Friday, October 05, 2007

Daily Summary


The market was up strong. I kept trying to go long today but I lost money. I thought I would get some quick breakouts in the morning but things just chopped around and I got chopped up. Then when the market broke out I missed out because I was skeptical. I was not down too much midday so I took a long break and did some exercises. When I came back I saw the market making new highs so I took a 100 share long in FCX. I was 50 cent in the money and was looking for more. The stock reversed on me and I lost 42 cents instead. I then compounded my error as anger kicked in. I wanted revenge so I shorted 400 shares thinking that it would go to the figure. I shorted at a low and it spiked up 20 cents so I covered. Later on I tried to bottom fish and lost another $48 bucks. I screwed up my day and let emotions get in the way.

The trade that got me. The 15 min chart had a shooting star pattern and I kept hold my long.

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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.