Wednesday, November 28, 2007

Daily Summary


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.


Bill M. 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.