Friday, January 04, 2008

Daily Summary

9600 shares
+51

I had a nasty morning. I shorted MON and got squeezed. I was stubborn and let my loss run over $1. I just couldn't believe that MON would continue to go up while the market and other AG stocks were selling off. These AG stocks are getting a bit tough to trade. Since they are stronger than the overall market, I have been getting squeezed on my shorts quite often. I should look for weaker stocks if I want to go short.

I pulled another miraculous comeback. It's good that there is volatility today. If I had racked up a bad loss like this on a slow day I probably would have a tough time coming back. I am ending early since I am green again. My stiff neck and back is having an effect on my concentration.

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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.