The agricultural stocks had nice moves today, but I was playing the wrong side most of the day. I started off with a 200 share short in MOS near the open at 70.40 and it dropped fast to 69.57. It also bounced off fast and my profits turned into a loss because I hesitated in cutting the trade. I lost 55 cents on the trade. I recovered by taking some small scalps here and there throughout the day. I could have made more if I did not pick tops in those AG stocks during the day. I got squeezed many times today. It was good that I only went in with 100 shares.
- 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.