I took some scalps on the long side in some of the names that reported earnings. I traded VLO, CR, AXE, and CP. I had over $300 in profits at one point but gave some away in the midday chop. As I started making some wins I got a little greedy. I had a good long in WNR and would have a $200 trade if I took my profits, but ended up with only $75. I also caught a nice 50 cent pop in ZMH on 200 shares when it took out the 3rd 15 minute bar, but watched my gains evaporate when it retraced. If I had continue to take my scalps I would have a lot more profits.
- 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.