lack of patience an a low loss tolerance. I think that by having a 2 min chart I can pinpoint my entries better and see the prices progress. If I was only looking at the 5 or 15 min charts I get very anxious about giving back my profits or having them turn into losses. Since this game plan seems to be working I am going to keep trading like this and build my confidence.

MHS trade. I wanted to go long if it can break 92, but it stalled near 91.90 and the market started to sell off so I shorted 200 at 91.75. Turned out to be a good winner.

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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.