I lost $260 on my first trade. I shorted MON and got squeezed for over 80 cents on 300 shares. I saw other fertilizer stocks selling off in the open and figured MON would do the same. After getting squeezed I bought AGU and MOS and made $160. I chipped away and made it back to green later on in the day.
Not sure why I am so anxious to make a trade right near the open today. I even wrote out a plan on my notebook before the open saying that I need to wait for narrow range entries in the 15 and 30 minute charts so I can define my risk better.
- 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.