Wednesday, October 24, 2007

Daily Summary


I started of taking a bunch of impulsive trades and lost around $100. I immediately stopped myself and really slowed down my trade selection. I found a short in ACE on a break of the 4th 15 minute bar. My average price was 58.20 on 400 shares. Stock goes down over $1 from there. I took profits on 200 shares quite early at around 57.83 and rode the last 200 until 57.13. Also made some money long CPS around 11:30. If I had been more selective in the morning I would have more confidence in my winning trades and I would probably take bigger size. Trade selection in the morning might be a key for me if I want a great day.

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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.