The market had a major reversal day. Many stocks reversed from their highs and went down big. I huge daily ranges through out my watch list.
I made money in the morning in a couple of longs. I was long 200 shares of CNX at 50 when it dipped briefly in the open. I was trading this stock yesterday and $50 is a key level. I got was out of 100 for 50 cents and the other for 1.68. I took a $1 gain in BID with 300 shares when it broke $60 and rallied to 61. I also made around $160 in a long in CAM. After that I chopped around for a bit and gave up some gains. I watched the wild sell off but did not pull the trigger.
- 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.