Yesterday the market went up 180+ after the fed cut and gave up all its gains to close at the lows. Most of the indices had some bearish shooting star patterns at resistance. I thought today was going to be a big down day, and probably many people are thinking the same thing. The market always like to do the opposite of what is expected.
I was cautious and waited over 30 minutes for a range to develop before I traded. I made some money going long some of the earnings stocks - KEX, HAE, WCC.
- 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.