Wednesday, November 28, 2007

Daily Summary

8600 shares
+188

We had a monster rally today and many stocks moved up big. I am so used to the market reversing after a gap up, I had no conviction to trade with size or hold for bigger gains. I think I will need some time to get comfortable going long again.

2 comments:

Anonymous said...

The kind of volatility we are seeing may mean we are working off the last of the bulls energy before we break the long term uptrend line.

Without a convincing trend, and hence conviction on my part, all trades are now daytrades only.

Today I made a nice profit but still left a lot on the table. But I don't feel bad about it. I planned the trade and traded the plan.

OBAT said...

Nice Bill. I think if I want to move to the next level I have to have a plan everyday instead of winging it.

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.