Monday, October 22, 2007

Daily Summary


I started the day with high expectations and that caused me to force trades. I was down a little probably 70-100 bucks after a few trades. There were no selling pressure at all. Some stocks shot up right off the open and some just drifted up in a choppy fashion. I was expecting some good volatility and a drop so what the market did messed up my plans. I was not down much so I took a break. After my break I started making mistakes. I traded stocks that were in a range, trying to go long and short. I probably gave away $100 doing that. Then I anticipated a cup and handle pattern forming in JEC on the 5 minute chart. Each time I got long the stock looked liked it was going to reverse on me and I got out with losses. I lost over $100 after 3 attempts.

1 comment:

Dinosaur Trader said...


Even though we had different results today my day was actually very similar. I thought we'd have more volatility, especially to the downside. I was mentally prepared for the rally. I was lucky to catch a good group, otherwise I had enough bad losers to have had a rough day.

Good luck tomorrow.


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.