Friday, October 19, 2007

Daily Summary


I missed out on the first leg down on many stocks in the morning. I was busying flipping through charts but nothing really caught my eye. I was cautious so I only got hit with some small losses. When I saw the Dow down over 130 I thought, "it's going to bounce or trade in a choppy range for awhile", so I took a break. Later on during the day I saw great break downs on my charts but all after the fact. I got to congratulate myself for not bottoming fishing today or forcing trades.

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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.