I was at the wrong side of the market early on and got into trouble. The fertilizer stocks were strong and I kept trying to short them. At 1 pm I was down over $250. I was lucky to catch one good trade that got me close to even. I realized that all the whole agricultural sector is strong. MTW looked like it formed a nice base so I went long 500 shares. As usual I got out a bit early. If I did not lose so much money probably would have handled the MTW trade 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.