My morning was good. I had 1k in profits and was taking it slow. Then I had a little screw up and lost 100. I wanted to make it back and at around 2:10 when the market was breaking new lows I put on a 300 share position in MON and got squeezed for close to $200. This was a bad trade since I shorted late and the stock had good relative strength. Then I compounded the error by buying 300 AGU. After I bought the stock sold off and I got scared because the market looked like it was going lower. Then my internet went down briefly and I had to restart my trading platform. I ended up getting 400 shares short because I put out some sell orders to get out I got double filled. I covered and lost a hundred bucks again. I had a 450 loss from top and that sucks. After that $100 loss I lost my poise and put on some reckless trades all because I want to hold on to that $1k day. I need to recognize when I am off my zone and focus on taking it slow and steady.
- 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.