My trading was going smooth in the morning and I was putting on some good scalps. I was up over $200 and then I had a series of mistakes. I made most of my money in the morning from the short side. When the market reversed I was looking for longs on pull backs but I entered too early and lost over $200 on two trades when the stocks continued lower. Then frustration kicked in when I lost all my gains and I kept losing some more. I would be down $100, then I come back and then lose over $100 again. I finally made it back to green in the end so I am going to stop now.
The market is still weak and so many stocks just get smacked down fast after slowly churning up for what seem like an hour. I thought there would be a reversal day setting up the Thanksgiving rally but it does not look good here.
- 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.