I made some nice trades before 10am. Usually I want to wait till some ranges were established, but I just couldn't pass up on EL, and SSP. I saw volume printing on the upside and the tape looked strong. I am happy with my profits but I could have gotten more aggressive with my size and held longer. Both stocks had $1 runs. Later on I caught a narrow range breakout on the 5th 15 minute bar in BDK for 70 cents on 200 shares. I was hoping for more but the stock could not push higher and a seller came in. I reversed and shorted 200 shares at 88.60 because I had some size to lean on at 88.70. Stock reversed fast and I took profits at 87.84 and 87.00 for a total gain of $236. I did not make anything after 12pm. I ended up giving around $100 back in a string of small losses.
- 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.